CHARACTERISTICS OF A

SUCCESSFUL ENTREPRENEUR
BASED ON PEC'S
Integrity Persistence

Innovation Passion Risk

obstacle Opportunity
 WORDS TO STUDY
•INTEGRITY - UPRIGHTNESS OF CHARACTER ,
HONESTY
•INNOVATION – ACTS OF INTRODUCTION
SOMETHING NEW
•OBSTACLE – A HINDRANCE OF OBSTRUCTION
IN EITHER PHYSICAL OR MORAL SENSE.
•OPPORTUNITY - A FAVORABLE OR ADVANTAGEOUS
CIRCUMSTANCES
•PASSION – A POWERFUL EMOTION , SUCH AS LOVE
JOY
•PERSISTENCE - ACT OF PERSISTING IN ANY COURSE
OR ENTERPRISE ; PERSEVERANCE
•RISK – THE POSSIBILITY OF SUFFERING HARM OR
LOSS.
DO YOU HAVE A STRONG DESIRE TO
BECOME A SUCCESSFUL
ENTREPRENEUR ? WOULD YOU LIKE
TO KNOW IF YOU HAVE WHAT IT
TAKES TO BUILD A SUCCESSFUL
BUSINESS.
 CHARACTERISTICS AND QUALITIES OF A
SUCCESSFUL ENTREPRENEUR
•INTEGRITY – SOMEONE ONES SAID , “RIGHT IS RIGHT EVEN NO
ONE IS DOING IT , AND WRONG IS WRONG EVEN IF EVERYONE IS
DOING IT”. WE ALL HEAR STORIES ABOUT CORPORATE GREED
AND CORRUPTION . HOWEVER , THE TRUTH IS , SUCCESSFUL
ENTREPRENEURS ARE RATED “BEING HONEST IS EVERYONE” THE
NUMBER ONE FACTOR OF SUCCESS .
•SELF DISCIPLINE – TO BECOME A
SUCCESSFUL ENTREPRENEUR YOU HAVE
TO BE HIGHLY DISCIPLINED. YOU HAVE
TO DEVELOP THE ABILITY TO GET
THINGS DONE , EVEN WHEN YOU DON’T
LIKE FEEL IT .
•PEOPLE SKILLS – ANOTHER CRITICAL
FACTOR AMONG SUCCESSFUL
ENTREPRENEURS IS HAVING GOOD
PEOPLE SKILLS . YOU SHOULD MAKE AN
EFFORT TO GENUINELY LIKE , RESPECT ,
AND APPRECIATE OTHER .
 STRONG WORK ETHICS
• THERE`S NO SUBSTITUTE FOR HARD WORK WHEN
IT COMES TO BECOMING A SUCCESSFUL
ENTREPRENEUR . MOST PEOPLE WANT TO DO THE
FASTEST AND EASIEST SOLUTION WHEN IT COMES
TO WORK . TO BE SUCCESSFUL , DEDICATE
YOURSELF TO PERSISTENT, PRODUCTIVE AND OLD
FASHION HARD WORK.
 PASSION
•YOU NEED TO BE PASSIONATE ABOUT YOUR BUSINESS .
THIS DOESN`T NECESSARILY MEAN YOU HAVE TO BUILD A
BUSINESS AROUND SOMETHING YOU LOVE . YOU SHOULD
IDENTIFY PROFITABLE MARKET AND THEN BUILD YOUR
BUSINESS . LOVING YOUR BUSINESS WILL ALSO MAKE
YOU EASIER TO GET THROUGH THE START UP PHASE , AND
OTHER FUTURE OBSTACLES.
 STRONG LEADERSHIP QUALITIES
•BEING ABLE TO COMMUNICATE EFFECTIVELY ,
MOTIVATE OTHERS , SELL YOUR IDEAS , AND BE
DECISIVE , ARE JUST A FEW QUALITIES OF A
GOOD LEADER .IN ORDER TO BECOME A
SUCCESSFUL ENTREPRENEUR YOU MUST
DEDICATE YOURSELF OF IMPROVING YOUR
LEADERSHIP AND ABILITIES .
 COMPETITIVENESS
•COMPETITION IS EVERYWHERE . IN BUSINESS , IT IS THE
SURVIVAL OF THE FITTEST . IF YOU CAN OUT MARKET AND
OUTPERFORM YOUR COMPETITORS , YOUR CHANCE OF BEING
SUCCESSFUL ENTREPRENEUR WILL BE MUCH BETTER . PLAY
TO WIN BUT NEVER SACRIFICE YOUR INTEGRITY FOR THE
SAKE OF FEW BUCKS .
 WELL - ORGANIZED
ONE OF THE MAIN REASON WHY SMALL
BUSINESSES FAIL IS LACK OF ORGANIZATION .
EVERYONE CAN LEARN ORGANIZATION SKILLS
WITH ENOUGH HARD WORK PRACTICE
PERSISTENCE .
 SALES ABILITY
•THE ABILITY TO CONVINCE OTHERS TO MAKE A CONSCIOUS
DECISION IS THE KEY OF BECOMING AN ENTREPRENEUR “
PEOPLE DON’T BUY FOR LOGICAL REASONS “ . BEING ABLE TO
APPEAL TO OTHER PEOPLES EMOTION IS THE KEY TO SELLING
YOUR IDEAS , PRODUCTS OR SERVICES.
Behavioral scientists and psychologists who
have been studying entrepreneurs found that
successful entrepreneurs all over the world
have some characteristics in common. They
were able to identify ten Personal
Entepreneurial Characteristics (PEC's) under
the following clusters.
Achievement Cluster

Planning Cluster

Power Cluster
Avchievement Cluster

Successful entrepreneurs are people who accomplish

things. They have what psychologist call the “need to
achieve”. They want to perform tasks excellently not only
for prestige or money but for the sake of excellence itself.
When entrepreneurial individual work on something,they
like to know afterwards that it was a job well done and this
alone is enough to make them happy.
1.
Opportunity Seeking

an entrepreneur is said to be good

opportunity seeker if he sees and acts
on new business opportunities and
seizes unusual opportunities to
acquire financing , equipment , land
and work space or assistance
2.
Persistence– a persistent individual is
one who.
a. Takes different actions to overcome an
obstacle .
b. Makes personal sacrifice or spends
extraordinary efforts to complete a job.
c. Sticks his judgements in the face of
opposition in early lack of success ,
3.
Commitment to work Contract – the
true-blue entrepreneur is
committed to the work that he
has agreed to do .when he
accepts a job , he takes full
responsibility for its completion.
4.
Risk Taking
A successful entrepreneur
takes calculated , moderate,
or reasonable risks where he
perceives the chances for
winning to be good.
5.
Demand for quality and efficiency -
A True Entrepreneur is not satisfied
with mediocre work . He set a high
standards of performance. He
strives to do things better , faster
and cheaper.
 PLANNING CLUSTER
•GOING INTO BUSINESS IS THE RESULT OF
DELIBERATE GOAL- SETTING, TIRELESS
INFORMATION - SEEKING AND
SYSTEMATIC PLANNING AND MONITORING
BY THE ENTREPRENEUR.
 Planning Cluster

1.
Goal Setting –
An Entrepreneur always thinks
not only of what he wants to
accomplish day to day but also in
one to two or five years from now.
2. Information Seeking –As a
careful planner , the successful
entrepreneur always make it a
point to seek information that is
relevant and useful to his
present or future business.
3. Systematic Planning and
Monitoring - the successful
entrepreneur does not only set
short or long term goals.He also
systematically plans and monitors
his activity and performance.
 POWER CLUSTER
•THE PRESONAL MOTTO OF A SUCCESSFUL
ENTREPRENUER IS “I CAN”. HE THINKS THAT HE
CAN ACHIEVE THINGS; HE CAN CONVINCE PEOPLE
TO HIS WAY OF THINKING; HE CAN INFLUENCE THE
OUTCOME OF EVENTS. HE IS A NATURAL LEADER.
HE IS DECISIVE AND HE BELIEVES IN HIS POWER.
 Power Cluster

1. Persuasion and Networking – A

persuasive person who readily
establishes a network or personal
business contracts around him usually
makes a good entrepreneur.
2. Self confidence – the
entrepreneur exudes self
confidence . He strongly
believes in himself and his
own abilities.