Podcast
Questions and Answers
What characteristic means habitually working diligently for a long period of time?
What characteristic means habitually working diligently for a long period of time?
Entrepreneurs do not need to exhibit self-confidence to succeed.
Entrepreneurs do not need to exhibit self-confidence to succeed.
False
What skill involves strategic thinking and setting goals?
What skill involves strategic thinking and setting goals?
Planning
Match the terms with their definitions:
Match the terms with their definitions:
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What does PROFIT-ORIENTED refer to in entrepreneurship?
What does PROFIT-ORIENTED refer to in entrepreneurship?
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A small hand tool used for decorative works is called a ______.
A small hand tool used for decorative works is called a ______.
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Which of the following utensils is used for brushing the surface of pastries?
Which of the following utensils is used for brushing the surface of pastries?
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What is the purpose of a rubber spatula?
What is the purpose of a rubber spatula?
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What does UNIQUE SELLING PROPOSITION refer to?
What does UNIQUE SELLING PROPOSITION refer to?
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Study Notes
Personal Entrepreneurial Competencies (PECs)
- Hardworking: Essential trait, involves diligent work over extended periods to enhance performance.
- Self-confidence: Enables entrepreneurs to handle risks effectively, fostering belief in one's judgment.
- Discipline: Adherence to plans while resisting distractions, crucial for business focus.
- Commitment: Acceptance of full responsibility for business outcomes, demonstrating dedication.
- Ability to Accept Change: Entrepreneurs must adapt to constant change, using it to foster business growth.
- Creativity: Vital for innovation and sustaining competitive advantage within the market.
- Initiative: Entrepreneurs must take charge of their business's success or failure, driving proactive behavior.
- Profit-Oriented: Main goal of businesses is profitability to support personal and family financial needs.
Important Skills of Successful Entrepreneurs
- Planning: Strategic goal-setting and maximizing assets to implement effective action steps.
- People Skills: Effective communication and relationships crucial for daily interactions and business transactions.
- Decision Making: Quick-thinking ability to make informed decisions aligned with predetermined objectives.
Environment and Market
- Business Idea: Identifying goods and services sold in the community.
- Product Development: The process of creating new products aimed at customer sales.
- Wants: Luxuries and desires that go beyond basic needs identified by individuals.
- Unique Selling Proposition (USP): Distinguishing qualities of a product/service that set it apart from competitors.
- Economic Analysis: Evaluation of the target market’s needs.
- Innovation: Introduction of fresh ideas to enhance product appeal and marketability.
- SWOT Analysis: Tool for strategic planning, assessing strengths, weaknesses, opportunities, and threats.
- Branding: Creating unique identifying features (name, symbol, design) for products.
- Tagline: Memorable statement encapsulating a brand's essence.
- Needs: Essential items necessary for living within society.
Prepare Egg Dishes
- Channel Knife: Small tool for decorative work and garnishing.
- Colander: Perforated bowl for draining, washing, or cooking ingredients.
- Offset Spatula: Broad-bladed tool for lifting and turning items, keeping hands away from heat.
- Pastry Brush: Used to apply egg washes or glaze on pastries and cookies.
- Rubber Spatula/Scraper: Flexible tool for scraping contents from bowls and folding mixtures.
- Sieve: Mesh tool for sifting dry ingredients, ensuring even texture in cooking.
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Description
This quiz focuses on Personal Entrepreneurial Competencies (PECS) as essential qualities for successful entrepreneurship. Key characteristics such as hard work and self-confidence are explored, highlighting their importance in overcoming risks and improving performance. Test your understanding of these vital traits for aspiring entrepreneurs.
