ENTREP M2

Character traits

mark or attribute that distinguishes an entrepreneur from the owner of an ordinary small business

Achievement cluster

entrepreneurial character traits that are directly related to the entrepreneur’s desire to be an achiever in the field of entrepreneurship.

opportunity-seeker

must possess the ability to identify with great ease the most appropriate entrepreneurial opportunities

committed

-accepts full responsibility for what has been promised
-establishes proper coordination with and among workers
-seeks to prioritize the satisfaction and interests of customers

persistent

-trials, sacrifices, and failures challenge the entrepreneur
-take repeated or different actions in order to overcome the obstacles
-stick to their own judgement
-make personal sacrifices

aggressive risk-taker

not scared to take any risks

moderate risk-taker

more calculative in taking risks

conservative risk-taker

not very eager to take any kind of risk

efficient and quality-oriented

highly values efficiency and the concept of quality in all business undertakings

planning cluster

set of characteristics that successful entrepreneurs basically supports the character traits in the achievement cluster.

goal-setter

guiding points that direct all actions, efforts, and struggles. usually guided by the SMART principle

SMART

specific, measurable, achievable, realistic and time-bound

information-seeker

must not be based on whims and caprices but in specific and relevant economic, financial and industry data.

systematic

rational and logical approach in performing activities

planning

setting goals and objectives

monitoring

evaluation of the activities and adopted courses of actions whether they are carried in accordance with the plans.

power cluster

includes a set of character traits that reflect the degree of the interpersonal relations maintained by successful entrepreneurs in the community

persuasive and positive networker

-can easily influence and win over to their side
-makes use of positive contacts in the business community

self-confident

projects a favorable image of themselves which is founded on the respect and good deeds

skills

personal abilities to do well
developed through constant and correct practice

entrepreneurial skills

set of cognitive, technical and interpersonal skills required in the practice of entrepreneurship

cognitive skills

-ability to understand written materials
-apply new information
-solve problems systematically
-create new ideas
-innovate new products and procedures or methods

problem-solving skills

-defining the real problem
-gathering information about the problem
-formulating alternative solutions
-evaluating alternative solutions
-implementing optimal solutions
-evaluating decisions

technical skills

-information technology
-feasibility study and business plan preparation
-technical writing skills
-marketing
-management and finance

Interpersonal skills

relationship and interaction of the entrepreneur with the workers, suppliers, creditors, customers, and members of the community.

-verbal communication
-non-verbal
-listening
-leading
-negotiating

core competencies

combination of entrepreneurial concepts and principles, character traits and skills that provide and become the ultimate source of competitive advantage

competitive advantage

strategic position and condition of the entrepreneural venture

traits

individual characteristics or qualities that differ among people

small business

correctly adopts and practices the principles of entrepreneurship
not more than 20 persons

Small and medium enterprises (SMEs)

promoted by both government and non-governmental organizations
desire to improve lives of Filipino people through entrepreneurship

franchising

acquires distribution centers through the franchisees or the affiliated dealers.