Entrepreneurial Personal Attributes Quiz

Importance of Studying Entrepreneurship

• Entrepreneurship teaches us to create opportunities, ensure social justice, instill confidence, stimulate the economy, take risks, and persevere.
• Entrepreneurship is a key driver of the economy, recognized by the 1987 Philippine Constitution as an engine of economic growth.
• Article XII Section 1 highlights the role of private enterprises in supporting equitable distribution of income and wealth, sustaining production of goods and services, and expanding productivity, resulting in a higher quality of life.

Characteristics of Entrepreneurs

• Create jobs, value wealth over job security, and are willing to take risks.
• Have a higher tolerance for risk, pay taxes only on net income, and have the freedom to control the direction of their company.
• Adapt quickly to change, attain wealth, and make decisions on who to hire and work with.

Personal Attributes of Entrepreneurs

• Creativity: the spark that drives innovation and improvement.
• Dedication: motivates entrepreneurs to work hard and plan their ideas.
• Determination: an extremely strong desire to achieve success, including persistence and the ability to bounce back after rough times.
• Flexibility: the ability to move quickly in response to changing market needs.
• Leadership: the ability to create rules, set goals, and make decisions.
• Passion: what gets entrepreneurs started and keeps them there.
• Self-confidence: comes from thorough planning, reducing uncertainty and risk.
• "Smarts": common sense joined with knowledge or experience in a related business or endeavor.

Career Opportunities in Entrepreneurship

• Business consultant: provides advice on business issues, such as development and implementation of business plans.
• Management analyst: evaluates a business' systems, procedures, and operations, and reviews financial matters.
• Sales entrepreneur: needs to know how businesses run, represent a company, manage accounts, and follow up on leads.
• Research and development: requires understanding business concepts, procedures, and practices.
• Not-for-profit fundraiser: requires understanding the importance of business and networking relationships.
• Intrapreneur: an inside entrepreneur within a large firm, using entrepreneurial skills without incurring risks.

Two Sides of Entrepreneurship

• The rewards: making money, being your own boss, and gaining self-satisfaction.
• The risks: failure, long hours of hard work, and unwanted responsibilities.