Do You Want To Get Rich Like The

ENTREPRENEURSHIP
JAMEL D. GAAN
Do you want to get rich like
the successful entrepreneurs
in your community?
WHAT STARTED BUSINESSES?
A popular adage that says,
“Necessity is the mother of all
inventions” simply means that
we develop technologies to
produce something that will
answer mankind’s diverse needs.
WHAT MAKES UP A
SUCCESSFUL
ENTREPRENEUR?
Knowledge alone does not
guarantee success in a
business. Skills developed can
greatly help in the production
process, but it is not an
assurance to the sustainability
of the business as well.
It takes right attitude combined
with adequate knowledge,
competitive skills, and upheld
passion to make significant
revenues, profit, and
sustainability of the chosen
business.
CHARACTERISTICS
OF SUCCESSFUL
ENTREPRENEURS
OPTIMISTIC
OPTIMISTIC
Be someone who always feel
positive in every effort in
order to achieve something.
SELF CONFIDENCE
SELF CONFIDENCE
Once the plan to do
entrepreneurial activities is ready
to be started, assure yourself to
overcome risks and many other
forms of business constraints.
SELF-CONTROL
SELF-CONTROL
In any situation that needs to be
handled, never react
immediately. Instead respond to
the situation in the most legal
and beneficial ways.
COURAGEOUS
COURAGEOUS
Be a risk-taker with alternative
courses of action on hand. Business
risks are always there however,
one’s readiness to face, reduce or
eliminate them depends on how
brave you can be.
COMMITTED
COMMITTED
Sustain every effort you have
started. Profit may dwindle in the
most unacceptable way but never
hesitate to invoke your right to
persist and regain lost glory.
CREATIVE
CREATIVE
Do not stay inside the box which means go
out and flaunt your potential to be
effectively different. Use your imagination
to create marketable ideas and push it. If
you think of potentially good ones, be the
first to act upon it. Chances are others’
have thought about it, too.
WELL-DEFINED VALUES
WELL-DEFINED VALUES
Be precise in your principles or
standards. Goals coated with well-
defined values provide guidance in
what your business must achieve
with reduced inconveniences.
HIGH ENERGY LEVEL
HIGH ENERGY LEVEL
Your passion in the endeavor
is an energy enhancer. Success
in business comes from your
being passionately energetic.
LEADERSHIP ABILITY
LEADERSHIP ABILITY
Guide, direct and influence people
according to what benefits the
business. The many ways in which
you lead people can spell success or
failure of your business.
RESPONSIBLE
RESPONSIBLE
As a business leader, you are
accountable to everyone and
everything for the business including
your strategies. Value everything
and everyone as you value yourself.
DECISION MAKING SKILLS
DECISION MAKING SKILLS
Your ability to choose good decision
may be innate or experience based.
Learn the art and the systematic
and methodical process of decision-
making. Good decisions must be
sensible and culture-sensitive
DESIRE FOR IMMEDIATE
FEEDBACK
DESIRE FOR IMMEDIATE
FEEDBACK
Pay close attention to what the market
generally is saying to your products or
services. The ultimate consumer of the
product and services must be heard.
These feedbacks become the bases of
further product or services development.
STRONG DESIRE TO
ACHIEVE
STRONG DESIRE TO ACHIEVE
Develop a competitive attitude. Right
pricing and quality-based product
development or service delivery will
draw more business revenues. Work with
the goals in mind and take the best way
to achieve them.
ABILITY TO LEARN
FROM PAST FAILURES
ABILITY TO LEARN FROM PAST
FAILURES
Bad experiences in business should never
be taken as traumatic. Options that
supposedly had prevented those to
happen must be noted and archived.
Benchmark on past experiences to know
which decision to take.
LIFESTYLE OF
SUCCESSFUL
ENTREPRENEURS
We often observe that entrepreneurs live a
life different from that of an ordinary
citizen. They adapt to new lifestyles
gradually and professionalize every task
embedded into it. They follow established
standards and even customize some to fit
to the tasks particular to a business type.
To sustain business entrepreneurs, develop
expertise in all tasks including constraints
and problem solution. Decision making is
excellent.
A SENSE OF FREEDOM AND
CONTROL
A SENSE OF FREEDOM AND
CONTROL
It is one of the highest lifestyle

considerations that entrepreneurs must
adopt. Although inspired by their freedom
to lead and control all elements of the
business, they must exercise care in
choosing the right course of actions and
decisions to take.
FLEXIBILITY OF TIME
FLEXIBILITY OF TIME
Choosing their own time for work is a

privilege of entrepreneurs. This feature will
allow them to choose their most productive
time.
ENERGY AND STAMINA
ENERGY AND STAMINA
Entrepreneurs are the greatest asset of

their businesses. A check and balance
between the actual accomplishment of
tasks and physical and mental work
capacity must be established. Rest and
relaxation can help maintain health. Proper
stress management is also of primal
importance.
FAMILY SUPPORT
FAMILY SUPPORT
A family does not only serve as inspiration

but also as a group of people to oversee
the welfare of entrepreneurs. Suggestions
and recommendations of a family member
must be carefully considered.
PROFESSIONAL SUPPORT
PROFESSIONAL SUPPORT
Remember that seeking advice from

specialist is helpful in decision making
process. There are people more
knowledgeable than us in a particular area
of expertise.
Activity #1: Identify 1 retailer, 1 service
provider, and 1 producer in your
locality. Use the template below for
the interview and in tracking the
answers of the selected entrepreneur
respondents. Study the responses and
write down common traits among the
three entrepreneurs. Attach the
written output at the back of the
accomplished templates for
submission.
THE PERSONAL ENTREPRENEURIAL
COMPETENCIES (PECs) OF
SUCCESSFUL ENTREPRENEURS
There are two major reasons why
many people fail in their attempt to
do entrepreneurial activities.
First, people who are starting
entrepreneurial activities may only
have insufficient experiences to
address the problems posed by the
numerous external business
constraints. Second, they lack
sufficient skills to lead the people
and make the products and services
competitive in the market.
Low profit of the business will create
problem and many more problems in
the future. Thus, anyone who wants to
succeed in a business arena must be
equipped with the different personal
entrepreneurial competencies or PECs,
a set of skills that entrepreneurs must
possess to take control of the
challenges in business. PECs are the
key abilities of entrepreneurs’ success
in business.
ACHIEVEMENT CLUSTER
These are the skills that will propel an

entrepreneur to resounding success. It will
separate an individual the rest of his/her
competitors therebycreating a clear path
towards the sustainability of his/her
business.
OPPORTUNITY SEEKING AND
INITIATIVE
-Pay attention to the needs and demands

of people.
-Never procrastinate. Act immediately on
marketable ideas.
-Common business are well competed in
the market while unique ones offer lower
competition resulting to higher revenues
and profit.
RISK TAKING DEMAND FOR
-Calculate risks by identifying the

most beneficial alternative courses
of action to minimize effect of risks
in the net profit
-Be proactive. Anticipate a loss and
counter it with feasible
alternatives.
EFFICIENCY AND QUALITY
-Perform business tasks better,

faster, cheaper, but do not put
safety and quality aside.
-Accomplish tasks by meeting or
exceeding standards of excellence.
PERSISTENCE
-Face a significant obstacle with a

good plan of action.
-Identifies a good alternative for
every decision to meet a challenge
or overcome an obstacle.
-Act as the prime mover of
resources in the achievement of
goals and objectives.
COMMITMENT TO THE WORK
CONTRACT
-Offer personal sacrifices or give

extraordinary efforts in completing
tasks.
-Accomplish targets on time, as
agreed, to keep customers satisfied.
PLANNING CLUSTER
These skills ensure the

entrepreneur’s attainment of goals
and objectives. Equipped with well-
defined goals and objectives and all
the needed information on the
business will certainly make one
above the rest.
-Gather data and information or
feedback from clients, suppliers,
and competitors and use those for
the improvement of products or
services.
-Study the market personally for
innovation of new product
development.
-Talk with experts for technical
advice.
GOAL SETTING
- Sets goals and objectives which

are specific and must guarantee
customer satisfaction.
-Set calculated goals and
objectives.
SYSTEMATIC PLANNING AND
MONITORING
- Make a well-organized plan with
clearly defined methods.
Be logically flexible for the emergent
constraints, challenges, and needs.
- Periodic gap-proof monitoring and
response activities must be scheduled
to determine emergent constraints,
challenges, and needs.
POWER CLUSTER
These skills represent the personal

touch of creativity and decisiveness of
the entrepreneur. It is the ability to
expand, convince and sustain
customers to hasten business
development.
PERSUASION AND NETWORKING
- Always be ready to give facts and

benefits to convince customers to
patronize products and services
offered.
-To accomplish the business
objectives, key people can be used as
agents or channels to hasten product
and services delivery to customers.
CONFIDENCE
- Do not need external approval

before acting constraints and
challenges. Being consultative does
not purely mean dependence on
others’ advice. An entrepreneur must
be brave enough use one’s ability to
choose which alternative course of
action is the most appropriate.
-Develop self-trust in the attainment
of goals and objectives.

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ENTREPRENEURSHIP

It is one of the highest lifestyle

Choosing their own time for work is a

Entrepreneurs are the greatest asset of

A family does not only serve as inspiration

Remember that seeking advice from

These are the skills that will propel an

-Pay attention to the needs and demands

-Calculate risks by identifying the

-Perform business tasks better,

-Face a significant obstacle with a

-Offer personal sacrifices or give

These skills ensure the

- Sets goals and objectives which

These skills represent the personal

- Always be ready to give facts and

- Do not need external approval

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