Chapter 1

THE
ENTREPRENEUR
IAL MIND
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CHAPTER I
ORIGIN AND
NATURE OF
ENTREPRENEURS
HIP
Contemporary views on
Entrepreneurship
Lloyd Shefsky
entre means enter
pre means before
neur means nerve center
Entrepreneurship
 Karl Vesper
economist: one who brings
resources, labor, materials and
others assets; one who introduce
changes, innovation and a new
order.
Entrepreneurship
psychologist: refer to a person as

typically driven by certain forces;
need to obtain or attain something,
to experiment, to accomplish, or
perhaps to escape from authority of
others.
Entrepreneurship
businessman: appears as a threat,

an aggressive competitor
another businessman: may be an
ally, a source of supply, a customer, or
someone good to invest in
Entrepreneurship
Professor Robert Nelson


a person who is able to look at the

environment, identify opportunities
to improve the environment, marshal
resources and implement action to
maximize those opportunities
Contemporary views on Entrepreneurship
 Joseph Schumpeter
Entrepreneurship as doing things
that are not generally done in the
ordinary course business routine.
Entrepreneurship
Jeffrey Timmons and his co-

authors “New Ventures Creation”
Entrepreneurship as the ability to
create and build a vision from
practically nothing.
Entrepreneurship
 Albert Shapero
initiative taking, the organizing and
recognizing of social/ economic
mechanisms to turn resources and
situations to practical account, the
acceptance of risks and failure
Entrepreneurship
 Dr. N. A Orcullo, Jr.
an entrepreneur is someone who perceives
an opportunity and creates an organization
to pursue it
entrepreneurial process involves all the
functions, activities, and actions associated
with perceiving opportunities and creating
organizations to pursue them.
Entrepreneurship is a process and
approach
 as an approach: entrepreneur
considers the business opportunity as a
chance to solve the problem rather
than solving the problem itself.
 as a process:
a). Initiative
b). organization
Socio- economic benefits from
entrepreneurship
 Promotes self-help and unemployment
 Through entrepreneurship, the spirit and culture of
self- help, self- reliance and self- sufficiency among
citizens of nations is addressed.
 Every entrepreneur helps or assists the government
not only by providing employment for himself but
also for providing employment to those employed by
the firm.
Socio- economic benefits from entrepreneurship
 Mobilizes capital.
 Putting up his own business means realising or
mobilizing capital that should fire up the
economy
 Idle capital kept in the vaults of households will
now be mobilized and pumped into the financial
system and the economy which means more
business options for others and more income or
returns for the capital owners themselves.
entrepreneurship
 Provides taxes to the economy.

- Tax sources for the government
- Every entrepreneur contributes to the economy a
kind of income out of the real estate, income tax,
sales tax, fees and all other forms of payment to the
national, as well as local government units.
entrepreneurship
 Empower individuals.
 Real indicator of economic well- being among citizens
and the masses are in some ways gaged by the amount of
financial resources that every citizen accumulate
 The high income- earning potentials of entrepreneurs the
possibility of wealth accumulation is enhanced an is his
economic standing in society, and so the powers that go
with money and other financial resources that goes with
entrepreneurial endeavours
entrepreneurship
 Enhance national identity and pride.

 Quantity and quality of products and services
produced by every entrepreneur is a source of pride
and identity for a country
 Enhance competitive consciousness.
 Innovation being the essence of entrepreneurship is
a catalyst to a consciousness and culture of
competition which in the long term breeds quality
and international/ global competitiveness
entrepreneurship
 Improves quality of life.

 The entrepreneurs penchant for innovation and
development of new product, as well as creation of
new markets, rebounds to the betterment of the
products and services
 Enhances equitable distribution of income and
wealth.
 Equitable distribution of income and wealth can be
likewise expected
Attributes, qualities and characteristics
of an entrepreneur
 Self- awareness
-He knows who he is, what he is good at, and what he likes to do.
-He starts a business that is based on his expertise in a specific field, and
focuses on his involvement in an area he thoroughly enjoys.
 Self- motivated
-Known as drive, self- motivation is one of the most important personality
traits of successful entrepreneurs.
-This is the characteristics that gets him going and keeps him moving when
he is in business.
-It is what helps him keep on turning out those craft items, upgrading his
technical skills, or developing new and improved promotional techniques
when business is slow.
-It is what gives him the tenacity and confidence to call on potential client,
en though he has heard “No” three times
of an entrepreneur
 Courage
 Willingness to take risks is a valuable trait when striving for success.
 Has the willingness to take chance and hope for the positive response to the request
 Confidence
 The age- old philosophy of positive thinking is a major step on direction
of success
 One of the most appealing traits he exhibits to prospective clients, for it
lets them know that they will be getting the best their money can buy.
 Aware of his capabilities and he does not doubt that he can accomplish
the most challenging tasks on hand.
 Achieved because of positive thinking
of an entrepreneur
 Positive thinkers
 Entrepreneurs should be positive thinkers
 They think of success and bright sides.
 Dr. Charles Flory, an American psychologist said that
wealth does not always come to the most intelligent or
the most ambitious individuals but to those individuals
who think money
 Patience
 Remember that his customers are always right
of an entrepreneur
 Decisiveness
 Business has been described as a process of making one
fast decision after another.
 Decision has to be made immediately on the spur of
moment
 One should go with his intuition and trust that he is
doing the right thing.
 Experience
 Primary reason why some business fall within a few
years of start- up is lack of business experience.
 It is the key component for growth
of an entrepreneur
 Knowledge
 Experience is not enough, one should be knowledgeable about
business such as the business basics, the product or service he want
to sell, the industry he is entering, his competition and the local,
regional, state and /or national markets.
 Information- seeking
 To assure accomplishment of his entrepreneurial goals, the
entrepreneur continuously seeks for relevant information regarding
the market, clients, suppliers and competitors and consults experts’
advice on business and other technical matters
 Perseverance
 Through perseverance the snail reached the ark. So it is with success
of an entrepreneur
 Drive
 One must believe in his goal and be determined to succeed.
 Successful businessperson does not view obstacles or
stumbling blocks as problems but rather as challenges
 To make the business success, he needs to totally committed
and willing to work long hours
 If one do not have the time or commitment to dedicate his
dream, then, he is better off working with someone else
of an entrepreneur
 Risk- taking
 Entrepreneurs are known to be risk- takers
 They prefer tasks which provides them some challenges
 Risk are calculated, in other words they are not so
foolhardly as to undertake activities where they know
nothing at all about the possibilities for success
 Innovative
 Entrepreneurs are creative
 They do things in new and different ways
of an entrepreneur
 Opportunity- seeking
 Readily identifies opportunities for going into or to improve
his business.
 Demand for efficiency and quality
 Setting high but realistic standards of excellence for himself,
he finds it difficult to compromise on those standards, so
they always strive to find ways to do things better, faster and
at a lower cost
of an entrepreneur
 Systematic planning and monitoring
 Sets what are to be accomplished and meticulously assesses
how today’s activity can contribute to the accomplishment
of his long term goal
 Introduces some system in achieving his goal by breaking
his goal into short term and long term goals
 Persuasion and networking
 Easily establishes a network of personal and business
contacts around him.

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THE

psychologist: refer to a person as

businessman: appears as a threat,

Professor Robert Nelson

a person who is able to look at the

Jeffrey Timmons and his co-

 Provides taxes to the economy.

 Enhance national identity and pride.

 Improves quality of life.

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