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Attributes, qualities, and characteristics of an entrepreneur

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ATTRIBUTES, QUALITIES, AND CHARACTERISTICS OF AN ENTREPRENEUR * Attributes, Qualities, and Characteristics of an Entrepreneur The Entrepreneur According to Schumpeter ... – PowerPoint PPT presentation

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Title: Attributes, qualities, and characteristics of an entrepreneur


1
Attributes, qualities, and characteristics of an
entrepreneur

2
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Entrepreneur
  • According to Schumpeter (1950), an entrepreneur
    is a person who is willing and able to convert a
    new idea or invention into a successful
    innovation.
  • Schumpeter is also famous for
    the phrase creative destruction

3
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Entrepreneur
  • Websters someone who runs a business at his or
    her own financial risk
  • An entrepreneur is a person who undertakes the
    creation of an enterprise or business that has
    the chance of profit (or success).

4
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • Who is the Entrepreneur?
  • Somebody who has IDEAS and makes these ideas
    happen or come to life.
  • Must have some BUSINESS SKILLS (ideation,
    creativity innovation)
  • Somebody who ASSUMES RISKS
  • Desires to MAKE PROFIT

5
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Role of an Entrepreneur
  • 1. Entrepreneurs are innovators
  • They observe an opportunity.
  • They create new goods and services.
  • They improve existing products.

6
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Role of an Entrepreneur
  • 2. Entrepreneurs provide choice
  • They add goods and services to the marketplace.
  • They offer variety.
  • They design different approaches to familiar
  • problems.

7
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Role of an Entrepreneur
  • 3. Entrepreneurs provide jobs
  • They hire workers for their businesses.
  • They consume resources, thus providing jobs in
  • the industries that supply those resources.

8
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Role of an Entrepreneur
  • 4. Entrepreneurs help the economy grow.

9
Why Become an Entrepreneur?
The three primary reasons that people become
entrepreneurs and start their own firms
Desire to be their own boss
Desire to pursue their own ideas
Financial rewards
10
Characteristics of Successful Entrepreneurs 1 of 3
Four Primary Characteristics
11
Characteristics of Successful Entrepreneurs 2 of 3
  • Passion for the Business
  • The number one characteristic shared by
    successful entrepreneurs is a passion for the
    business.
  • This passion typically stems from the
    entrepreneurs belief that the business will
    positively influence peoples lives.
  • Product/Customer Focus
  • A second defining characteristic of successful
    entrepreneurs is a product/customer focus.
  • An entrepreneurs keen focus on products and
    customers typically stems from the fact that most
    entrepreneurs are, at heart, craftspeople.

12
Characteristics of Successful Entrepreneurs 3 of 3
  • Tenacity Despite Failure
  • Because entrepreneurs are typically trying
    something new, the failure rate is naturally
    high.
  • A defining characteristic for successful
    entrepreneurs is their ability to persevere
    through setbacks and failures.
  • Execution Intelligence
  • The ability to fashion a solid business idea into
    a viable business is a key characteristic of
    successful entrepreneurs.

13
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Qualities of an Entrepreneur
  • 1. Inner Drive to Succeed Entrepreneurs are
    driven to succeed and expand their business. They
    see the bigger picture and are often very
    ambitious. Entrepreneurs set massive goals for
    themselves and stay committed to achieving them
    regardless of the obstacles that get in the way.

14
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Qualities of an Entrepreneur
  • 2. Strong Belief in themselves Successful
    entrepreneurs have a healthy opinion of
    themselves and often have a strong and assertive
    personality. They are focused and determined to
    achieve their goals and believe completely in
    their ability to achieve them. Their self
    optimism can often been seen by others as
    flamboyance or arrogance but entrepreneurs are
    just too focused to spend too much time thinking
    about un-constructive criticism.

15
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Qualities of an Entrepreneur
  • 3. Search for New Ideas and Innovation All
    entrepreneurs have a passionate desire to do
    things better and to improve their products or
    service. They are constantly looking for ways to
    improve. They're creative, innovative and
    resourceful.

16
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Qualities of an Entrepreneur
  • 4. Openness to Change If something is not working
    for them they simply change. Entrepreneurs know
    the importance of keeping on top of their
    industry and the only way to being number one is
    to evolve and change with the times. They're up
    to date with the latest technology or service
    techniques and are always ready to change if they
    see a new opportunity arise.

17
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Qualities of an Entrepreneur
  • 5. Competitive by Nature Successful entrepreneurs
    thrive on competition. The only way to reach
    their goals and live up to their self imposed
    high standards is to compete with other
    successful businesses.

18
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Qualities of an Entrepreneur
  • 6. Highly Motivated and Energetic Entrepreneurs
    are always on the move, full of energy and highly
    motivated. They are driven to succeed and have an
    abundance of self motivation. The high standards
    and ambition of many entrepreneurs demand that
    they have to be motivated!

19
Attributes, Qualities, and Characteristics of an
Entrepreneur
  • The Qualities of an Entrepreneur
  • 7. Accepting of Constructive Criticism and
    Rejection Innovative entrepreneurs are often at
    the forefront of their industry so they hear the
    words "it can't be done" quite a bit. They
    readjust their path if the criticism is
    constructive and useful to their overall plan,
    otherwise they will simply disregard the comments
    as pessimism. Also, the best entrepreneurs know
    that rejection and obstacles are a part of any
    leading business and they deal with them
    appropriately.

20
Types of Entrepreneurs
  • Novice Entrepreneur
  • Has no prior business ownership experiences as a
    business founder, inheritor, or purchaser
  • Habitual Entrepreneur
  • Has prior business ownership experience
  • Nascent Entrepreneur
  • In the process of starting a new business
  • Can be either a novice or a habitual entrepreneur

21
Types of Entrepreneurs (contd)
  • Serial Entrepreneur
  • Has sold or closed an original business and
    establishes another new business
  • Continues the cycle of selling/closing and
    establishing
  • Portfolio Entrepreneur
  • Retains an original business and builds a
    portfolio of additional businesses
  • Through inheriting, establishing, and purchasing
    the businesses

22
Common Myths About Entrepreneurs 1 of 5
  • Myth 1 Entrepreneurs Are Born Not Made
  • This myth is based on the mistaken belief that
    some people are genetically predisposed to be
    entrepreneurs.
  • The consensus of many studies is that no one is
    born to be an entrepreneur everyone has the
    potential to become one.
  • Whether someone does or doesnt become an
    entrepreneur, is a function of the environment,
    life experiences, and personal choices.

23
Common Myths About Entrepreneurs 2 of 5
Although no one is born to be an entrepreneur,
there are common traits and characteristics of
successful entrepreneurs
  • Achievement motivated
  • Alert to opportunities
  • Creative
  • Decisive
  • Energetic
  • Has a strong work ethic
  • Is a moderate risk taker
  • Is a networker
  • Lengthy attention span
  • Optimistic disposition
  • Persuasive
  • Promoter
  • Resource assembler/leverager
  • Self-confident
  • Self-starter
  • Tenacious
  • Tolerant of ambiguity
  • Visionary

24
Common Myths About Entrepreneurs 3 of 5
  • Myth 2 Entrepreneurs Are Gamblers
  • Most entrepreneurs are moderate risk takers.
  • The idea that entrepreneurs are gamblers
    originates from two sources
  • Entrepreneurs typically have jobs that are less
    structured, and so they face a more uncertain set
    of possibilities than people in traditional jobs.
  • Many entrepreneurs have a strong need to achieve
    and set challenging goals, a behavior that is
    often equated with risk taking.

25
Common Myths About Entrepreneurs 4 of 5
  • Myth 3 Entrepreneurs Are Motivated Primarily by
    Money.
  • While it is naïve to think that entrepreneurs
    dont seek financial rewards, money is rarely the
    reason entrepreneurs start new firms.
  • In fact, some entrepreneurs warn that the pursuit
    of money can be distracting.

26
Common Myths About Entrepreneurs 5 of 5
  • Myth 4 Entrepreneurs Should Be Young and
    Energetic.
  • The most active age for business ownership is 35
    to 45 years old.
  • While it is important to be energetic, investors
    often cite the strength of the entrepreneur as
    their most important criteria in making
    investment decisions.
  • What makes an entrepreneur strong in the eyes
    of an investor is experience, maturity, a solid
    reputation, and a track record of success.
  • These criteria favor older rather than younger
    entrepreneurs.
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