Can You Understand?

1. (a.)Evaluate the different entrepreneurial characteristics under PECs. (b.)How does applying similar characteristics helps us succeed in other areas of life? (c.)Explain your answer by giving examples.

2. Explain how having Personal Entrepreneurial Compentencies can help you become a successful entrepreneur.

ANSWERS: (ang hirap xD)

1. (a.)Characteristics/qualities of a successful entrepreneur

Qualities or Personal Entrepreneurial Characteristics (PEC) of successful entrepreneurs refer to the desired traits, which enable an entrepreneur to do what is expected of him/her and succeed in business. It is the combination of these characteristics that is required to enable any one to perform effectively as an entrepreneur. It is possible for people to develop these characteristics and succeed in their careers as entrepreneurs. Successful entrepreneurs have common characteristics, which are divided into three clusters namely achievement, planning and power.

1. Achievement Cluster

Opportunity seeking

This refers to the quality that enables the entrepreneur to see and act upon new business opportunities even in situations where other people see nothing but problems/hopelessness only. It also encourages him/her to seize unusual opportunities for obtaining the necessary resources such as financing, equipment, land, workspace, technical assistance, etc, which will enable him/her to implement his/her business ideas.

Commitment to the work contract

This is the ability to accept final responsibility for completing a job for the customers. Customers expect entrepreneurs to perform and honour their commitments. It follows therefore that the entrepreneur should do everything possible to ensure that he/she fulfils the commitment with his/her customers. It means joining the workers to work with them to ensure that contractual commitments are fulfilled, the entrepreneur will do it.

Persistence

This is the quality, which enables the entrepreneurs to develop determination to have a thorough job done at any cost in terms of personal sacrifice. By doing this, the entrepreneur remains working towards the achievement of his/her set goals.

Risk taking

Entrepreneurs are people who prefer taking moderate risks. Before they commit themselves and their resources, they assess the risks that are associated with a business opportunity that they have selected, and their ability to manage them, the benefits that they will realise and the challenges that they will face from the venture to be undertaken.

Entrepreneurs can earn profits as a result of taking risks and the higher the risks, the higher the profits. However, entrepreneurs will always prefer to take on those risks that they can manage.

Demand for efficiency and quality

This is the quality that enables an entrepreneur to do things that meet or surpass existing standards of excellence or improve on performance by striving to do things faster, better and cheaply. By doing this, the entrepreneur remains ahead of others, makes more profits and retains a growing market share.

2. Planning Cluster

The planning cluster is made up of the following characteristics:

Goal setting

This refers to the ability of an entrepreneur to set clear and specific goals and objectives. These goals and objectives are normally high and challenging but at the same time, realistic and can be attained, given the resources that one has got at his/her disposal.

Information seeking

This is having the urge to look for the required information in order to make an informed decision, for example, selecting, starting and successfully managing the desired business. This calls for the concerned person to personally seek and obtain information regarding customers, suppliers, competitors as well as any other relevant information that is required to enable the entrepreneur make decisions and improve knowledge on his/her business.

Systematic planning and monitoring

This is the ability to develop plans that will be used in monitoring and evaluating the progress of the business. This helps the entrepreneur to carefully monitor his/her business’ actual performance against desired performance and turn to other alternatives whenever the need arises; so as to achieve his/her set goals.

3. Power Cluster

Persuasion and networking

This is the ability to link, convince and influence other individuals, agencies and other groups in order to maintain business contacts at a high level. This will help or work for the cause of the business in a positive manner to accomplish own objectives.

Self-confidence

This refers to having a strong belief or confidence in oneself and the ability to complete a difficult task or meet a challenge.

(b.) Applying this characteristic/s to being an entrepreneur can be succeeding because one person can have a successful life if he/she uses it in the right way offering people the services he/she can support so that he/she can support himself/herself or his/her families

(c.) Vigilance for opportunities:
Paolo and his classmates are required to do alot of paperworks that is needed to be typewritten.Because Paolo has a computer, he can offer his classmates to rent his computer for a fee

Commitment to work contract:
Paolo sometimes finds it hardly to finish because he has some paperworks to, but Paolo does his best so he skips his leisure time finishing the paperworks that his classmates entrusted to him

Persistence:
Because he is swamped with typing jobs, Paolo sometimes mixed up his classmates paperworks but instead of quitting, he does all of this things from the start

Willingness to take risks:
After all the paperworks he have done, Paolo saves enough money so he manages to buy a 2nd computer

Demand for efficiency and quality:
Paolo practices accurate typing and improves his speed. He does this to make sure he is able to come up with the best results at the fastest time possible

Goal setting:
Soon, many of Paolo's classmates frequent visit his house to take turns renting his computers. He then resolved to use all his profits to buy two more secondhand computers in the next 2 months

Information seeking:
Paolo's classmates started asking to apply internet connection so they won't have to rent outside to do their research. So Paolo inquires to the best os the best internet service provider and the most ideal package

Systematic planning and monitoring:
Having acquired two or more computers, he carefully planned on the additional software to install in the units so the units will not slow down. He also installed a program that automatically records computer use

Persuasion and Networking:
After installing the necessary applications, he convinced his classmates that they will have access to all the software that they need to do their assignments. He was also able to convince them to pass the news around about his superior services

Self confidence (yey! last na!!! xD) :
Although there are bigger computer shops around, Paolo's classmates still refer to use his comnputers. Tis is because he shows total belief in the advantages of his services over the more expensive and impersonal shops.. xD

2. Because you can use this characteristics to help you become a successful entrepreneur so that you can have a successfull bussiness..


SOURCE: BOOK xD