Q1: Lesson 1 | Personal Entrepreneurial Competencies Flashcards
It refers to the totality of the personality, knowledge, and other skills that a person must possess to effectively perform his/her function and responsibilities as an entrepreneur.
Personal Entrepreneurial Competencies
Refers to the entirety of a man’s inherent and acquired character traits, temperament, disposition, and attitude toward self and others, and toward social, economic, political, and environment-related issues.
Personality
Are distinguishing traits or qualities that make an entrepreneur a successful and extraordinary person.
Entrepreneurial Characteristics
These characteristics have been widely researched since the 1960s and have continued in the 1970s and 1980s. There were about 250 different personal characteristics identified during that time.
Entrepreneurial Characteristics
With continued research, observations, and tests, this number has been reduced to ten basic PECs and is classified into three major clusters which are _______, ________, and _________.
Achievement, planning, and power cluster
It is the ability of the entrepreneur to seize a business opportunity even in situations where other people see nothing but problems
Achievement Cluster: Opportunity Seeking
It is the ability to accept responsibility to complete a job for a customer, thus creating a strong impact on customer loyalty.
Achievement Cluster: Commitment
It is the determination to finish a job at any cost, even in terms of personal sacrifice. This is part of achieving his/her set goals.
Achievement Cluster: Persistence
The entrepreneur is ready to “expect the unexpected” because he/she is aware of the risks that go with the business. However, he/she is also prepared to assess and manage risks and expect earnings based on the risks taken. In business, the higher the risks, the higher the profit or loss.
Achievement Cluster: Risk-taking
Entrepreneurs have a clear vision of the future, and from this vision, they set clear, realistic, and attainable goals and objectives.
Planning Cluster: Goal Setting
Is about using information to make informed decisions and improve their knowledge of the business.
Planning Cluster: Information Seeking
The entrepreneur makes a careful and orderly plan if his/her business activities and continuously monitors the actual performance of the business against the desired standards and goals and then makes the needed decisions to achieve these.
Planning Cluster: Systematic Planning and Monitoring
Entrepreneurs have the ability to establish linkages with significant people and convince and influence others, especially customers. Customer relationship is very important because it is a sure way to build customer loyalty that can translate into good business, good profit, and good sustainability of the business.
Power Cluster: Persuasion and Networking
This means having a strong belief in oneself to complete a task or meet the challenges of the business. It involves knowing one’s strength and weaknesses. It is also about having the ability to turn weaknesses into strengths and opportunities to become better and to do better.
Power Cluster: Self-confidence
Is the ability to use one’s knowledge in doing something effectively. Is it being able to execute well what one knows.
Skills
Are the basic set of skills required to be an entrepreneur. These skills are needed to run a business successfully. They are related to the personal and interpersonal competencies of the entrepreneur and are manifested in their behavior.
Personal Entrepreneurial Skills