homework #4 PEC's

1. Evaluate the different entrepreneurial characteristics under PEC's. How does applying similar characteristics help us succeed in the other areas of life? Explain your answers by giving examples.
 

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.


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

Having the characteristics/qualities  of Personal Enterpreneurial Competencies can make enterpreneurs accomplish things or goals easier or faster and they can also perform tasks  excellently making them succesfuls enterpreneurs.

invention due to neccesity

                 The breakthrough in pencil technology came when French chemist Nicolas Conte developed and patented the process used to make pencils in 1795. He used a mixture of clay and graphite that was fired before it was put in a wooden case. The pencils he made were cylindrical with a slot. The square lead was glued into the slot and a thin strip of wood was used to fill the rest of the slot. Pencils got their name from the old English word meaning 'brush'. Conte's method of kiln firing powdered graphite and clay allowed pencils to be made to any hardness or softness - very important to artists and draftsmen.

Source:http://inventors.about.com/library/inventors/blpen.htm

PEC's

Personal Entrepreneurial Competencies (PECs)

For reference, I'm posting here the ten Personal Entrepreneurial Competencies (PECs) which seems to be used in the Business Technology/Entrepreneurship programs of the Technology and Livelihood Education (T.L.E.) subject.

The original research by McClelland and McBer identified 14 PECs; the EMPRETEC [a UN program for small businesses; from the Spanish words emprendedores (entrepreneurs) and tecnología (technology)] clustered these into just 10:

Achievement Cluster
I. Opportunity Seeking and Initiative
* Does things before asked or forced to by events
* Acts to extend the business into new areas, products or services
* Seizes unusual opportunities to start a new business, obtain financing, equipment, land work space or assistance

II. Risk Taking
* Deliberately calculates risks and evaluates alternatives
* Takes action to reduce risks or control outcomes
* Places self in situations involving a challenge or moderate risk

III. Demand for Efficiency and Quality
* Finds ways to do things better, faster, or cheaper
* Acts to do things that meet or exceed standards of excellence
* Develops or uses procedures to ensure work is completed on time or that work meets agreed upon standards of quality

IV. Persistence
* Takes action in the face of a significant obstacle
* Takes repeated actions or switches to an alternative strategy to meet a challenge or overcome an obstacle
* Takes personal responsibility for the performance necessary to achieve goals and objectives

V. Commitment to the Work Contract
* Makes a personal sacrifice or expends extraordinary effort to complete a job
* Pitches in with workers or in their place to get a job done
* Strives to keep customers satisfied and places long term good will over short term gain

Planning Cluster
VI. Information Seeking
* Personally seeks information from clients, suppliers or competitors
* Does personal research on how to provide a product or service
* Consults experts for business or technical advice

VII. Goal setting
* Sets goals and objectives that are personally meaningful and challenging
* Articulates clear and specific long range goals
* Sets measurable short term objectives

VIII. Systematic Planning and Monitoring
* Plans by breaking large tasks down into time-constrained sub-tasks
* Revises plans in light of feedback on performance or changing circumstances
* Keeps financial records and uses them to make business decisions

Power Cluster
IX. Persuasion and Networking
* Uses deliberate strategies to influence or persuade others
* Uses key people as agents to accomplish own objectives
* Acts to develop and maintain business contracts

X. Independence and self-confidence
* Seeks autonomy from the rules or control of others
* Sticks with own judgement in the face of opposition or early lack of success
* Expresses confidence in own ability to complete a difficult task or meet a challenge

The following studies might be useful for those who are studying these PECs:
* The Personal Entrepreneurial Competencies of BS Entrepreneurship Students of the Cordillera Administrative Region and
Practicing Entrepreneurs in the Cities of Baguio, Dagupan, and San Fernando, La Union: A Comparison
* An analysis of the personal entrepreneurial competencies of students: implications to
curriculum designing of entrepreneurship program

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schoolday #3

i'm very happy today! its just because , it rained!!!!! =) the temp. in our ISOLATED room slightly became lower . i hope everyday will rain .hahaha! another reason is -- there's so much crazyness happened in service!although the "bagong salta" are quiet ,its still hillarious .its too private to share .hehehe .

ICT hw.1 (entrepreneur)

Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.