Professional Documents
Culture Documents
FACTORS
of
Entrepreneurs
By Francis A. Balagtas
Key Success
Factors
Skill
Personal Managemen External
Expertise &
Qualities t Skills Factors
Aptitude
Know your…..
Strengths
•Positively applied
Weaknesses
•personal development
•attending courses
Skill
Personal Qualities Management Skills External
Expertise &
Factors
Aptitude
1. The Skills, Expertise, Aptitudes (SEA) of an
Entrepreneur
Skills
- refers to manual work and can be learned
e.g. an electrician, a hairdresser or cabinet-
Expertis
maker
e
- is based on knowledge you acquired by
studying and/or experience. Experts in the
field e.g. taxation, computer systems and
Aptitude
- Each person is born with aptitudes and
talents. Some are artistic, some have talent
for communicating and others have flair for
Technical thinking (A) Draws furniture
a. Perseverance
•accepting a lower
standard of living and
possibly earning little or
no income until his bus.
becomes successful.
c. Involvement in the business
“Effective entrepreneurs
take the initiative to solve
problems in a unique
manner.”
g. Positive attitude and approach
General
Manageme
nt
External Functions Production
Relations /
Functions Operationa
l
Functions
Marketing Purchasing
Functions Functions
Human
Resources
Functions
Important aspects of management skills:
a. Planning a business before it is established
c. Customer service
d. Knowledge of competitors
e. Market orientation
•attractive premises
•user-friendliness
d. Knowledge of competitors
External
Relations Marketing
• who? Functions Functions
• how many?
• size?of operations?
• your edge?
e. Market orientation
Marketing
•who is your target market? Functions
•opposite of product-oriented
f. The importance of quality products or services
• Quality = Costs
Marketing Purchasing
Functions Functions
• Quality ≠ Expensive
• Quality = Marketing
g. Accounting for your own purposes
• able to understand their own Admin Financial
accounting system Functions Functions
Fluctuating interest
rates & customer
spending power
Exploit technological
developments
Identify opportunities
for growth in market
Opportunities after
political adjustments
and events
Use of alternative raw
materials
Expand and establish
business in another
country
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