HOUSEHOLD_SERVICES-PECS, Entrepreneurial Competencies.pptx

Entrepreneurial Competencies,Household services 9

1. LO1 :Assess Personal Entrepreneurial Competencies

2. DEFINITION OF TERMS: Entrepreneur - a person who organizes, develops, operates, and engages in his/her own business. A person that develops business plan, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship - organizing, developing, operating, and engaging in one’s own business. It is the process of starting a business, a startup company or other organization.

3. PERSONAL ENTREPRENEURIAL COMPETENCIES Refers to the important characteristics that should be possessed by an individual in order to perform entrepreneurial functions effectively.

4. COMPETENCIES REQUIRED OF AN EFFECTIVE ENTREPRENEUR Personal entrepreneurial characteristics has three cluster: Planning cluster Achievement cluster Power cluster  

5. PLANNING CLUSTER 1. Goal Setting - should always have clear and specific objective that is guided with the word SMART (Specific, Measurable, Attainable, Realistic and Time-bound) 2. Information seeking - entrepreneurs do not stop seeking information for their businesses for improvement of the company. They keep on seeking for information on clients, supplies and competitors.

6. PLANNING CLUSTER 3. Systematic planning and monitoring - developing and using logical, step by step plans, evaluate, monitor progress & switch to alternative strategies. Ways to exercise systematic planning Learn from mistakes Constantly review performance Concentrate on present situations Go back and review goals If still unproductive, accept changes, but find other means to achieve goals Tries to change environment if it is the cause of the low standard performance.

7. ACHIEVEMENT CLUSTER 1. Opportunity seeking - sees and acts on business opportunity 2. Persistence - a persistent individual takes repeated or different actions to overcome obstacles to his/her goals. He/she sticks to her judgment in the face of opposition or early lack of success. He/she makes personal sacrifices.

8. ACHIEVEMENT CLUSTER 3. Commitment to the work contract - He/she accepts full responsibility. Pitch in for others to finish the job and expresses concern towards the customer. 4. Demand for quality and efficiency - do things that existing standards of excellence. Strives to do things better, faster and cheaper. 5. Risk taking - take moderate risks. State a preference for situations that involve moderate risks.

9. POWER CLUSTER 1. Self confidence - possess a strong believe in their abilities. Express confidence in their own ability they believe their business to be successful and profitable. 2. Persuasion and networking - should use deliberate strategies to influence others. Use their business and personal contact to accomplish objectives.