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Reference 2 Entrep Mind.pptx

  3. 1.THE ENVIRONMENT AS A FACTOR An entrepreneurship will survive and grow in an environment that is friendly. Nature provides us with examples of what happen to entities living in certain environments. For instance, giant clams thrive in the ocean, but not in the river.
  4. THE ENVIRONMENT AS A FACTOR The coconut palm will grow in the Philippines but not in Sweden. These are so because giant clams were designed by nature to survive in salt water, and fresh water river will be hostile to it because it is not its natural habitat. Coconut trees grow naturally in the tropics and because Sweden has a cool, temperate climate, they will not survive there.
  5. THE ENVIRONMENT AS A FACTOR In the same light, entrepreneurship will survive and grow in economic environments of free enterprise. Full blooming entrepreneurships cannot be expected to flourish in economics that are not fully supportive of free enterprise.
  6. THE ENVIRONMENT AS A FACTOR In terms of support to entrepreneurships, economic environments differ from place to place. To facilitate discussion, economic environments may be classified as follow: 1. Fully supportive of entrepreneurships; 2. Moderately supportive of entrepreneurships; and 3. Not supportive of entrepreneurships. Economies that fully support entrepreneurships make it easy for entrepreneurs to succeed. The exact opposite may be expected in economies that are not supportive of entrepreneurships.
  7. 2.THE ENTREPRENEUR’S PERSONALITY Every person has a personality that is unique and different from others. Each personality types has a corresponding type of job that fits it. A certain personality, however they fit in more than one type of job, although the level of fitness will be different with each job. A given personality, for instance, may perfectly fit the entrepreneur’s job, moderately fits the teacher’s job, but not fitted for the engineer’s job.
  9. PERSONALITY  Refers to the pattern of characteristics that distinguishes one person from another. It includes the person’s trait, values, motives, genetic blueprints, attitude, abilities self-image, intelligence, and visible behavior.
  10. CHARACTERISTICS OF ENTREPRENEURSHIPS Successful entrepreneurs possess certain characteristics that are unique and different from those having other occupations. 1. Drive 6. Reasonable Risk Taker 2. Thinking Ability 7. Self-confident 3. Human Relations Ability 8. Goal Setter 4. Ability to Communicate 9. Accountable 5. Technical Knowledge 10. Innovative
  11. 1. DRIVE  Success in entrepreneurship become possible when the entrepreneur is self-motivated enough to pursue his chosen course without relenting even in the face of adversity. Reaching a goal, however, is often achieved through a series of moves. It is rate for entrepreneurs to succeed with just a single stroke. If he fails in his first attempt, he make another attempt. He repeats the attempts, maybe with some improvements, until he succeed. This will happen if the person has drive. The tension that occurs when a need is not met is called drive.
  12. 2. THINKING ABILITY  The entrepreneur’s job involves solving problems and making decisions. When he finds the correct solution to problems that confront him and then make decisions that are implemented, he comes closer to realizing his goal.  For example, the entrepreneur is asked to make the final decision in the promotion of vice president of one of three qualified managers, he need to use his thinking ability and that ability must be sufficient to guide him to make the best choice.
  13. 3.HUMAN RELATIONS ABILITY  Three types of person will determine the survival and growth of business firms (1) the customer (2) the employee (3) the third party with interest in the firm. The customer makes the decision whether to patronize the firm or not. The employee can be productive and loyal to the firm. The third party with various interests regarding the firm can also be made to be more cooperative and accommodating.
  14. 4. ABILITY TO COMMUNICATE  Communication skill is a very important characteristics an entrepreneur must have if success is expected. The ability to understand and be understood to makes. It easier for the entrepreneur to transact business with customers, bankers, and government officials.
  15. 5. TECHNICAL KNOWLEDGE  Operating an entrepreneurship requires the performance of major and minor tasks. In running a restaurant, for instance, important tasks may include the following: recruitment of personnel, purchasing of materials, bookkeeping, sanitation, cashiering, cooking and others. The restaurant entrepreneur must at least be familiar with and possess some technical knowledge about how the various tasks are performed.
  16. 6. REASONABLE RISK TAKER  When a person starts a new venture, he has already begun to assume the risk of business failure. Entrepreneurs, however, normally do not assume unreasonable risks.  Entrepreneurs are expected to be reasonable risk-takers, not conservative but also not gamblers. They assume risks but only after they are convinced that they have the skills and resources to overcome the difficulties inherent in a new venture.
  17. 7. SELF-CONFIDENT  A person cannot achieve much unless he has sufficient confidence in himself. In any undertaking, including entrepreneurship, a person’s belief in his ability leads him to actual performance and eventual success. When a person has self-confidence, he does his job without inhibitions.
  18. 8. GOAL SETTER  Goals are very useful motivational tool, especially those related to accomplishing the objectives of entrepreneurs. A goal performs the following functions: 1. It directs one’s attention to a specific target 2. It encourage one to exert effort toward achieving something specific 3. It encourage persistence 4. It fosters the creation of strategies and action plans.
  19. 9. ACCOUNTABLE  The success of an enterprise will depend much on the willingness of subordinates to comply with the wishes of entrepreneur. Compliance can be expected to the entrepreneur is accountable enough to take responsibility for whatever happen to the firm.
  20. 10. INNOVATIVE  Innovation is important in entrepreneurship.  Innovation doesn't always mean to create something new: innovators often take something that already exists, improve it, change it, make it better and make it the best for their customers.  Innovative ideas are what will make a startup competitive.
  21. WHAT MOTIVATES PEOPLE TO BECOME ENTREPRENEURS? 1. Desire to be One's Own Boss 2. Desire for Financial Rewards 3. Desire to Create One's Own Job Security 4. Desire to Improve One's Quality of Life
  22. ENTREPRENEUR AND MANAGER DISTINGUISHED The terms "entrepreneur" and "manager" are sometimes used interchanged. Although both jobs are useful to the economy, each performs distinct functions. A major distinction between the two is about orientation. The entrepreneur (promoter) feels confident of his ability to seize a business opportunity. The manager (trustee) emphasizes the efficient utilization of resources.

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  1. Factors- is something help or produce or influence a result.