Personal Entrepreneurial Competencies (PECs) PDF

Personal Entrepreneurial Competencies (PECs) RAMIL L. LANGAMON ICT TEACHER What is Entrepreneurship? ✔is the process of designing, launching, and running a new business, typically starting as a small business, such as a startup company, offering a pr...

Personal Entrepreneurial Competencies (PECs) RAMIL L. LANGAMON ICT TEACHER What is Entrepreneurship? ✔is the process of designing, launching, and running a new business, typically starting as a small business, such as a startup company, offering a product, process, or service for sale or hire. What is Entrepreneur? ✔is an individual who initiates, manages, and assumes the risks of a business or enterprise. What is Entrepreneurial Competency? ✔refers to a set of skills, knowledge, and attributes that are essential for successful entrepreneurship. These competencies enable individuals to effectively start, manage, and grow their own businesses.  Important Entrepreneuri al Traits 1. Hardworking ⮚ A hardworking person is someone who consistently puts in significant effort and dedication toward achieving their goals or completing tasks. 2. Self- Confidence ⮚ is the belief in one's own abilities, qualities, and judgment. 3. Future - Oriented ⮚ A future-oriented person focuses on long-term goals, planning, and the implications of their actions beyond the immediate present 4. Profit - Oriented ⮚ A profit-oriented person focuses on maximizing financial gains and achieving profitability in business or personal ventures. 5. Goal - Oriented ⮚ A goal-oriented person focuses on setting and achieving specific objectives, often with a clear sense of direction and purpose. 6. Committed ⮚ A committed person is dedicated and fully invested in their responsibilities, relationships, or goals. 7. Builds on Strength ⮚ Successful business people base their work on strengths. Use your manual skills, knowledge in creating products or services, knowledge in trade and industry, ability to make and use of a wide network of contacts to build your business. 8. Persistence ⮚ refers to the quality of continuing to pursue a goal or task despite difficulties, delays, or repeated failures. It is a crucial trait for achieving long-term success and overcoming challenges. 9. Copes with Failure ⮚ “Learn from your mistakes”. ⮚ As an entrepreneur, you must learn how to deal with the frustrations and failures instead, turn these into productive learning experiences. 10. Responds to Feedback or Open to Feedback: ⮚ You must be concerned to know how well you are doing and keep track of your performance. You must obtain useful feedback and advice from others. 11. Take the Initiative ⮚ refers to the ability to take action proactively and independently, often without being directed or prompted by others. 12. Willing to Listen ⮚ Take time to listen to the advice, suggestions, and recommendations of fellow entrepreneurs. It will help your business grow. 13. Set your Own Standards ⮚ Setting your own standards in business involves establishing your own criteria for success, quality, and performance, rather than merely adhering to industry norms or external expectations. 14. Copes with Uncertainty: ⮚ Pursue your vision to be a successful entrepreneur, you should know how to handle unusual events that may happen in the business which include problems in managing the workers, problems on the delivery of goods and services, and the problems on demand and production. ⮚ You must be patient in dealing with these uncertainties. 15. Reliable and has Integrity: ⮚ An entrepreneur must build a good reputation, possess the courage to do the right thing, do what you say, walk your talk, be loyal, and be fair in dealing with the subordinates and costumers. 16. Risk-Taker: ⮚ A risk taker in business is someone who is willing to engage in ventures or make decisions that involve a significant level of uncertainty or potential for loss, with the aim of achieving substantial rewards or gains.