MANILA, Philippines -- All entrepreneurs need to possess qualities that would get them through the hard times in order to be successful.
In an interview on ANC's Shop Talk, University of Asia and the Pacific Prof. Sammy Dumdum said there are two categories of entrepreneurs, the start-ups and the scale-ups.
He explained each requires a different set of skills and therefore there's a need to familiarize oneself in the different qualities in order to be a successful business owner.
All entrepreneurs must believe in whatever they do. They should have the confidence in their products and services, profession and in yourself.
2. Spiritual capital
Have fatih, hope, humility and humor. These will enable business owners to bounce back despite the odds.
3. Have the ability to take risks
Learn to take a leap of faith.
4. Intellectual capacity
Always ask questions, search for answers and solutions. Make sure whatever information you get is relevant and apply it to a level of effectiveness and efficiency.
5. Know the market
Update knowledge in business and keep your skills attuned to the new requirements of the marketplace
6. Physical Capacity
Manage your general health to have energy and stamina.
7. Have social awareness
Have moral and ethical control, as well as empathy.
8. Know your competition
Be ahead of your competitor.
For more business tips, catch ANC’s “Shop Talk” every Thursday at 7 p.m., with replays at 10:30 p.m. and every Friday (3:30 a.m.), Saturday (9 p.m.) and Sunday (4 a.m.). ANC's Shop Talk can also be watched on iwantv.com.ph and on tfc.tv (for viewers outside the Philippines).