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8/10/2019 Qualities, And Characteristics of an Entrepreneur 2
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ATTRIBUTES, QUALITIES,AND CHARACTERISTICSOF AN ENTREPRENEUR
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r u es, ua es, anCharacteristics of an
Entrepreneur The Entrepreneur According to Schumptr !"#$%&, 'n
ntrprnur i( ' pr(on )ho i( willingand able to convert a new idea orinvention into a successful innovation.
Schumptr i( '*(o +'mou( +or
th phr'( creative destruction
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r u es, ua es, anCharacteristics of an
Entrepreneur The Entrepreneur Websters someone who runs a
business at his or her own nancial
risk An entrepreneur is a person who
undertakes the creation of an
enterprise or business that has thechance of prot (or success.
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r u es, ua es, anCharacteristics of an
Entrepreneur Who is the Entrepreneur? Somod- )ho h'( IDEAS'nd
m'.( th( id'( h'ppn or comto *i+/
0u(t h'1 (om BUSINESS SI!!S
!id'tion, cr'ti1it- 2 inno1'tion& Somod- )ho ASSU"ES #ISS
D(ir( to "AE $#%&IT
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r u es, ua es, anCharacteristics of an
Entrepreneur The #ole of an Entrepreneur'() Entrepreneurs are inno*ators
Th- o(r1 'n opportunit-/Th- cr't n) good( 'nd (r1ic(/
Th- impro1 3i(ting product(/
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r u es, ua es, anCharacteristics of an
Entrepreneur The #ole of an Entrepreneur'+) Entrepreneurs pro*ide choice
Th- 'dd good( 'nd (r1ic( to thm'r.tp*'c/
Th- o4r 1'rit-/
Th- d(ign di4rnt 'ppro'ch( to+'mi*i'r
pro*m(/
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r u es, ua es, anCharacteristics of an
Entrepreneur The #ole of an Entrepreneur') Entrepreneurs pro*ide -obs
Th- hir )or.r( +or thiru(in(((/
Th- con(um r(ourc(, thu(
pro1iding 5o( inth indu(tri( th't (upp*- tho(
r(ourc(/
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r u es, ua es, anCharacteristics of an
Entrepreneur The #ole of an Entrepreneur'.) Entrepreneurs help the
econo/0 1ro2)
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(34
Why Become an Entrepreneur?
The three primary reasons that people becomeentrepreneurs and start their own firms
Desire to be their own boss
Financial rewards
Desire to pursue their
own ideas
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(3(5
Characteristics of Successful Entrepreneurs1 of 3
Four Primary Characteristics
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(3((
Characteristics of Successful Entrepreneurs2 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 beliefthat the business !ill positi"ely influence peoples li"es.
Product#Customer $ocus % second definin& characteristic of successful entrepreneurs
is a product#customer focus. %n entrepreneurs 'een focus on products and customers
typically stems from the fact that most entrepreneurs are( at
heart( craftspeople.
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(3(+
Characteristics of Successful Entrepreneurs3 of 3
Tenacity )espite $ailure Because entrepreneurs are typically tryin& somethin& ne!(
the failure rate is naturally hi&h.
% definin& characteristic for successful entrepreneurs istheir ability to perse"ere throu&h setbac's and failures.
E*ecution +ntelli&ence The ability to fashion a solid business idea into a "iable
business is a 'ey characteristic of successful entrepreneurs.
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r u es, ua es, anCharacteristics of an
Entrepreneur The Qualities of an Entrepreneur'1. Inner Drive to Succeed
Entrprnur( 'r dri1n to (uccd 'nd
3p'nd thir u(in((/ Th- ( thiggr pictur 'nd 'r o+tn 1r-'mitiou(/ Entrprnur( (t m'((i1go'*( +or thm(*1( 'nd (t'- committdto 'chi1ing thm rg'rd*(( o+ tho(t'c*( th't gt in th )'-/
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r u es, ua es, anCharacteristics of an
Entrepreneur The Qualities of an Entrepreneur'2. Strong Belief in themselves
Succ((+u* ntrprnur( h'1 ' h'*th- opinion o+
thm(*1( 'nd o+tn h'1 ' (trong 'nd '((rti1pr(on'*it-/ Th- 'r +ocu(d 'nd dtrmind to'chi1 thir go'*( 'nd *i1 comp*t*- in thir'i*it- to 'chi1 thm/ Thir (*+ optimi(m c'n
o+tn n (n - othr( '( 6'mo-'nc or'rrog'nc ut ntrprnur( 'r 5u(t too +ocu(d to(pnd too much tim thin.ing 'out un7con(tructi1critici(m/
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r u es, ua es, anCharacteristics of an
Entrepreneur The Qualities of an Entrepreneur'3. Search for New Ideas and
InnovationA** ntrprnur( h'1 ' p'((ion'td(ir to do thing( ttr 'nd toimpro1 thir product( or (r1ic/
Th- 'r con(t'nt*- *oo.ing +or )'-(to impro1/ Th-8r cr'ti1,inno1'ti1 'nd r(ourc+u*/
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r u es, ua es, anCharacteristics of an
Entrepreneur The Qualities of an Entrepreneur'4. Openness to hange
I+ (omthing i( not )or.ing +or thm th-
(imp*- ch'ng/ Entrprnur( .no) thimport'nc o+ .ping on top o+ thir indu(tr-'nd th on*- )'- to ing numr on i( to1o*1 'nd ch'ng )ith th tim(/ Th-8r up
to d't )ith th *'t(t tchno*og- or (r1ictchni9u( 'nd 'r '*)'-( r'd- to ch'ng i+th- ( ' n) opportunit- 'ri(/
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r u es, ua es, anCharacteristics of an
Entrepreneur The Qualities of an Entrepreneur'!. ompetitive "# Nature
Succ((+u* ntrprnur( thri1 oncomptition/ Th on*- )'- to r'chthir go'*( 'nd *i1 up to thir (*+impo(d high (t'nd'rd( i( to
compt )ith othr (ucc((+u*u(in(((/
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r u es, ua es, anCharacteristics of an
Entrepreneur The Qualities of an Entrepreneur'$. %ighl# &otivated and 'nergetic
Entrprnur( 'r '*)'-( on th mo1,
+u** o+ nrg- 'nd high*- moti1'td/Th- 'r dri1n to (uccd 'nd h'1'n 'und'nc o+ (*+ moti1'tion/ Th
high (t'nd'rd( 'nd 'mition o+ m'n-ntrprnur( dm'nd th't th- h'1to moti1'td:
r es a es an
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r u es, ua es, anCharacteristics of an
Entrepreneur The Qualities of an Entrepreneur'(. )ccepting of onstructive riticism and
*e+ectionInno1'ti1 ntrprnur( 'r o+tn 't th +or+ront o+
thir indu(tr- (o th- h'r th )ord( ;it c'n8t don;9uit ' it/ Th- r'd5u(t thir p'th i+ th critici(m i(con(tructi1 'nd u(+u* to thir o1r'** p*'n, othr)i(th- )i** (imp*- di(rg'rd th commnt( '( p((imi(m/
A*(o, th (t ntrprnur( .no) th't r5ction 'ndo(t'c*( 'r ' p'rt o+ 'n- *'ding u(in(( 'nd th-d'* )ith thm 'ppropri't*-/
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+5
T-p( o+ Entrprnur(
No1ic Entrprnur H'( no prior u(in(( o)nr(hip
3princ( '( ' u(in(( +oundr,
inhritor, or purch'(r H'itu'* Entrprnur H'( prior u(in(( o)nr(hip 3princ
N'(cnt Entrprnur In th proc(( o+ (t'rting ' n) u(in(( C'n ithr ' no1ic or ' h'itu'*
ntrprnur
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+(
T-p( o+ Entrprnur(!cont
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(3++
Common ,yths %bout Entrepreneurs1 of -
,yth 1 Entrepreneurs %re Born /ot ,ade This myth is based on the mista'en belief that some people
are &enetically predisposed to be entrepreneurs.
The consensus of many studies is that no one is 0born tobe an entrepreneur e"eryone has the potential to become
one.
Whether someone does or doesnt become an entrepreneur(
is a function of the en"ironment( life e*periences( andpersonal choices.
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(3+
Common ,yths %bout Entrepreneurs2 of -
Although no one is born to be an entrepreneur, there are commontraits and characteristics of successful entrepreneurs
Achieement motiated
Alert to opportunities
Creatie
Decisie
!nergetic
"as a strong wor# ethic
$s a moderate ris# ta#er
$s a networ#er
%engthy attention span
&ptimistic disposition
Persuasie
Promoter
'esource
assembler(leerager
)elf*confident
)elf*starter
Tenacious
Tolerant of ambiguity
+isionary
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(3+.
Common ,yths %bout Entrepreneurs3 of -
,yth 2 Entrepreneurs %re amblers ,ost entrepreneurs are moderate ris' ta'ers.
The idea that entrepreneurs are &amblers ori&inates from
t!o sources Entrepreneurs typically ha"e 4obs that are less structured( and so they
face a more uncertain set of possibilities than people in traditional
4obs.
,any entrepreneurs ha"e a stron& need to achie"e and set
challen&in& &oals( a beha"ior that is often e5uated !ith ris' ta'in&.
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(3+6
Common ,yths %bout Entrepreneurs6 of -
,yth 3 Entrepreneurs %re ,oti"ated Primarily by
,oney. While it is na7"e to thin' that entrepreneurs dont see'
financial re!ards( money is rarely the reason entrepreneursstart ne! firms.
+n fact( some entrepreneurs !arn that the pursuit of money
can be distractin&.
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(3+7
Common ,yths %bout Entrepreneurs- of -
,yth 6 Entrepreneurs Should Be 8oun& and
Ener&etic. The most acti"e a&e for business o!nership is 3- to 6-
years old. While it is important to be ener&etic( in"estors often cite the
stren&th of the entrepreneur as their most important criteria
in ma'in& in"estment decisions. What ma'es an entrepreneur 0stron& in the eyes of an in"estor is
e*perience( maturity( a solid reputation( and a trac' record of
success.
These criteria fa"or older rather than youn&er entrepreneurs.