TLE First Quarter: PECS Overview

Questions and Answers

What characteristic means habitually working diligently for a long period of time?

Self-confidence

Discipline

Commitment

Hardworking (correct)

Entrepreneurs do not need to exhibit self-confidence to succeed.

False

What skill involves strategic thinking and setting goals?

Planning

Match the terms with their definitions:

Wants = Luxuries and desires considered beyond necessity Needs = Things that people cannot live without in a society Innovation = Introduction of new ideas to make products more attractive SWOT Analysis = A managerial tool for strategic planning Signup and view all the answers

What does PROFIT-ORIENTED refer to in entrepreneurship?

Generating profit or additional income Signup and view all the answers

A small hand tool used for decorative works is called a ______.

Channel Knife Signup and view all the answers

Which of the following utensils is used for brushing the surface of pastries?

Pastry brush Signup and view all the answers

What is the purpose of a rubber spatula?

To scrape off contents from bowls and fold in beaten eggs or whipped cream Signup and view all the answers

What does UNIQUE SELLING PROPOSITION refer to?

Reason that one product or service is better than the competition Signup and view all the answers

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.