DON MARIANO MARCOS MEMORIAL STATE UNIVERSITY City of San Fernando, La Union GRADUATE STUDIES

1. DON MARIANO MARCOS MEMORIAL STATE UNIVERSITY • City of San Fernando, La Union • GRADUATE STUDIES • Topic : ENTREPRENEURIAL PERSONALITY • Reporter : GENNY HABOC ALAY-AY • Professor : CEDRIC ANTHONY E. OCHOCO, Ph.D.

3. Definition of Entrepreneur • An Entrepreneur (ahn’trapranur) is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. Any person at any age who starts and operates a business is an entrepreneur.

4. The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome. • Jean-Baptiste Say, a French economist, he defined an entrepreneur as "one who undertakes an enterprise, especially a contractor, acting as intermediatory between capital and labor".

5. People who have the ability to analyze and evaluate business opportunities. • An owner or manager of a business enterprise who makes money through risk and initiative.

6. What are the Roles of an Entrepreneur in Economic Development? The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development. Entrepreneurship is one of the most important input in the economic development of a country. The entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions. He plays a pivotal role not only in the development of industrial sector of a country but also in the development of farm and service sector. The major roles played by an entrepreneur in the economic development of an economy are as follows:

7. ROLES OF ENTREPRENEURS • (1) Promotes Capital Formation: • Entrepreneurs promote capital formation by mobilizing the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities lead to value addition and creation of wealth, which is very essential for the industrial and economic development of the country.

8. ROLES OF ENTREPRENEURS (2) Creates Large-Scale Employment Opportunities: Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting upof more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more.

9. ROLES OF ENTREPRENEURS (3) Promotes Balanced Regional Development: Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas. The growth of industries and business in these areas lead to a large number of public benefits like road transport, health, education, entertainment, etc.

10. ROLES OF ENTREPRENEURS (4) Reduces Concentration of Economic Power: Economic power is the natural outcome of industrial and business activity. Industrial development normally lead to concentration of economic power in the hands of a few individuals which results in the growth of monopolies. In order to redress this problem a large number of entrepreneurs need to be developed, which will help reduce the concentration of economic power amongst the population.

11. ROLES OF ENTREPRENEURS (5) Wealth Creation and Distribution: It stimulates equitable redistribution of wealth and income in the interest of the country to more people and geographic areas, thus giving benefit to larger sections of the society. Entrepreneurial activities also generate more activities and give a multiplier effect in the economy.

12. ROLES OF ENTREPRENEURS (6) Increasing Gross National Product and Per Capita Income: Entrepreneurs are always on the look out for opportunities. They explore and exploit opportunities, encourage effective resource mobilization of capital and skill, bring in new products and services and develops markets for growth of the economy. In this way, they help increasing gross national product as well as per capita income of the people in a country.

13. ROLES OF ENTREPRENEURS (7) Promotes Country's Export Trade: Entrepreneurs help in promoting a country's export-trade, which is an important ingredient of economic development. They produce goods and services in large scale for the purpose earning huge amount of foreign exchange from export in order to combat the import dues requirement.

14. ROLES OF ENTREPRENEURS (8) Induces Backward and Forward Linkages: Entrepreneurs like to work in an environment of change and try to maximize profits by innovation. When an enterprise is established in accordance with the changing technology, it induces backward and forward linkages which stimulate the process of economic development in the country.

15. TYPES OF ENTREPRENEURS 1. Social entrepreneur A social entrepreneur is motivated by a desire to help, improve and transform social, environmental, educational and economic conditions. Key traits and characteristics of highly effective social entrepreneurs include ambition and a lack of acceptance of the status quo or accepting the world "as it is". He is driven by an emotional desire to address some of the big social and economic conditions in the world, for example, poverty and educational deprivation, rather than by the desire for profit.

16. TYPES OF ENTREPRENEURS 2. Serial Entrepreneur A serial entrepreneur is one who continuously comes up with new ideas and starts new businesses. In the media, the serial entrepreneur is represented as possessing a higher propensity for risk, innovation and achievement. There is a growing body of work that shows that entrepreneurial behavior is dependent on social and economic factors.

17. TYPES OF ENTREPRENEURS 3. Lifestyle entrepreneur A lifestyle entrepreneur places passion before profit when launching a business in order to combine personal interests and talent with the ability to earn a living. He intentionally chooses a business model intended to develop and grow their business in order to make a long-term, sustainable and viable living working in a field where they have a particular interest, passion, talent, knowledge or high degree of expertise. He decided to become self-employed in order to achieve greater personal freedom, more family time and more time working on projects or business goals that inspire them. Common goals held by the lifestyle entrepreneur include earning a living doing something that they love, earning a living in a way that facilitates self-employment, achieving a good work/life balance and owning a business without shareholders.

18. TYPES OF ENTREPRENEURS 4. Cooperative entrepreneur A cooperative entrepreneur doesn't just work alone, but rather collaborates with other cooperative entrepreneurs to develop projects, particularly cooperative projects. Each cooperative entrepreneur might bring different skill sets to the table, but collectively they share in the risk and success of the venture.

19. TYPES OF ENTREPRENEURS 5. The Manager Entrepreneur This is the type of person who becomes involved with startups once they have received a fair bit of funding and are just beyond the first high-risk stage. These people often call themselves entrepreneurs because they are close to entrepreneurs and have worked at startups.

20. TYPES OF ENTREPRENEURS 6. The Cash-flow Entrepreneur This entrepreneur doesn’t think about anything except money. In general that can be a good thing for an entrepreneur but some people overdo it. Entrepreneurship is not about the bottom-line but also about innovation, inspiring your team, thinking ahead and building something out of nothing.

21. TYPES OF ENTREPRENEURS 7. The Headlines Entrepreneur Some entrepreneurs are in it strictly for the fame. They rush from one headline to another and are more focused on making it to the front page of the newspaper than actually doing business. Your company is doing well when you get lots of customers, make a lot of money and your investors are happy.

22. TYPES OF ENTREPRENEURS 8. The Better World Entrepreneur This entrepreneur isn’t into entrepreneurship for the money but to make the world a better place. This is an awesome goal but often quite contrary to being a good entrepreneur. Being a successful entrepreneur doesn’t mean you have to screw the world. But your first focus should be in making your company more successful and then using your success to make the world a better place. Not the other way around.

23. Successful Entrepreneurs • According to the Small Business Administration, successful entrepreneurs have five characteristics: • Drive, which is defined as the most important attribute. Entrepreneurs can expect long hours, high stress and endless problems, as they launch a new business.

24. Thinking Ability, or the characteristic that • encompasses creativity, critical thinking, • analytical abilities and originality. • Aptitude for Human Relations. This characteristic recognizes the importance of the ability to motivate employees, sell customers, negotiate with suppliers and convince lenders. Personality plays a big part in success in this area..

25. Communication Skills, or the ability to make yourself understood. • Technical Ability speaks to the need of the entrepreneur to know their product and their market. They must consider the long- and short-term implications of their decisions, their strengths and weaknesses, and their competition.

26. Advantages & Disadvantages of Being an Entrepreneur • Some advantages: • You are your own boss • Enjoy the profits from you efforts

27. Sense of pride in your business • Flexibility in your work schedule • Having unlimited opportunity to make money. • Tapping your creativity. • Overcoming challenges and finding fulfillment. • Helping others. • Building an entrepreneurial legacy.

28. Some disadvantages: • Will need to put in long hours • Need money to start • Have to keep up with government rules and regulations • May have to mark hard decisions (hiring, firing, etc.) • May lose money • Possibility of Failure • Unwanted or unexpected responsibilities • Unpredictable business conditions

29. SMALL BUSINESS • also called a mom and pop store • a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned . • ranging from 1 - 25 employees 

30. SMALL BUSINESS • Typical examples include: convenience stores, other small shops such as a bakery or delicatessen, hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online business, such as web design and programming, etc.

31. SMALL BUSINESS • An independently owned & operated firm, not dominant in its field • Any venture with spirit • Any business you want to start • Any idea you want to bring to the marketplace

32. Your Chances of Success • Some small businesses fail • Slightly more than 80% of small businesses survive their first year • On average, a company will be in business about 6 years • Only about 30% make it for 10 years

33. PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) The term "ENTREPRENEURIAL COMPETENCIES" refers to the key characteristics that should be possessed by successful entrepreneurs in order to perform entrepreneurial functions effectively

34. Entrepreneurial Competencies • 1.InitiativeThe entrepreneur should be able to take actions that go beyond his job requirements and to act faster. He is always ahead of others and able to become a leader in the field of business. • Examples • Does things before being asked or compelled by the situation. • Acts to extend the business into • new areas, products or services

35. Entrepreneurial Competencies • 2.Sees and acts on opportunities • An entrepreneur always looks for and takes action on opportunities. • Examples • Sees and acts on new business opportunities • Seizes unusual opportunities to obtain financing, equipment, land, work space or assistance

36. Entrepreneurial Competencies 3. Persistence An entrepreneur is able to make repeated efforts or to take different actions to overcome an obstacle that get in the way of reaching goals. Examples • Takes repeated or different • actions to overcome an • obstacle • Takes action in the face of a significant obstacle

37. Entrepreneurial Competencies • 4. Information Seeking • An entrepreneur is able to take action on how to seek information to help achieve business objectives or clarify business problems. • Examples • Does personal research on how to provide a product or service • Consults experts or experienced persons to get relevant information • Seeks information or asks questions to clarify a client's or a supplier's need • Personally undertakes market research, analysis or investigation • Uses contacts or information networks to obtain useful information

38. Entrepreneurial Competencies • 5. Concern for High Quality of Work • An entrepreneur acts to do things that meet certain standards of excellence which gives him greater satisfaction. • Examples • States a desire to produce or sell a top or better quality product or service • Compares own work or own company's work favorably to that of others

39. Entrepreneurial Competencies • 6. Commitment to Work Contract • An entrepreneur places the highest priority on getting a job completed. • Examples • Makes personal sacrifice or expends extraordinary effort to complete a job • Accepts full responsibility for problems in completing a job for customers • Pitches in with workers or works in their place to get the job done • Expresses a concern for satisfying the customer

40. Entrepreneurial Competencies • 7. Efficiency Orientation • A successful entrepreneur always finds ways to do things faster or with fewer resources or at a lower cost. • Examples • Looks for or finds ways to do things faster or at less cost • Uses information or business tools to improve efficiency • Expresses concern about costs vs. benefits of some improvement, change, or course of action

41. Entrepreneurial Competencies • 8. Systematic Planning • An entrepreneur develops and uses logical, step-by-step plans to reach goals. • Examples • Plans by breaking a large task down into sub-tasks • Develops plans that anticipate obstacles • Evaluate alternatives • Takes a logical and systematic approach toactivities

42. Entrepreneurial Competencies • 9. Problem Solving • Successful entrepreneur identifies new and potentially unique ideas to achieve his goals. • Example • Switches to an alternative strategy to reach a goal • Generates new ideas or innovative solutions

43. Entrepreneurial Competencies • 10.Self-Confidence • A successful entrepreneur has a strong belief in self and own abilities. • Examples • Expresses confidence in own ability to complete a task or meet a challenge • Sticks with own judgment in the face of opposition or early lack of success

44. Entrepreneurial Competencies • 11.Assertiveness • An entrepreneur confronts problems and issues with others directly. • Examples • Confronts problems with others directly • Tells others what they have to do • Reprimands or disciplines those failing to perform as expected

45. Entrepreneurial Competencies 12.Persuasion An entrepreneur can successfully persuade or influence others for mobilizing resources, obtaining inputs, organizing productions and selling his products or services. Examples • Convinces someone to buy a product or service • Convinces someone to provide financing • Convinces someone to do something else that he would like that person to do • Asserts own competence, reliability, or other personal or company qualities • Asserts strong confidence in own company's products or services

46. How to use Entrepreneurial competencies in business? • In recruitment of staff with entrepreneurial traits/competencies • In building new business development teams • In personal annual reviews to encourage entrepreneurial behaviours • In training and coaching • In developing better organisations to grow businesses and be globally competitive

47. THANK YOU VERY MUCH • FOR • LISTENING!