THINK IT: Assessing your Entrepreneurial Inclinations (Chapter 1)

THINK IT: Assessing Your Entrepreneurial Inclinations is chapter 1 to The Ultimate Guide to Starting Your Own Business.
Author Veronica C. Uy takes Gillie Sing, owner of Pan de Pidro, and John Tan of Chef's Pride as examples and analyzes what makes them entrepreneurs.  

Here are some traits shared by many success entrepreneurs:
 (Portraits of an Entrepreneur)
 1. Entrepreneurs have passion.

John Tan said that those making it in business do so because they like what they do.  He adds that this should really be the first and foremost trait that a businessman should have.  If you don't have an interest in what you're doing, you cannot make it big.
2. Entrepreneurs are willing to Learn and Experiment. 

Gillie Sing took a break making course from the Techonology Livelihood Resource Center and practiced at home for months before establishing her bakery.

Myrna Co of the UP Institute for Small Scale Industries says entrepreneurs talk to anyone who can help, be it experts, competitors, suppliers, or prospective customers.  "They are not shy about their ignorance," she says. 
3. Entrepreneurs are willing to work hard. 

John Tan says "There's no substitute for hard work ... Nobody but you, who conceived of the business, can give your 100 percent to it."
Gillie stayed up until 4am in the morning preparing the orders during the holidays.  She even asked her husband to deliver them personally. 
4. Entrepreneurs are persistent and patient.

Many successful entrepreneurs have tried and failed before but they never give.  Instead they learn from their mistakes.  They may adopt a new business but apply a different strategy, or adopt a new strategy and apply it on the same business.  They try and try until they find the right mix. 
5. Entrepreneurs have a vision.

Having a vision provides direction for your business.  It can be equated to setting goals.  It's easier to have a business plan before you start your business. 
6. Entrepreneurs are creative and innovative.

Although who have a plan, it's important to be flexible and adjust depending on the market.

Gillie relates an incident where she tried to raise the price of her pan de sal (the staple breakfast bread in the Philippines, most sellable) but found out that raising the price of this particular bread brought with it a consumer perception classifying the breads she sells as expensive.  To get around this, instead of raising the prices of pan de sal she raised the prices of her other breads, which doesn't seem to bother her customers a bit.
7. Entrepreneurs seek opportunity

Entrepreneurs grab opportunities that come their way because they know that it might not come again, or if it did, not for a long time.

Portraits of an Entrepreneur will be continued on the next post (tomorrow) ...


In the meantime I leave you with this quote from Myrna Co.

"Many entrepreneurial traits are inborn, but it doesn't mean they're active.  Some are sleeping or latent.  To some degree, we all have what it takes to be an entrepreneur, but training and education can play a part in developing these traits that are somehow inactive."


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6 comments:

  1. Bryan Says:

    This article is very helpful especially to young entrepreneurs. Thanks for sharing.

    Bryan - www.bryanregencia.com

  2. pinoy entrepreneur Says:

    Hi Bryan.

    You're welcome.

  3. Vince Says:

    Hello! I am finding many helpful tips in this blog from a prospective entrepreneur.

    I have a quick queston -- is the "Ultimate Guide to Starting Your Own Business" available at the popular bookstores? I'd like to browse it and maybe get myself a copy.

    Thanks!

  4. Pinoy Entrepreneur Says:

    Hi Vince!

    Yup. It's available in the bookstores. Thanks for visiting my site.

  5. admin Says:

    great source of information especially for OFW's like us..thanks for posting.

    Regards,
    Robert Magnaye

    http://robertomagnaye.com

  6. Pinoy Entrepreneur Says:

    Glad you liked the article Robert. Thanks for dropping by.

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