C HARACTERISTICS OF AN E FFECTIVE E NTREPRENEUR

Objectives By the end of this session, the participants shall have: 1.Defined what is entrepreneur; 2.Identified the characteristics of an entrepreneur; and 3.Evaluated self-entrepreneurship skills.

Businessman vs. Entrepreneur What is the difference between a business and an entrepreneurship? How about a business owner from an entrepreneur?

Businessman/Business Own an enterprise or venture Usually a profit oriented Usually play safe May be purchased, donated or inherited Generally traditional work for the company Usually do not have time for the families or love ones

Businessman/Business Usually distressed and experience sleepless nights Generally hire people to contribute profit Commonly commit tax evasion to save taxes and increase profit

Entrepreneur/Entrepreneurship Own an enterprise or venture Customer oriented Bold and amibitious Creates his own idea and realize it as a business An innovator The company works for him Shares enough time for their family and love ones

Entrepreneur/Entrepreneurship Always happy and enthusiastic businessman Hire people to make their lives better Practice tax avoidance to save taxes and increase profit

As a conclusion: “ A businessman is similar to an entrepreneur because an entrepreneur is a businessman” “ An entrepreneur is a businessman which is not traditional but is an innovative and creative type of businessman”

As a conclusion: “An entrepreneur differs a lot from the usual businessman” “ Entrepreneurship is created out of his own innovative idea and creation which is realized to be placed in business or to be transformed as a good business”

“Entrepreneurs are more concerned on the quality of their products and on the satisfaction of their customers rather than concerned to their profits” As a conclusion:

Another way of differentiating a businessman and an entrepreneur can be presented as:

Business can be classified according to :  Ownership structure proprietorship partnership corporation

Business can be classified according to :  Industries Trading Servicing Manufacturing

Entrepreneurship can be classified according to :  Forms social entrepreneurship ecopreneurship technopreneurship infopreneurship

Now let us again differentiate them

Businessman Start a business from an existing idea or concept Has many business rivals Focuses on competition Is always busy on his business “busy-ness” Do not have enough time for family or personal life

Businessman His business gives him a living Traditional Stay safe Worried Profit oriented Has an income or profit Hire people to increase business productivity

Businessman A market player Has not yet achieved financial freedom Only give importance to a part of the business world (atomistic)

Entrepreneur Start a business from his own unique idea or concept His business rival is himself Focuses on cooperation Is only busy in preparing his new enterprise Have a lot of time for their family and personal life

Entrepreneur He gives life to his business Innovative and revolutionary Risk taker and accountable Excited People oriented (employee, customer, public) Has a passive income or profit Hire people to give them productivity

Entrepreneur A market leader Has achieved financial freedom Gives importance to the business world as a whole (holistic)

So we can now say that : “Entrepreneurship is not an easy feat as compare to merely doing business” “An entrepreneur is a business person who has evolved into a more complete person – one that is not simply a business person but a real human being”

Generally “Being a businessman is good” “ Being profit oriented, market player, business competitor, traditional, busy and active income earner is not bad since all business owners have been on those stages”

Let us now try to rate ourselves on the following entrepreneurial competencies

Entrepreneurial Characteristics StrongMaybeWeak 1Like being your own boss 2Self-confidence 3Sense of urgency 4High energy 5A willingness to risk money and security 6Ability to inspire and energize others

Entrepreneurial Characteristics StrongMaybeWeak 7Strong will 8Ability to learn from failures 9May devote disproportionate time to your business 10Very competitive 11May lack business skill 12A “never, never, never quit” attitude 13Honest and trustworthy

Based on your assessments you can now define your strength and weaknesses. The strongest must help the weakest to make them strong and work as a team.

Exercise 1. What in your view are the key abilities or competencies that make a person a successful business person?

Exercise 2. Competencies for Business Success

Thank You for Listening