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CHARACTER TRAITS COMMON TO SUCCESSFUL ENTREPRENEUR

RISK TAKER

Successful entrepreneurs are business risk takers. There is risk in entrepreneurship because of uncertainty. No one can predict exactly what will happen tomorrow. Risk is inseparable from entrepreneurship

Vera Wang is known for her beautiful masterpieces of bridal gowns and couture gowns. After college Vera Wang joined Vogue as their youngest editor. After working for 17 years in Vouge she leaves the said magazine to join Ralph Lauren as a design director for accessories. At the age of 40 Vera Wang leaves her high commissioned work to start her own business in fashion industry. She leaves her work to start her own business without even knowing if she will succeed in her chosen path. Being a risk taker it leads Vera Wang to succeed in her chosen path in the fashion industry. At this present time, we can clearly see that she succeeded in the fashion industry. Vera Wang is not just known locally but also internationally. Her works are being worn and bought by the elite society and also by famous celebrities.

Sources:

https://en.wikipedia.org/wiki/Vera_Wang

https://www.biography.com/fashion-designer/vera-wang

https://www.cnbc.com/2021/05/18/vera-wang-on-starting-her-company-at-40-.html

- Nicole Ann V. Wenceslao  12 TS 1A

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CHARACTER TRAITS COMMON TO SUCCESSFUL ENTREPRENEUR

PERSISTENT

Trials, sacrifices, and failures challenge the entrepreneur to be persistent. He/ She learns to take repeated or different actions in order to overcome the obstacles.

Sbarro’s Founder Gennaro and Carmela Sbarro filed for Chapter 11 bankruptcy protection on April 4,2011. In November 2011, Sbarro was granted court approval to emerge from bankruptcy under a plan requiring restructuring and ceding ownership to lenders. Fast forward to January 2012, James J. Greco was brought in as the CEO of Sbarro to implement a new plan as the company emerged from bankruptcy.  Sbarro rebranded, updating its pizza recipe, food offerings, and branding, and bringing fresh ingredients back to the forefront of the menu. This shows that Mr. and Mrs. Sbarro is persistent about their business, because of the reason that they are on bankruptcy they are willing to surrender the ownership of the business in order for it to boost again. And now with it’s new CEO the Sbarro food chains are now back again with it’s operations and aiming to be on top again.

- Mr. James J. Greco

Sources:   https://en.wikipedia.org/wiki/Sbarro

- Nicole Ann V. Wenceslao  12 TS 1A

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CHARACTER TRAITS COMMON TO SUCCESSFUL ENTREPRENEUR

COMMITTED

A highly committed entrepreneur displays full commitments to the work or endeavor that he/she is undertaking. 

During 1975, Tony Tan Caktiong and his family opened a Magnolia ice cream parlor in Cubao, Quezon City. Tony Tan shows his commitment in his business when he considers satisfying his costumers, by offering hot meals and sandwiches upon request from costumers. When the food items became more popular than the ice cream, the family decide to convert the ice cream parlor into a fast food’s restaurant. In 1981, Jollibee was able to withstand when Mc Donald’s arrived in the Philippines by focusing on the specific tastes of the Filipino market, which differed from the American fast food’s company. In one of his interview, Tony stated that "We keep things simple and fill a simple need: very tasty food at a reasonable price. To this day I repeat to my people what my father told me--you have to make sure your food tastes really good." With this kind of Character trait the CEO have its no surprise that Jollibee is the largest fast-food chain brand in the Philippines, operating a network of more than 1,400 stores. A dominant market leader in the Philippines.

Sources: 

https://en.wikipedia.org/wiki/Jollibee

https://www.wipo.int/ipadvantage/en/articles/article_0030.html

https://www.forbes.com/sites/forbesasia/2013/01/30/billionaire-tony-tan-caktiong-takes-jollibee-foods-global/?sh=2317143b6311

- Nicole Ann V. Wenceslao 12 TS 1A

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CHARACTER TRAITS COMMON TO SUCCESSFUL ENTREPRENEUR

OPPORTUNITY SEEKER

A person who dreams of becoming a successful entrepreneur  must be a seeker of business opportunities. Entrepreneurs must possess the ability to identify with great ease the most appropriate entrepreneurial opportunities. 

Henry Sy came from an impoverished family in Jinjiang, a town near Xiamen, China. The entire family left China in 1936 to help the family patriarch manage a thriving convenience store in Manila. Unfortunately for the family, their store was burned down during World War II. However, business-minded Henry saw an opportunity selling used military combat boots and other postwar goods from supportive American soldiers. His success led to the opening of his first shoe store, the SM in Avenida, Manila. And now SM does not only operates locally here in the Philippines but also it operates in China with a number of seven malls.  SM Supermalls is owned by SM Prime Holdings, Inc. SM Prime is a publicly-listed company and is one of the largest integrated property developers in Southeast Asia.

https://youtu.be/XZPuAXNz1vE

Sources: https://tycoon.ph/top-10-successful-entrepreneurs-philippines-story/

- Nicole Ann V. Wenceslao  12 TS 1A

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CHARACTER TRAITS COMMON TO SUCCESSFUL ENTREPRENEUR

SELF CONFIDENT

Successful entrepreneurs are known to have a high level of self-confidence. They project a favorable image of themselves which is founded on respect and good deeds in the business community. Entrepreneurial self confidence is actually a manifestation of the entrepreneur’s strong trust or belief in himself/herself.

Bill Gates  is an American business magnate, software developer, investor, author and philanthropist. He is a co-founder of Microsoft, along with his late childhood friend Paul Allen. It became the world's largest personal computer software company. In high school he helped form a group of programmers who computerized their school’s payroll system and founded Traf-O-Data, a company that sold traffic-counting systems to local governments. In 1975 Gates, then a sophomore at Harvard University, joined his hometown friend Paul G. Allen to develop software for the first microcomputers. They began by adapting BASIC, a popular programming language used on large computers, for use on microcomputers. With the success of this project, Gates left Harvard during his junior year and, with Allen, they formed Microsoft.  Being self confident with his work it led him to his success. After years since the Microsoft was formed it now become  Corporation. Microsoft Corporation is  multinational technology corporation which produces computer software, consumer electronics, personal computers, and related services. Its best known software products are the Microsoft Windows. And till now Bill Gates is one of the most successful and richest entrepreneur in the world.

https://youtu.be/A04oCqcvqxA

Sources:

https://www.britannica.com/biography/Bill-Gates

https://en.wikipedia.org/wiki/Bill_Gates

- Nicole Ann V. Wenceslao 12 TS 1A

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Theories of Entrepreneurship

Leibenstein’s Gap-filling Theory

Harvey Leibenstein, American economist, developed X-efficiency theory in 1960′s. He views entrepreneurs as gap-fillers and input complementors. Entrepreneurs can also improve inputs by putting to use new resources, thus making existing production more efficient and also Leibenstein consider two sides what he call routine entrepreneurship well defined market and N-entrepreneurship and he also taking a ultimate responsibility a gap filler, input-completer and the ability to evaluate the economic. 

Entrepreneurship is a function that fills an emptiness. Entrepreneurship emerges from the gap between human demands and existing products and services. When technological efficiency is not attained owing to a lack of competitive pressure, an entrepreneur recognizes the gap and takes the required steps to close it. Harvey Leibenstein was the first to introduce the idea of x-inefficiency. However, we came across a video titled “Leibenstein’s theory of Population” wherein it says that a gap-fill is a practice exercise in which learners must replace words missing from a text and then the economics theory assumes that management of firms act to minimize economic profits, which is accomplished by adjusting the inputs used or the consequent inefficiency of the organization than employ them, creating opportunities for entrepreneurs. Entrepreneurial activities pose a competitive threat to inefficient organization. 

Entrepreneurs, in our opinion, must appreciate the economy in the sense that the development and application of tools and technology expand the economy and its features, allowing the economy to continue to grow. And he acknowledged that entrepreneurship is unpredictable, uncontrollable, and unpredictable; it becomes rare as “up-and-coming” entrepreneurs lack the necessary contribution. And Leibenstein is basically advising on how to be an input-completer and gap-filler, which he claims is necessary for success as an entrepreneur.

- Melben Senarillos & Jomar Pepito

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Theories of Entrepreneurship

Weber’s Sociological Theory

Maximilian Karl Emil Weber was a German sociologist, historian, jurist, and political economist, who is regarded as among the most important theorists of the development of modern Western society. He was the main proponent of the Social Action theory wherein he explained that in doing a certain action you first have to understand or identify what it means for the individual committing the action. This is in line with The Theory of Social Change. Wherein Weber states that the entrepreneurial qualities of a certain individual or group are influenced by the social constructs, like religion and ethics that the individual or group is subjected to. He further divulged that Capitalism plays an integral role in developing the entrepreneurial qualities of an individual, which means that highly capitalistic societies produce individuals possessing entrepreneurial qualities.

To support Weber’s theory, I watched a video titled Sociological Theories of Entrepreneurship, she discussed Weber’s Theory of Religious Belief. He stated that entrepreneurship is a function of religious belief and the impact of religion affects the Entrepreneurial culture. Spirit of Capitalism – Capitalism is an economic system wherein the means of production are owned by private individuals. Capitalism, therefore, is the guiding factor that guides the entrepreneur to get in engaged in activities that can bring about more and more profit. The spirit of Capitalism is influenced by strict discipline which is quite incompatible with giving free rein to impulses. The spirit of Capitalism can be grown only when the mental attitude in the society is favorable to Capitalism that is, the acquisition of wealth.

According to Weber, the spirit of capitalism combined with profit motivation led in an increase in the number of businesses. As a result, the industrial sector will be completely reorganized. Religious views, according to Max Weber, are a fundamental determinant of entrepreneurial development. Entrepreneurial energy, he claimed, is fueled by beliefs about causes and consequences. He emphasizes how faiths inspire investment in economic development and growth.

- Ramrodd Aaron Ngalot

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Theories of Entrepreneurship

Innovation Theory

Joseph Schumpeter is an Austrian Economist and Political Scientist, and he wrote the book of "The Theory of Economic Development. Schumpeter argued that the chances for the economic development to take the place that would be slim unless revolutionary changes in the circular flow of economy would happen. An economy without any revolution change it is a dim to be the static and cannot expect any kind of economic development. He strongly believed that innovation is the force that will propel the revolutionary change. The innovation theory of profit posits that the entrepreneur gains profit if his innovation is successful either in reducing the overall cost of production or increasing the demand for his product. 

Base of the video we've watched that talked about the creative destruction of the Innovation theory of Joseph Schumpeter. Creative Destruction has a organism that must continue to innovate in order to drive profits, it is the organization that exist in the competitive situations that more constant to look for angles and different ways of producing their product in order to be more acceptable to the customers so that they will never cut their cost and to generate more sales, and to make the products more interesting to the customers. The real successful innovators are those people that will be the one who leads the market, but the companies that are less successful into innovation may be go out to business. The Innovation is driving the force which is the result is economic change that will lead into a creative destruction. They will be looking for the further cost- cutting measures within the business or innovating the product. The most extremely important in the economy is Innovation.

In our understanding is that the entrepreneur needs to be specialized and dominate a new industry. They need to showcase their skill and demonstrate their superiority. The first is to know their goals, and also the entrepreneurship is not that so easy. You need to know the needs of our environment, especially with the customers as the innovation gets widely adapted the output begins to flow in the market. This marks the beginning of prosperity and expansion. You need to trust the process, and to enjoy working activities and hobbies which may ultimately provide an economic benefit.

- Hannah Kaye Vasayllaje & Princess Ramirez

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Theories of Entrepreneurship

Alfred Marshall Theory

The entrepreneurship theory of an English economist, Alfred Marshall, was introduced in his book, Principles of Economics (1890). Marshall strongly asserted that there are four factors in the production (land, labor, capital, and organization) of goods and services in the economy; he considered organization as the coordinating element. According to him, without the active participation of the organization the other factors of production will remain inactive in their role for economic development.

The Four Factors of Production

The first factor is land, but it also includes any natural resources needed to produce goods and services, such as water (water, coil, natural gas, coal, and forest). These resources might be either renewable or non-renewable. Second, any human interaction is required. The workforce's skills, education, and motivation determine labor quality. In general, the more productive the workforce, the higher the labor quality. The third is capital, which is short for money. Companies and, more broadly, economies become increasingly ready to spend on capital goods in order to raise output levels as they grow. The last Organization is someone who takes the economic risk of connecting the other three components of a production. These four factors relate to a company and are closely linked to the generation of economic growth. Increased economic growth raises people's living standards through lowering manufacturing costs and increasing incomes.

Marshall regarded the entrepreneurs as the prime movers in the organization. Entrepreneurs are expected to create new commodities or improve the existing ones. He believed that the entrepreneurs could perform and meet expectations only if they have an in-depth understanding of the industry they are operating in. Without active participation of the entrepreneurs in the economy, development will surely be slow and limited. Marshall further suggested that an entrepreneur must be able to envision possible changes in the future supply and demand pattern.  The Entrepreneur must also possess the necessary skills to be an entrepreneur. Marshall also observed that though the skills and abilities required of an entrepreneur are so numerous, only a few exhibited a high degree of proficiency.

- Nicole Ann V. Wenceslao & Alveia Valiente

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Theories of Entrepreneurship

Kirzner’s Alertness Theory 

Israel Meir Kirzner is a British-American economist and emeritus professor at New York University. Kirzner’s learning alertness theory states that through the individual’s alertness, they can exploit situations where they can sell items at much higher prices when they can buy at much lower prices. He believed that there are two markets in the economy which are named single-market and multi-period market. In the multi-period market, Kirzner incorporated the elements of imagination and creativity into his concept. Entrepreneurs must introduce their own creative actions, in fact, build a future as they want it to be, Kirzner mentioned. 

As I researched, I came across a video (ELECT 401 Module 1 Lesson 3 - Entrepreneurial Opportunity Seeking and Identification) wherein it explained the opportunity-seeking in entrepreneurship which can support Kirzner’s theory of alertness.

First, you should search for the changes in the environment. Next, recognize the needs, wants, and solutions to that change. Lastly, discover the opportunity. In entrepreneurship, it is not just about the money to start. It is how you come up with an idea that can correspond to the needs, the wants, and the solution to the environment. Entrepreneurial alertness means you do have right to know your goals as well as the outcome of what is actually taking place.

For me, entrepreneurship is not an easy journey. It requires a lot of knowledge, risk, ideas, time, and effort. You cannot just think now then start it tomorrow, it should be planned well to increase the possibility of being successful. Some entrepreneurship ideas might not be the perfect outcome and some failures, but with entrepreneurial heart flame, gut game, and mind frame there are more chances to motivate to continue entrepreneurship.

- Czharlotte Dennisce Yaun