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Week 3 - Entrep - Reviewer

The document outlines key characteristics, guidelines, tools, and skills essential for successful entrepreneurship. It emphasizes the importance of traits such as opportunity seeking, persistence, and risk-taking, as well as practical skills like goal setting, planning, and decision-making. Additionally, it highlights the need for strong interpersonal skills, creativity, and resilience in navigating the challenges of entrepreneurship.

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12 ABM Guimba, Dhaniela B.
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11 views2 pages

Week 3 - Entrep - Reviewer

The document outlines key characteristics, guidelines, tools, and skills essential for successful entrepreneurship. It emphasizes the importance of traits such as opportunity seeking, persistence, and risk-taking, as well as practical skills like goal setting, planning, and decision-making. Additionally, it highlights the need for strong interpersonal skills, creativity, and resilience in navigating the challenges of entrepreneurship.

Uploaded by

12 ABM Guimba, Dhaniela B.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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6.

Characteristics that can help you develop in Entrepreneurship:


 Opportunity seeking - if there's an opportunity doesn’t waste it, opportunities helps you do
develop and don't be afraid of risking to it, opportunities leads you a way for your brighter future.
 Persistence - an action that even in tough times you stay, in entrepreneurship there are
challenges that we cannot avoid or we must face it as it is a part of a business, you must be tough.
 Commitment to work - it means that you are committed, you have chosen this path and you are
determined to continue.
 Risk taking - risk takers octenyl fail, but if you don't risk nothing will happen, risk taking is a
choice that you must deal in putting up a business.
 Goal setting - setting a goal means you have a plan to achieve something, you are not clueless of
the tracks you have been chosen, always stay at the right path and make sure that it will lead you
to something.
 Self-confidence - self-confidence helps a mentality of one’s mind to be productive, it boost morale
and giving the positive vibe that can deal to other people.

7. 4 guidelines that are shown, and it could be helpful in many ways.


• Find a market with a need you can fill.
Be realistic as an entrepreneur to have a perfect vision for the arousing business.
• Create a product or service that transforms peoples live.
Be observant, one of the best ways to find a market with a need is to look at what people are missing in
their lives.
• Standardize a process to turn that product into traffic, leads, and sales.
As an entrepreneur your goal is to generate interest around your product or service.
• Develop “a bias towards action” mindset.
It is the ability to make decisions quickly and act on them.

8. Tools and behavior for successful entrepreneurship


 Personal Characteristics
 Optimistic- hopeful and confident about the future. Having these characteristics, it helps
entrepreneurs succeed. Because it means they are put effort into achieving what they want to get
done. Also, optimistic foster creativity and innovation, because entrepreneurs discover new solution
when they focus or shift the negative aspects of a situation to more positive factors. This
characteristic helps entrepreneur to pursue his or her dream to become successful entrepreneur.
 Initiative - the ability to assess and initiate things independently. Having an initiative characteristic is
a self-management when you use your initiative as entrepreneur you do things without being asked,
solve problems that other may not have not is needed solving and go out of your way to continue
learning and growing. Work hard in silence and let your success to make noise.
 Risk tolerance- your ability and willingness to stomach a decline in the value of your investments.
because the price is not always high as an entrepreneur, they want the higher the prices, they will
earn more. but to be a better entrepreneur you must have the characteristic risk tolerance you accept
that the price of the commodity also decreases.
 Resilience- the capacity to recover quickly from difficulties As I said before, you don't always make a
lot of money in your business as an entrepreneur, you need it to move forward quickly. Without
resilience, every lost client feels like a catastrophe. Failure seems like a point of no return, despite
being a normal, if unpleasant, outcome of starting a business.

 Interpretational skills

 Leadership – Being a leader on a business/company is a huge and enjoyable role to have, you’re
not just assigning or giving them a task but you should help them to be a better worker and always
standing in front of them to reach out.
 Communicating skills – A healthy environments gives a healthy communication, which is very
important to remember that if you have a good communicating skill to your boss, colleagues and
customers it can give you a better relationship.
 Listening – When you are in a world of business you must have an open ear for opinions, critics
and disappointments to help yourself grow you must accept each other’s opinions.
 Personal relationships - A personal relationship at work can be defined as any relationship that
exists outside of the prescribed social interactions that employees must have with one another.
 Negotiation - It is the process by which two or more individuals with different wants and
interests discuss a problem in order to reach a mutually acceptable solution.
 Ethics - Ethical Entrepreneurship is the process of purposefully developing a positive
organizational culture.

Critical and Creative


Creativity refers to the growth of unique and new business practices. Creating new markets, it is also
critical for an entrepreneur to assess the old business approach and come up with new ways of
conducting company.
• Creative - Creative thinking is a method of approaching issues and situations in creatively. It is
sometimes referred to as 'thinking outside the box,' and it is all about avoiding the more conventional,
standard, and ordinary approach and instead thinking of new methods to solve an issue.
• Problem solving - When companies discuss problem-solving abilities, they frequently refer to the
capacity to deal with challenging or unexpected situations in the workplace, as well as complex business
difficulties.
• Recognizing opportunities - Entrepreneurs find possibilities by searching for them in existing
markets. This suggests that they are aware of technological, economic, or societal trends.

9. Practical Entrepreneur Skills and Knowledge


• Goal Setting
- Setting smart goals will focus your efforts and allow you to use your time and resources more
effectively.
• Planning and Organizing
- Strong project management skills are important as are basic organization skills.
• Decision-Making
- Your business decisions should be based on good information, evidence, and weighing up the potential
consequences.
• Business Knowledge
- Ensure that you have a working knowledge of the main functional areas of business: sales, marketing,
finance, and operations. If you can’t fulfill all these functions yourself, you’ll need to hire others to work
with you, and manage them competently.
• Entrepreneurial Knowledge
- Find a business model that works for you can require a long period of experimentation and hard work.

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