8/6/2019 Entre Coop

1/32

8/6/2019 Entre Coop

2/32

8/6/2019 Entre Coop

3/32

8/6/2019 Entre Coop

4/32

Entrepreneurs are certainly not supermen. Neither do they

perform miracles. They are just human beings. But they are

different from many of us.They posses several positive characteristics which are

responsible for their business success. For instance, they have

self-confidence, leadership, and creativity. Not many of us have

these qualities. Most of us shy away from business. We prefer

to be employees doing jobs which do not require great risks

like bankruptcy. The optimism and positive thinking produces

favorable results. We get what we deeply think and believe.

Being hardworking and opportunity seekers,

entrepreneurs acquire more profits. Moreover, in the process,they also create better goods and services for the consumers.

Through their innovations, they contribute to the improvement

of the standard of living. So, they do not only help the

economy, they also help society.

8/6/2019 Entre Coop

5/32

8/6/2019 Entre Coop

6/32

Cantillon defines anentrepreneur as one who bears

uncertainty, buys labor andmaterials, and sells products at

uncertain prices.

8/6/2019 Entre Coop

7/32

Innovative.

Entrepreneurs are creative.They do things in new and different

ways. For example, they create new

products or services, new methods of

production, new markets, and new

sources of raw materials. They loveto explore the unknown, and blaze to

new paths of progress.

8/6/2019 Entre Coop

8/32

8/6/2019 Entre Coop

9/32

Innovations have provided us the products

and services of modern civilization. We have

wonder drugs, colored TV, computers, robots,cellular phones, cars, airplanes, home

appliances, and many more trappings of

modern life. Without innovations, we shouldstill remain in our primitive stage of

development. However, on the negative side,

innovations have given us pollution anddiseases. Entrepreneurs therefore should not

only innovate for profit, but also ensure the

protection of our environment.

8/6/2019 Entre Coop

10/32

Leadership.

Entrepreneurs are leaders by the very nature of their

functions. They are people who are task-oriented. They areeffective planners, organizers and implementors. And they

are achievers.

Here are the essential leadership qualities:

Selfless dedication Purpose and vision

Courage

Conviction

Enthusiasm

Integrity

Tact

Hardwork

8/6/2019 Entre Coop

11/32

Leaders treat their fellowmen like human beings.

They respect human dignity, and are aware of other

human needs like belongingness, security, fulfillment andlove. Entrepreneurs do not exploit their workers or

employees. Instead, entrepreneurs promote the welfare of

their employees. When Jose Yulo, owner of the sprawling

Canlubang Estate (about 7,000 hectares), was still alive,he gave numerous benefits to his farm workers, like free

housing, free water, free electricity, free rice and sugar,

free hospitalization and free education. He even installed

TV sets were still scarce and expensive for ordinaryemployees. Thus, his workers loved him. They did not

even like to be under the land reform program of the

government. They preferred Yulos program.

8/6/2019 Entre Coop

12/32

Positive thinkers.

Entrepreneurs are positive thinkers.

They think of success and bright sides.Such success consciousness leadsentrepreneurs to success. Success begets

success. Dr. Charles Flory, a notedAmerican psychologist, said that wealthdoes not always come to the most

intelligent or to the most ambitiousindividuals, but those individuals whothink money.

8/6/2019 Entre Coop

13/32

There is nothing wrong with

thinking and acquiring money andmore money if it is used properly.

Those who have plenty of money can

satisfy their legitimate human needs,and be able to help others, especially

the poor. There are many rich

entrepreneur who are actively

engaged in civic and humanitarian

projects.

8/6/2019 Entre Coop

14/32

Individuals who always think of

failures and other negative thoughts

get exactly what they think. Their

failure consciousness or defeatistattitude gives them failure after

failure. The poor became poor because

they think of poverty. While the rich

become rich because they think of

wealth.

8/6/2019 Entre Coop

15/32

Decision-makers.

Entrepreneurs make decisions. They

cannot avoid this. Being creative or

innovative, they always make decisions on

how to improve their products, how to create

new markets, how to increase consumers

satisfaction, or how to maximize profits. The

success of their business depends on their

ability to make the right decisions.

8/6/2019 Entre Coop

16/32

Decision-making has six distinct phases:

Identifying the problem;

Gathering the data about the problem;

Analyzing the data;

Formulating alternative solutions;

Selecting the best solution; and

Implementing the solution/decision.

8/6/2019 Entre Coop

17/32

The aforementioned phases of decision-making is a

scientific method of decision-making. However,

implementation of the decision is a different matter.Itrequires leadership which involves skills in dealing

with people.

In fact, there are many unschooled entrepreneurs.

Yet they are successful. They do not know anythingabout scientific method of decision-making or modern

management strategies, such as PERT_CPM,

forecasting method, Break-even point analysis, or

linear programming. They just rely on experiences,

ideas or hunches. They are not afraid to make

decisions because of their risk-taking nature and self-

confidence.

8/6/2019 Entre Coop

18/32

8/6/2019 Entre Coop

19/32

The problem has to be identified and

defined. Then gather the data relevant to theproblem. Organize and analyze the data to be

able to come up with alternative solutions. The

next step is to determine the best solution. Naturally, the best solution is measured in

terms of profitability. But is the solution

implementable?

8/6/2019 Entre Coop

20/32

In the final analyses, it is the implementation of the

solution that counts. A best solution which cannot be

put into practice is not a solution. Peter Drucker, a

renowned economist and management consultant,

mentions four criteria of choosing the best solution:

Presence of risk Economy of effort

Time factor

Availability of resources

8/6/2019 Entre Coop

21/32

An ideal solution is one that does not create

another problem, and it is most economical in

terms of time, labor and money. But of course,

the final determinant is the availability or

resources. For instance, are there competentemployees, adequate funds, necessary

materials and facilities to implement the

decisions or solutions?

8/6/2019 Entre Coop

22/32

8/6/2019 Entre Coop

23/32

Entrepreneurs are generally. They implement their

decisions on trial basis or limited scale. This is to test the

feasibility or profitability of their decisions. If they happento be right in their decisions, they implement their business

projects in full-scale. The idea is that if they were wrong in

their decisions, their losses have been minimized.

However, the problems of implementing a decision can

be eliminated or minimized if the decision has been the

product of group action. As a democratic process, the

beneficiaries, the affected ones and those concerned in the

implementation should be involved in decision-makingprocess. In community development, the implementors and

beneficiaries of the project must be involve from planning

to the implementation of the project.

8/6/2019 Entre Coop

24/32

Japan has many entrepreneurs, because it

considers employees the most important resource of

business. Employees are involve in planning, decision-making and implementation. Top management allows

them to participate actively within their areas of

competence in the vital aspects of the business.

Through this approach, it is much easier to implementprograms or projects. This is planning from below or

participative management. A former of a poor country

said, Planning from the top is planning for the top.

Obviously, such kind of planning is not onlyundemocratic, but also ignores the rights and

capabilities of people.

8/6/2019 Entre Coop

25/32

8/6/2019 Entre Coop

26/32

The Development Bank of the Philippines defines the qualities

of an entrepreneur.

1. Self-reliant. An entrepreneur counts mainly on his ownefforts, and succeeds mainly in by doing a good job. He relies

principally on his own merit and work. His self-reliance is

founded on hard work.

2 . Risk-taker. He rises to a challenge and transfers

problems into opportunities. His daring is built on his competence

which is marked by openness to new ideas, new skills and new

developments. Despite his setbacks and mistakes, he is willing to

start all over again.

3. Industrious. He has a strong sense of pride in theworkmanship of his product. He is quality conscious in all the

components of his business. He is also precise in counting costs

and in ensuring the value of money for his product or service.

8/6/2019 Entre Coop

27/32

4. Humble. The true entrepreneur has the humility and

single-mindedness of purpose. Where there is a chance to earn, nomatter how lowly the task, he is at work patiently, unmindful of

his social status. To him rolling to be ashamed of. Patience is his

badge of security. Humility is the quality that enables him to

build a business from resources or opportunities, simple needs

and humble beginnings.

5. Helpful. He learns how to work with others from

different fields, conscious that with their help, effectiveness can

be multiplied. He thinks of others, especially those working forhim, and of the opportunities for advancement he can provide for

them. Through appropriate words and works, he shows that he

truly cares for their personal welfare and development.

8/6/2019 Entre Coop

28/32

6. Creative. He has a sense of perseverance and a spirit of

initiative. Never satisfied with things as they are, he continues toimprove, trying new and better ways of doing things. And when

difficulties, frustrations and failures come, he is never

discouraged. Often, out of these, come something new another

success, another problem solved, another opportunity opened,

another first.

7. Happy. The joy of this entrepreneur lies in the

satisfaction of a customer, whom he puts first over everybody

else. He therefore attends to the real needs of his customers with

dispatch, efficiency, and graciousness. A service-oriented person,he is a happy man for he has discovered that the joy of giving is

its own reward.

8/6/2019 Entre Coop

29/32

8/6/2019 Entre Coop

30/32

Business enterprise failed due to poor management. Being

industrious is not enough. It is efficient management that counts most

in business success. The entrepreneur must possess the following

managerial skills:

1. Ability to conceptualize and plan. The entrepreneur must view all

the aspects of the business, such as product, price, cost inventory,

etc., in a related and coordinated manner. He must be able to plan

for the total operation of the business. His ability to foresee futureproblems of his business is an excellent asset.

2. Ability to manage others. Management is getting things done by

others. As the business grows, more people are needed. The

entrepreneur must be able to organize work properly so that his

employees can perform their jobs efficiently and effectively. Goodhuman relations and communication are very important for the

entrepreneur. By letting others achieve the objectives of the

enterprise, the entrepreneur has more time for conceptualizing and

planning.

8/6/2019 Entre Coop

31/32

3. Ability to manage time and to learn. The entrepreneur is a

generalist. Especially when the business is still small, the owner

does everything: clerk, salesman and manager. In view of thevarious function of the entrepreneur, he should be an expert on

time management. He should also acquire basic training in small

business management and specialized courses in accounting,

finance, marketing, and personnel relations. A real entrepreneur

does not actually stop learning. He can do this by reading,

attending seminars, or enrolling in college.

4. Ability to adapt to change. Not a few individuals resist

change. They stick traditional or established practices. This is

the culture of many Filipinos, particularly the unschooled. Abusinessman who refuses to adapt his operations to changing

needs and tastes of consumer is most likely to fail. Entrepreneur,

being innovative or creative, quickly response changes for

comparative advantage.

8/6/2019 Entre Coop

32/32