Personal Characteristics of Entrepreneurs (Part 1)

Personal Characteristics of Entrepreneurs


The entrepreneur has attracted the attention of social scientists. If so – that they are important to economic growth – then it follows that the tribe of entrepreneurial members of society should multiply. But first, they should be identified. Are you one of them? Entrepreneurs are those described as:
v  Opportunity seekers
v  Persistent
v  Committed to work
v  Risk-takers
v  Demanding in terms of quality and efficiency
v  Goal setters
v  Information seekers
v  Good in planning and monitoring
v  Persuasive and good in networking
v  Confident
v  Creative 


Here are questions you can ask yourself to know if you have some of the so-called entrepreneurial competencies:

Opportunity seeking

Do you seek opportunities for business making? Can you identify them when they come? Do you act on them quickly? Or do you wait and twiddle your thumbs until they pass you by?

For example, you see a new arcade being built near your place – just perfect for the hotdog stand you have always wanted to set up. Do you just look at it with a sigh as you pass by the growing structure everyday, or do you talk with the administrator and explore the possibility of leasing space?

Or say, you love to cook and have in fact begun a small, off-and-on catering business. One day your friend tells you that the canteen concession at her office is soon ready to accept bidding from interested parties and asks you if you would like to try. She tells you to attend a bidding conference. You think you might have a busy week ahead because of previous engagements. What will you do?

In the morning dailies, the classified ads announce a “rush sale - owners leaving” of used welding machines you need for the metalworking business you have in mind. But, oh my, it requires Manila-based people to go to Cavite province, where the owners reside. Do you get discouraged by the distance?


What you do with breaks that open your chances to acquire space, markets, materials, equipment, loans or training programs for your business determines whether you are entrepreneurial or not.

Risk-taking

Do you take moderate risks? These are risks that are calculated and studied, rather than the reckless kind the gambler takes. They are called “risks” because if you do not study the situation and the market environment, you will not be able to recover the amount of money you have already invested.

For example, will you put in your money on a business – any business – whose outcome, of course, is not 100 % certain? And at the same time, will you gather information – read up, talk with experienced entrepreneurs, study the market environment, make a feasibility study – to reduce the risk of losing your money?

This is calculated risk-taking which successful entrepreneurs are known for. 

Persistence

Do you get discouraged easily? Do you change your mind if people criticize you or don’t agree with you? Have you had failures in the past and did these bother you?

Entrepreneurs stand their ground in the face of those negative comments saying it is unwise or not good to invest in an unsure business.

And do you know that there are few entrepreneurs who were successful in their first business attempt? The majority tried and failed, only to try again. Yet, the more they failed the more determined they were to try again. Some would try a different line of business, different product, different market, different strategy, while learning more and more from past mistakes.

Are you willing to still try and try and try again, and learn from failures?

Click here for the Table of Contents of Your Guide to Starting a Small Enterprise

======================================================
The information contained in this article is for general information purposes only. We would like to extend our thanks to DTI and the people behind in realizing this guidebook. There efforts are greatly appreciated. Now we have this information FREE for us to use and eventually be one of the best guide in starting your own small enterprise in the Philippines.
Again, if you would like to receive a soft copy of "Your Guide to Starting a Small Enterprise", please send us a private message on our RICHDADph FACEBOOK page. And we will be glad to answer your queries and request. Looking forward to your comments and suggestions.