Personal Entrepreneurial Competencies(PECs).pptx

PECs

1. PERSONAL ENTREPRENEURIAL COMPTENCIES (PECs)

2. ENTREPRENEUR an individual who organizes and operates a business/businesses They take great deal of financial risks to make their business succeed commonly seen as an innovator, a source of new ideas, goods, services and business/procedures

3. ENTREPRENEURSHIP is an act of creating a business or businesses while building and scaling it to generate a profit both an art and science of converting business ideas into marketable products or services to improve the quality of living

4. COMPETENCY breaking down into specific skills or tasks, each skill or task can be described in terms of specific behaviors and different levels of proficiency. the risk and success of a business and the standard needed to carry on a business successfully depends on the competency of an entrepreneur

5. Personal Entrepreneurial Competencies (PECs) attitude and behavior of entrepreneurs set of qualities created and developed by a behavioral scientist

6. McClelland and McBer able to identify 10 behavioral patterns grouped into three general clusters: the achievement, planning and power clusters

7. The entrepreneurial qualities, more known as PECs Opportunity Seeking Persistence Commitment to Work Contract Risk-taking Demand for Efficiency and Quality 6. Goal Setting 7. Information Seeking 8. Systematic Planning and Monitoring 9. Persuasion and Networking 10. Self-Confidence

8. ACHIEVEMENT CLUSTER a PEC cluster that entrepreneurs possessed these are people who accomplish things, they perform tasks excellently not for prestige or money but for the sake of excellence

9. OPPORTUNITY SEEKING being active in finding openings in the environment which can be used in different ways to start a business, to create a new market or to improve business operations what enables an entrepreneur to act and grab new business opportunities even in the most problematic and hopeless situations

10. PERSISTENCE is doing something continuously even though other people say that you will not succeed or that you are just wasting your time and effort doing something over and over again until you get what you think you deserve It means standing up straight and not giving up even during the hardest times when you are trying to do something new or something difficult

11. COMMITMENT TO WORK CONTRACT is the state of giving much time and attention to something because you believe it is right and important Commitment comes with a personal value, it is what a person truly believes and considered very important In terms of being committed to work, once a person accepts a job, he should agree to take full responsibility and have the job done efficiently to create a delighted customer Commitment is being able to meet the deadline

12. RISK-TAKING means taking the chances to do something which is out of your comfort zone also imply doing something that can result in anything unpleasant or dangerous

13. The three kinds of risk-taking behaviors: High risk-taking is doing something risky without even checking what are the possible results of such action and without calculating the probable losses that may be incurred after the action has been taken

14. The three kinds of risk-taking behaviors: Low risk-taking is almost as not taking risk or avoiding anything difficult or anything which may have unpleasant or dangerous results.

15. The three kinds of risk-taking behaviors: Moderate risk-taking is carefully calculating all the chances before doing something difficult or something which may have unpleasant or dangerous results, thus reduces possible negative results by making the most out of the positive possibilities.

16. DEMAND FOR EFFICIENCY and QUALITY A successful entrepreneur demands quality standards and cannot stand a bad performance from people he is working with. Quality is the standard that customers seek when buying a product or receiving a service Efficiency is the ability of an entrepreneur and its staffs to work well without error or without wasting time, money and energy.

17. PLANNING CLUSTER a PEC cluster where entrepreneurs do not plunge into a business on the basis of inspiration but rather as the result of deliberate goalsetting tireless information-seeking, and systematic planning and monitoring

18. INFORMATION SEEKING the behavior of gathering information from relevant sources An entrepreneur must also be open to the idea of expert consultation for business and technical assistance Entrepreneurs often deal with a variety of changes, take notes on any management weaknesses and try to find immediate feedback on their performance

19. GOAL ORIENTED knows how to set specific, measurable, attainable, realistic and time-bound (SMART) goals plans every action and carefully makes decisions based on where he wants to go competitive in a positive way and loves the idea of winning through hard work and perseverance

20. SYSTEMATIC PLANNING AND MONITORING Entrepreneurs who develop and use logical, step-by-step plans to reach their goals He plans by breaking large tasks down into small one and puts time limits against them They monitor progress towards goals and to alter strategies when necessary.

21. POWER CLUSTER a PEC cluster where entrepreneurs’ personal motto 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

22. PERSUASION AND NETWORKING Entrepreneurs know how to use the right strategies to influence or persuade other people Something that helps you connect with the people around you They’re respected, well-liked and able to talk about their accomplishments, goals and ideas in a way that gets those around them excited and passionate as well

23. SELF-CONFIDENCE a person who have a strong faith in his ability inspite of the problems he will be encountered along the way He trusts his own skills and embraces his own imperfections His self-awareness and faith in his personal ability makes it easier for him to complete any task or activity

24. A - True or False Entrepreneurs can overlook the need for efficiency and quality in their products or services. Entrepreneurs should actively seek and identify potential opportunities in the market. Persistence primarily involves blindly sticking to one's initial business plan, even when it's failing. Opportunities for entrepreneurship are always easy to find and readily available. Efficiency and quality are less important in entrepreneurship compared to making a profit.

25. A - True or False 6. In entrepreneurship, setting clear and specific goals is unnecessary, and entrepreneurs can operate without them. 7. An entrepreneur should always make decisions based solely on their intuition and gut feeling, without seeking external information. 8. Once an entrepreneurial venture begins, there's no need for systematic planning and monitoring because it can hinder creativity. 9. Entrepreneurs can succeed without the ability to persuade others or build a network of connections. 10. Overconfidence is a positive trait in entrepreneurship, as it can help entrepreneurs succeed even in the absence of necessary skills and knowledge.

26. B - Identification This skill involves the ability to recognize opportunities and act upon them, often by creating new products or services or finding innovative ways to meet market demands. This skill is characterized by the belief in one's abilities, the courage to take risks to pursue entrepreneurial ventures. It is the ability to effectively communicate ideas, negotiate, and build relationships to advance one's business objectives. This skill involves carefully planning and managing resources, time, and activities to achieve specific objectives. It refers to the capacity to continue working towards a goal or in the face of challenges and setbacks.

27. 6. This skill represents a strong dedication to one's work or business and a willingness to invest time and effort into its success. 7. It is the willingness to take calculated risks in entrepreneurship, which may involve financial, personal, or professional risks. 8. This skill involves having high standards for the quality and efficiency of one's products or services to satisfy customers and stay competitive. 9. An individual who organizes and operates a business/businesses 10. Refers to the attitude and behavior of people in business/businesses

28. A – True or False FALSE TRUE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE

29. B - Identification Opportunity Seeking Self-Confidence Persuasion and Networking Systematic Planning and Monitoring Persistence Commitment to Work Contract Risk-Taking Demand for Efficiency and Quality Entrepreneur Personal Entrepreneurial Competencies (PECs)