Common traits of successful entrepreneurs Entrepreneurial Ideas

The creation of an entrepreneurial ideas leads to the

1. Proactive – Ability to control a situation by causing identification of entrepreneurial opportunities, which
something to happen rather than waiting to respond in turn results in the opening of an entrepreneurial
to the situation after it occurs. If the entrepreneur venture.
does not have the proactive personality they will fail
to identify the opportunity and lose the chance to The entrepreneurial process of creating a new venture
make changes. is presented in the diagram below. (Aduana, 2017)

2. Agents of change - An entrepreneur that

transforms the resources into useful goods and
services, often creating the circumstances that lead to
industrial growth.

3. Risk taker - Someone who risks everything in the

hope of achievement or accepts greater potential for
loss in decisions and tolerates uncertainty. Essentials in Entrepreneur’s Opportunity Seeking

4. Have a sharp eye for opportunities/opportunity These are the basic foundation that the entrepreneur
seeker – a special ability to notice or recognize a must have in seeking opportunities:
particular thing or quality He has a keen/sharp eye for
detail. Your vision of success is strong, but the road to Opportunity Seeking – an endless curiosity to
success is paved with unforeseen problems and discover new or different ideas and see whether these
potential opportunities; sharp eyes can spot these ideas will work in the marketplace.
early.
Entrepreneurial Mind Frame – allows the
5. Sociable Personality - factors such as emotional entrepreneur to see things in a very positive and
stability, personal relations, sociability, consideration optimistic light in the midst of crisis or difficult
and tactfulness are important contributors to the situation.
entrepreneur’s success. An entrepreneur must
maintain good relations with customers to be able to Entrepreneurial Heart Flame – the surging passion or
establish good relationship with them. great desire to attain a vision or fulfill a mission.

Entrepreneurial Gut Game – the ability to sense

6. Networkers - A person who forms business
without using the five senses, it is also known as
contacts through informal social meetings. Developing
intuition.
and using contacts made in business for purposes
beyond the reason for the initial contact.
Opportunity Screening – because of the many
opportunities possible for the entrepreneur, it is
7. Decisive - A decisive person shows the ability to
important to come up with a short list of a very
make decisions quickly but effectively. An
promising opportunities.
entrepreneur needs to be decisive to be a good a
leader. Decisive means that having the power or
The 12 Rs of Opportunity Screening :
quality of deciding.
1. Relevance
2. Resonance
8. Balanced- The Balanced Entrepreneur establishes a
3. Reinforcement of Entrepreneurial interests
new paradigm for implementing balance in the lives of
4. Revenues
those who try to do it all: work, family, and the
5. Responsiveness
pursuit of wellness in the midst of life’s hiccups.
6. Reach
7. Range
9. Innovative - Introduces new goods and services ,
8. Revolutionary impact
inaugurates new method of production, discovers
9.Returns
new markets and reorganizes the enterprise and
10. Relative ease of implementation
discovers new markets
11. Resources required
12. Risks

Entrepreneurship – Module 2 J. Matias

Opportunity Seizing – the final stage as to where the For example, one factor in the physical environment
entrepreneur will locate the business and how he will that can easily change is the climate. The temperature
market the product or service. is very high during summer but very low during the
rainy season. An individual with entrepreneurial drive
Sources of Opportunities. can be extremely imaginative and inventive in
identifying opportunities. He/she can venture a
There are many ways to discover opportunities. business that responds to the needs of the people
Looking at the big picture some have noticed the during summer and rainy season.
emerging trends and patterns for business
opportunities. While others are trying to find out their 2. Technological discovery and advancement
target market. A person with entrepreneurial interest sees
possibility of business opportunities in any new
Some are the following sources of opportunities: discovery or because of the use of latest technology.

1. Changes in the environment For example, an individual with knowledge in repair

and installation of a machine engine discovers that
Entrepreneurial ideas arise when changes happen in additional engine parts that considerably reduce fuel
the external environment. A person with an consumption.
entrepreneurial drive views these changes positively.
External environment refers to the physical 3. Government’s thrust, programs, and policies
environment, societal environment, and industry The priorities, projects, programs, and policies of the
environment where the business operates. government are also good sources of ideas.

1.1 The physical environment includes For example, the use of firecrackers to celebrate New
a. Climate- the weather conditions. Year’s Eve is strictly prohibited. People without
b. Natural resources- such as minerals, entrepreneurial interest will view the ordinance as a
forests, water, and fertile land that occur in nature plain restriction. However, for an entrepreneur, it is a
and can be used for economic gain. business opportunity to come up with a new product
c. Wildlife- includes all mammals, birds, that will serve as a substitute for firecrackers.
reptiles, fish, etc., that live in the wild.
4. People’s interest
1.2 The Societal environment includes the various The interest, hobbies, and preferences of people are
forces like rich source of entrepreneurial ideas. Like the
a. Political forces- includes all the laws, rules, increasing number of Internet Café at present could
and regulations that govern business practices as well be lead to the strong attachment of young people to
as the permits, approvals, and licenses necessary to computers.
operate the business.
b. Economic forces- such as income level and 5. Past experiences
employment rate. The expertise and skills developed by a person who
c. Sociocultural forces- customs, lifestyles and has worked in a particular field may lead to the
values that characterize a society. opening of related business enterprise.
d. Technological environment- New For example an accountant who has learned the
inventions and technology innovations. appropriate accounting and management skills and
techniques in a prominent accounting firm can start
1.3 The industry environment of the business his/her business venture by opening his/her own
includes: accounting firm.
a. Competitors
b. Customers
c. Creditors
d. Employees
e. Government
f. Suppliers

Entrepreneurship – Module 2 J. Matias