Traits and characteristics of an entrepreneur | Meir Waknine

Traits and characteristics of an entrepreneur

Meir Waknine

Entrepreneur

○

Someone who takes risks and starts a venture to solve a problem or to take advantage of an opportunity Someone who provides an innovative product or service to meet a consumer want or need

○

Characteristics of an Entrepreneur Entrepreneurs have most of these characteristics:

Goal-setting Hardworking Self-confident Flexible Independent

Risk Taker Perceptive Curious Imaginative Persistent

○

Risk-Taker

●

Not possible to eliminate it completely

○

○

Many entrepreneurs take on a high degree of risk Higher risk = Greater reward To be successful, an entrepreneur must minimize and manage risk

○

Perceptive

●

e.g. Cott Corporation

●

Had to compete against soft-drink giants Coca-Cola and Pepsi Developed a new distribution system and private-label soft drinks that could be packaged under a retailer’s label, e.g. PC

●

○

Do not avoid them

○

View problems as opportunities or challenges Tackle problems head-on

○

Curious

○

Entrepreneurs like to know how things work They are interested in many aspects of the business from production to marketing and sales

○

Imaginative

○

○

○

Entrepreneurs are creative They come up with new ideas, new products and/or imagine solutions to problems They have a vision They can see where they want to get to

○

Persistent There are many challenges with setting up a new business including: ● ● ● ●

Entrepreneurs will stick with their ideas and keep trying

○

Red tape Finding enough money (especially during start-up) Stress Misreading the market

○

Goal-setting

○

Many entrepreneurs are motivated by the excitement of starting up new ventures Once a goal is achieved, they need a new one to work toward

○

Hardworking

●

e.g. J.M. Schneider worked in a button factory during the day and made sausages in the evening

○

Many entrepreneurs work long hours even after their business is open and successful They are driven to succeed

○

Self-confident

○

○

Entrepreneurs believe in themselves They must be convinced that their ideas are worth the effort May have doubts, but their confidence will help them overcome their doubts

○

Flexible The only constant is change

Products change, consumer tastes change

●

○

An entrepreneur looks at change as an opportunity Must be flexible to adapt to changing trends, technology, markets, rules and regulations, economic developments

○

○

Independent Most entrepreneurs want independence ● ●

They like to make their own decisions and generally don’t thrive in a controlled environment

○

They don’t like to be told what to do They want control

○

Entrepreneurial Skills Skill ○ The ability to do something specific or to translate knowledge into action ●

○

○

It is easier to learn a skill than a characteristic Enables you to translate knowledge into action To succeed, you must have a variety of skills including: research, management and relationship skills

○

e.g. knowing how to cook, knit, woodworking skills

Research Skills

○

○

○

Need to be able to complete marketing and accounting tasks, as well as selling activities Must identify what you need to know, and then use research to find it Must be able to learn or acquire the knowledge you need First step in obtaining knowledge is to ask a good question

○

Gathering Information

○

There are many sources of information including: books, periodicals (magazines), indexes, databases, school, professionals (lawyers and accountants) Federal government websites are also helpful for obtaining information on various industries and markets

○

Using Information ○

○

Not all information can be used Information gathered must be sorted through to answer your initial question The answer may lead to additional questions and answers will become more specific and focused as the business develops

○

Management Skills

○

○

○

Remember that management performs four functions: planning, organizing, directing and controlling An entrepreneur achieves goals by applying management skills to their personal, financial and material resources Must be careful not to overplan Must organize your time and empower staff

○

Relationship Skills

○

○

Different relationships are necessary including those with staff, suppliers and customers Employees need to feel that they are treated fairly and that they are rewarded for hard work Communication is critical

○

Thank You