Characteristics of Entrepreneurship
Session 8: Characteristics of Entrepreneurship
Total Session Time: 120 minutes +1 hours of Tutorial
Prerequisites
Learning Tasks
By the end of this session students are expected to be able to:
Resources Needed:
SESSION OVERVIEW
Activity/
Step Time Content
Method
1 05 minutes Presentation Introduction, Learning Tasks
Presentation Characteristics of Entrepreneurs
2 25 minutes
Buzzing
Presentation
Misconceptions about Entrepreneurs
3 45 minutes Small Group
Discussion
Presentation
4 35 minutes Qualities of Entrepreneurs
8 05 minutes Presentation Key Points
9 05 minutes Presentation Evaluation
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SESSION CONTENTS
STEP 1: Presentation of Session Title and Learning Objectives (5 minutes)
READ or ASK students to read the learning tasks and clarify
ASK students if they have any questions before continuing.
STEP 2: Characteristics of Entrepreneurs (25 minutes)
Activity: Buzzing (5 minutes)
ASK students to pair up and buzz on the following question for 2 minutes
ALLOW few pairs to respond and let other pairs to add on points not mentioned
WRITE their response on the flip chart/board
CLARIFY and SUMMARIZE by using the content below
The following are characteristics of Entrepreneurs include:
targeting, which many times but can also lead to failure;
which will confirm whether they have done right or wrong;
calculated risk, but nevertheless in the eyes of others may seem like an impossible goal;
achieve their objectives;
business, business creation;
successes or failures that have passed;
certain tasks to combined so as to implement the vision;
expressing the first urge to go further, to do for others is impossible, the money represents
only a confirmation of success;
success, removing barriers that seem insurmountable to others;
decisions based on uncertain information, or even contradictory;
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an important characteristic of entrepreneurs.
o Being entrepreneur entails identify problems, deficiencies, gaps and/ or missing
elements and finding ways to satisfy identified needs
o People are not born with these characteristics, but they can be learned
o Some entrepreneurs are quiet and hard-working, while others are more outgoing and
flamboyant.
o The key to being a successful entrepreneur lies in the ability to take an idea and then,
through the process of innovation, develop it in such a way that it becomes a
marketable product or service.
o Research indicates that there are a number of characteristics that are quite likely to be
present in high-achieving entrepreneurs.
STEP 3: Misconceptions about Entrepreneurs (45 minutes)
Activity: Small Group Discussion (15 minutes)
DIVIDE students into small manageable groups
ASK students to discuss on the following question
ALLOW students to discuss for 10 minutes
ALLOW few groups to present and the rest to add points not mentioned
CLARIFY and SUMMARIZE by using the contents below
people or about natural events and facts
o A commonly believed but false idea
o Entrepreneurs are born to lead
It may seem that some people were born natural leaders, or were born with better
traits to become entrepreneurs
In reality, entrepreneurs come in all shapes and sizes
It‘s possible to acquire the necessary traits to become a successful entrepreneur no
matter how you started out
Introverts, extraverts, ―idea people‖ and grunt workers have all had equal stakes
in business ownership and development
Anyone can be an entrepreneur, given the right mindset and dedication
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o The idea is everything
However, even the best ideas can end up failing if they aren‘t properly supported
Ordinary ideas can, with the right team and enough adaptation, end up surviving
Your idea is bound to change, and is tied to many other variables, so don‘t get
too invested in it
o You'll have unlimited freedom
Many people are drawn to the idea of entrepreneurship because of the potential
freedom it brings.
It‘s true that entrepreneur set most of the rules
Entrepreneurs are responsible for making business profitable
Oftentimes, entrepreneurs make tremendous personal sacrifices, working long
hours and getting stuck at the office far longer than one would like
o It's an easy way to get rich
Entrepreneurship is a path to wealth-building with:
There‘s no upper limit to how much you can earn
However, you can‘t think of entrepreneurship as a get-rich-quick scheme
You‘ll need to invest significant resources into your business, including both time
and money
Even with all the right things in place, you'll have no guarantee you‘ll have the
timing or the pacing right
o Success will come fast or not at all
The portrait of the successful entrepreneur is usually of someone whose business
skyrocketed to success overnight
The reality is, of course, it takes many months even years of hard work and
countless struggles before the payoff hits
Because of the looming failure rate of startups, too many entrepreneurs believe
it‘s an all-or-nothing bid, but success and failure come in much more diverse
shades than that
o It's all on your shoulders
Entrepreneurs often get the most credit for building their businesses because
they‘re the faces of their respective companies, and the original founders
However, no entrepreneur ever found success completely on his/her own
There‘s always a mentor, an investor, a partner, a team of employees or at least a
supportive family member who was/were there to help make the founder's dreams
a reality
Don‘t try to do everything yourself
Learn to accept and ask for help from others, and your potential will only grow
o You know the secret to success
Most excitable new entrepreneurs believe they have the secret to success, they:
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Know their idea can‘t be competed with
Think they have the perfect timing
Have a ―secret weapon‖ that will make them successful
This is almost always a delusion
Businesses succeed or fail based on a number of different, interacting variables
If there was a straightforward secret to success, we‘d all be mega-rich
entrepreneurs
The reality of entrepreneurship is different from the one you see frequently
portrayed in biographical articles and economic headlines
But that doesn‘t mean it‘s worse or not worth pursuing.
STEP 4: Qualities of an Entrepreneur (35 minutes)
Activity: Brainstorming (5 minutes)
Ask students to brainstorm on the following question:
ALLOW few students to respond?
WRITE their responses on the flip chart/ board
CLARIFY and SUMMARISE by using the content below
and possess the following entrepreneurial qualities responsible for driving success:
o Disciplined
These individuals are focused on making their businesses work, and eliminate
any hindrances or distractions to their goals
They have overarching strategies and outline the tactics to accomplish them
Successful entrepreneurs are disciplined enough to take steps every day toward
the achievement of their objectives
o Confidence
The entrepreneur does not ask questions about whether they can succeed or
whether they are worthy of success
They are confident with the knowledge that they will make their businesses
succeed
They display that confidence in everything they do
o Open Minded
Entrepreneurs realize that every event and situation is a business opportunity
Ideas are constantly being generated about workflows and efficiency, people
skills and potential new businesses
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They have the ability to look at everything around them and focus it toward their
goals
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o Self-Starter
Entrepreneurs know that if something needs to be done, they should start it
themselves
They set the parameters and make sure that projects follow that path.
o Creativity
One facet of creativity is being able to make connections between seemingly
unrelated events or situations
Entrepreneurs often come up with solutions which are the synthesis of other items
They will repurpose products to market them to new industries
o Determination
Entrepreneurs are not thwarted by their defeats. They look at defeat as an
opportunity for success
They are determined to make all of their endeavors succeed, so will try and try
again until it does
Successful entrepreneurs do not believe that something cannot be done
o Strong people skills
The entrepreneur has strong communication skills to sell the product and motivate
employees
Most successful entrepreneurs know how to motivate their employees so the
business grows overall
They are very good at highlighting the benefits of any situation and coaching
others to their success
o Strong work ethic
The successful entrepreneur will often be the first person to arrive at the office and
the last one to leave
They will come in on their days off to make sure that an outcome meets their
expectations
Their mind is constantly on their work, whether they are in or out of the
workplace
o Passion
Passion is the most important trait of the successful entrepreneur
They genuinely love their work
They are willing to put in those extra hours to make the business succeed because
there is a joy their business gives which goes beyond the money
The successful entrepreneur will always be reading and researching ways to make
the business better
o Competitive
Many companies are formed because an entrepreneur knows that they can do a
job better than another
They need to win at the sports they play and need to win at the businesses that
they create
An entrepreneur will highlight their own company‘s track record of success
They are proactive, not waiting for someone to give them permission
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Refer student to Handout 8:1: Qualities of an Entrepreneur
STEP 6: Key Points (5minutes)
present in high-achieving entrepreneurs
and possess the entrepreneurial qualities responsible for driving success
STEP 7: Evaluation (5 minutes)
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References
Buskirk, R. H (1994). The Entrepreneurs Handbook: Premier Entrepreneur Programs, Inc.
Denver, Co.
Charantimath, P. M (2006) Entrepreneurship Development Small Business Enterprises:
Delhi, India: Pearson Education,
Hisrich, R.D., Peters, M.P., & Shepherd, D.A. (2005). Entrepreneurship. (6th Ed.) Boston:
McGraw-Hill.
Kuratko, D.F., & Hodgetts, R.M. (2007). Entrepreneurship: Theory, Process & Practice. (7th
Ed.) USA: Thomson
Roy, R. (2011, 2008). Entrepreneurship. 2nd Ed. Oxford: Oxford University Press.
Stokes, D. & Wilson, N. (2002). Small Business Management and Entrepreneurship. (5th
Ed.) London: High Holborn House.
Zimmerer, T. W. & Scarborough N. M. (2008) Essentials of Entrepreneurship and Small
Business Management. (5th Ed) New Jersey: Pearson Education International
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Handout 8:1: Qualities of an Entrepreneur
Qualities of entrepreneur:
Entrepreneurs have specific qualities and special strengths. Some of these essential qualities
are briefly described below:
Need to achieve
Entrepreneur has a strong desire to achieve and fulfil his/her dreams. Winning is achievement
Perseverance
An entrepreneur is fully absorbed in his /her goal and course of action. He works hard to
complete his project successfully. He/she is not deterred by difficulties and problems.
Moderate risk taking
An Entrepreneur loves moderate risk situation which is existing but has affair chance of
success. He is not a gambler or high risk taker. He selects a moderate risk and does not play
with speculative game.
Ability to find and explore opportunity
An entrepreneur is quick to see and seize opportunities. He has innovative mind and converts
difficulties into opportunities. He is also realistic. He plans and anticipates carefully
achieving his goals and converts opportunities to his advantages.
Analytical ability
Entrepreneur approaches problems realistically without personal likes and dislikes. He has
practical to business. He will select experts and not friends or relatives to help him when
required. He does not take emotional attitude towards his problems.
Using feedback
An entrepreneur likes to have immediate feedback of his performance. He likes quick and
accurate data and information. He is stimulated by unfavorable news and applies more energy
to attain his objectives
Facing Uncertainty
An Entrepreneur is an achievement oriented person and is optimistic even in unfamiliar
situations. He has confidence in his ability to face such situation. He is not discouraged and
makes the best of opportunities. He can assess the success rate closely and understand his
environment. He presents a picture of boldness to face unknown situations. He will win by
applying his special insight and skill.
Independence
An entrepreneur likes to be his own master and wants to be responsible for his own decisions.
He does not want to work for others and therefore, sets up his own enterprises.
Flexibility
An entrepreneur has open mind. He does hesitate in revising his decisions if situation so
demands. He will evaluate his decision carefully.
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Planning
An entrepreneur thinks in future, plans and works to make his plans successful. He will set
his goals and plans to achieve within limits.
Interpersonal skills
An Entrepreneur likes to work with different types of people and has the skill to deal with
them. He has to make people work for him, with him and help to attain his objectives.
Motivator
An Entrepreneur motivates people to act. He can influence people to think his ways and act
accordingly.
Stress Taking
An entrepreneur has the capacity to work for long hours and tackle different problems at the
same time. There will always be adverse situations in business. An entrepreneur can keep his
cool under a lot of tension and make right decisions against physical and emotional stress.
Positive Self-Concept
An Entrepreneur is always positive in thinking. He is aware of his strengths and weakness.
He always works to achieve his goals and set standards of excellence of his works.
Orientation of Future
An entrepreneur shows high level of future orientation and tends to think ahead. He lives in
present and does not allow the past to obsess him.
No entrepreneur has all these qualities but most have many. He should make an
inventory of his qualities. Self-awareness and analysis help him to define his strengths and
weaknesses. This is the first step towards entrepreneurship development.
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