TOPIC 3 – ENTREPRENEURIAL MIND  Have the ability to convince themselves

and others that the opportunity is

Persona worth pursuing and their solution will
 A theatrical mask worn by performers in order work.
to either project different roles or disguise their  By relying upon a well-
identities. developed selling ability,
 Merriam-Webster Dictionary: Set of distinctive entrepreneurs persuade their
traits and characteristics that forms an stake holders and eventually
individual’s characters. apply the solution that they
 American Psychological Association: Refers to thought of.
individual differences in patterns of thinking,  Creative and foster a persuasive
feeling and behaving. tongue.
 In simple terms, PERSONALITY is the  handy when seeking investors
characteristic patterns of thoughts, feelings, 3. Persuasive and Possess Good People Skills
and behaviors that make a person unique.  #1 skill for entrepreneurial success
o Example: eccentric, boring, greedy (rated higher than leadership, personal
accountability, goal-orientation and
The Entrepreneur’s Personality interpersonal skills)
 Effectively able to convince an investor
that you have a great idea, persuade
partners.
 communicate clearly and persuasively
4. Excellent Business Acumen
 able to envision and create the internal
process
 know how to set up policies and
procedures that will ensure the growth
of their enterprise
 Professional network is also an element
that successful entrepreneurs invest in.
5. They Enjoy their Work
1. Intrinsically Motivated  For you to do something well, you must
 constantly motivated to perform enjoy doing it.
 Optimistic, enthusiastic, and always  They get personal satisfaction from
think about the future. going to work in their own companies
 Always thinking about their business, and constructing them every day.
their sole concern is increasing the 6. Being Tenacious
market share.  You have to be ready to give up your
 Successful entrepreneurs are always life to it.
energetic and often impatient.  You need to be comfortable with
Always thinking about their uncertainty and ready to overcome one
business. Their sole concern is challenge after another.
increasing their market share.  Tenacity is a major character trait of
 The motivation comes very handy successful entrepreneurs.
when they’re facing hard times. 7. Obsessive Planning
Hence, motivation is a major trait  plan constantly
shared among successful  always figuring out t6he way forward
entrepreneurs today.  establish methods, policies, and
2. High Creativity and the Ability to Persuade procedures for running their businesses
 Creative mind so as to see an 8. Passionate
opportunity where other people see a  Entrepreneurs are far more motivated
problem. by the passion to achieve a specific
purpose.

Ligma lol
  On a mission to make a change in their 15. Eager to Collaborate and Network with Other
communities or even the world. Entrepreneurs
 Passion lights their fire of  Smart entrepreneurs is the one who is
determination. consistently making new connections.
9. Focus on the Customer  Sharing information and ideas to get
 Successful entrepreneurs place the fresh opinions and reviews.
customer above everything, even their 16. Humble Enough to Ask for and Receive Help
competition.  “There is nothing wrong with making
 The business is all about providing the mistakes, but one should always make
customer with a better solution at a new ones. Repeating a mistake is a
cheaper price. hallmark of dim consciousness.” – Dave
 Entrepreneurs structure the business Sim
processes around customer satisfaction.  No one is immune to making mistakes.
10. Visionary and Willing to Think Outside the Box  If you let your ego in the way, you’ll
(Even Destroy the Box) never learn from your mistakes.
 Can see what others cannot see.  Receiving help is part of the human
 Confronts problems in atypical ways, social experience and it does not make
thinking creatively and freely and you weak or vulnerable.
challenges the status quo.
 Change the world via their product or 17. Competitive and has Thick Skin
business.  They do not avoid competition.
11. Proactive  Competition breeds innovation and
 Disposition geared towards taking complacency leads to stagnation.
intentional actions. 18. Disciplined and Knows How to Manage Time
 Taking a leap and jumping into action  Disciplined and possess good time
rather than waiting for the management skills.
circumstances to change favorably.  Plan and prioritize all tasks, make a to-
 Proactive personality firmly believes do-list, delegate their responsibilities.
that they control the fate of their
business.  In conclusion, these are some of the most
12. Knows How to Take and Manage Risks important traits of an entrepreneur and
 Take calculated risks and know which commonly found in successful business owners.
risk will pay off.
 Is a chance to learn. Why Some People Choose to Become Entrepreneurs
 Have a high level of risk tolerance and
resilience. *Watch the video inside the lecture*
13. Highly Adaptable and Open to Experience
 Always ready to welcome new trends,
newer methods
 Whether redesigning a business plan or
readjusting their idea completely.
 Learn from their mistakes.
14. Good with Managing Money
 Famous saying: “Rule No. 1: Never lose
money. Rule No.2: Never forget rule no.
1”
 Need to be involved in activities such as
reading bank statements, tax forms,
bookkeeping, etc.
 Have to get good with numbers.

Ligma lol
 4. Their Ideas are Unconventional
5. They Want to Do Things
6. They want to Change the World
7. Income Security and Financial Success
8. Family
9. Community and Social Motivation
10. They Don’t Want to Have A Boss
11. They Just Have No Other Choice

DISTINCT FUNCTION BETWEEN ENTRPRENEURS AND

MANAGERS

So,

1. Their Creativity Doesn’t Fit the Corporate

Environment
2. They Want a Lifestyle That Isn’t Bound to Nine
to Five
3. They’re Passionate about Learning

Ligma lol
TRADITIONAL BUSINESSMAN VS. ENTREPRENEUR Effort Not attracted to Keep himself
*watch the VIDEO in the lecture to review* changes and abreast with
technological current and
 All entrepreneurs are businessmen, but not ALL breakthroughs future
businessmen are entrepreneurs. technological
 Entrepreneurs: an individual who seeks developments to
profitable opportunities and takes the necessary further increase
risks to establish and operate a business. his creativity and
 Businessman: their main desire is to grow productivity
business Risk- Buy products at a Takes calculated
 Entrepreneur is also different from a manager. taker lower price and or moderate risks
Wherein a manager is responsible for using the sells it at a higher to start and
organization resources to accomplish price. Therefore, operate a
organization’s goals. usually as low- business by
 Entrepreneur is not a small businessman. risk taker calculating the
 A small businessman has the characteristics of Main motive is costs and
an entrepreneur. However, those characteristics only to earn a benefits of any
are at a lower level compared to those of an profit. decisions he
entrepreneur needs to make
SEVERAL CHARACTERISTICS THAT ARE DISTINCT Goal Engages in Starts a venture
FROM BUSINESMAN AND ENTRPRENEUR business and commits on
Businessman Entrepreneur activities to gain the expansion of
TIME Spends time Spends unlimited profits so that he the venture in
buying and time in studying will be able to order to fulfill
selling products how to satisfy support and earn goals and attain
the clients’ wants a living self-
and needs and accomplishment
always comes up Profits
with new ideas Success and self-
on ways to satisfaction
improve their
products
NATURE Same types of Flexible in
OF JOB business changing and
refining his
products
Decision- Follows the Makes his own
making decisions made decisions and
by others and uses his creativity
i8nvest only in in producing and
tested and creating
proven markets. innovative
Therefore, has a products and
low level of services that can
commitment on penetrate the
the development market which has
of new products not been tested
Only sells before
existing and
available
products in the
market.

Ligma lol