Personal Entrepreneurial Competency Lecture PDF

TEM 100 PERSONAL ENTREPRENEURIAL COMPETENCY ​ LECTURE​ Ma’am Aleli Saavedra OUTLINE ​ Seize unusual I.​ Definition of Personal Entrepreneurial opportunities to s...

TEM 100 PERSONAL ENTREPRENEURIAL COMPETENCY ​ LECTURE​ Ma’am Aleli Saavedra OUTLINE ​ Seize unusual I.​ Definition of Personal Entrepreneurial opportunities to start a Competencies (PEC) new business, obtain II.​ Character Traits of Successful Entrepreneurs financing, equipment, A.​ Achievement Cluster land, work space or B.​ Planning Cluster assistance. C.​ Power Cluster ○​ Persistence III.​ 10 Personal Entrepreneurial Competencies ​ Entrepreneurs have the (PEC) determination to persevere in IV.​ Summary the face of obstacles. When most people tend to abandon an activity, entrepreneurs stick I. DEFINITION OF PERSONAL ENTREPRENEURIAL with it. COMPETENCIES (PEC) ​ They demonstrate the following ​ Definition behaviors: ○​ PEC was developed by the ​ Take action in the face Management Systems International of significant obstacles (MSI), in partnership with McBer & and challenges; Company, in 1989 in order to classify the ​ Take persistent actions, competencies which differentiate the or switch to an character traits of successful alternative strategy to entrepreneurs across the countries meet a challenge or obstacle; and II. CHARACTER TRAITS OF SUCCESSFUL ​ Take personal ENTREPRENEURS responsibility for the performance necessary to achieve goals and A. ACHIEVEMENT CLUSTER objectives. ​ Definition ​ Fulfilling Commitments ○​ Is achieved by means of exertions, skill, ○​ Entrepreneurs always do what they say practice or perseverance. they will do. They keep promises, no ​ Types matter how great the personal sacrifice. ○​ Opportunity-seeking an Initiative ○​ They demonstrate the following ​ An entrepreneur is someone behaviors: who seeks opportunity. Where ​ Make a personal other people see problems, sacrifice and entrepreneurs see opportunities extraordinary effort to and take the initiative to complete a job transform these opportunities ​ Pitch in with into profitable business employees, or take situations. their place if needed, to ​ They demonstrate the following get a job done; and behaviors: ​ Strive to keep ​ Do things before being customers satisfied and asked or forced to by place long-term events; goodwillabove ​ Take action to extend short-term gain. the business into new areas, products or services; and ○​ Demand for Quality and Efficiency ​ | SPC MLS 1F | 1 of 4  ​ This has to do with passion; always thinking about the future being obsessed by the need to and set goals. improve quality, to do ​ They demonstrate the following something better, faster or behaviors: cheaper. This passion is ​ Set goals and reflected in the integrity of objectives which are entrepreneurs and the pride personally meaningful they have in their work. and challenging; ​ They demonstrate the following ​ Articulate clear and behaviors: specific long-term ​ Find ways to do better, goals; and faster and cheaper; ​ Set measurable ​ Act to do things that short-term objectives. meet or exceed standards of ○​ Information-seeking excellence; and ​ Entrepreneurs do not like ​ Develop and use uncertainty or assumptions. procedures to ensure They don't like to count on that work is completed others for information. It seems on time and that work that an entrepreneur spends a meets agreed-upon lot of time gathering information standards of quality. about their clients, suppliers, technology and opportunities. ○​ Taking Calculated Risks ​ They demonstrate the following ​ Taking calculated risks is one of behaviors: the primary concepts in ​ Personally seek entrepreneurship, the element information from that makes them entrepreneurs. customers, suppliers They are willing to take risks. and competitors; ​ They demonstrate the following ​ Do personal research behaviors: on how to provide a ​ Deliberately calculate product or service; and risks and evaluate ​ Consult experts for alternatives. business or technical ​ Take action to reduce advice. risks and/or control outcomes; and ○​ Systematic Planning and Monitoring ​ Place themselves in ​ Systematic means "in an situations involving a orderly, logical way". Planning is challenge or moderate deciding what you are going to risks. do. Monitoring means checking. It is, in fact, what a business plan is for: to see if something is B. PLANNING CLUSTER feasible prior to trying it. ​ Definition ​ Entrepreneurs demonstrate the ○​ Is the process of thinking and organizing following behaviors: the activities required to achieve the ​ Plan by breaking large desired goals. tasks down into ​ Types sub-tasks with clear ○​ Goal-seeking time-frames; ​ This is the most important ​ Revise plans in light of competency because none of feedback on the rest will function without it. performance or Entrepreneurs know what they changing want. They know where they’re circumstances; and going in business. They’re | SPC MLS 1F | 2 of 4  ​ Keep financial records and use them to make decisions. C. POWER CLUSTER III. 10 PERSONAL ENTREPRENEURIAL ​ Definition COMPETENCIES ○​ Is the ability to influence the behavior of ​ Be an Opportunity Seeker people. ○​ More ​ Types ○​ Easy ○​ Persuasion and Networking ○​ Quick ​ Entrepreneurs use a definite ○​ Safe strategy for influencing other ○​ Healthy people to follow them or do ○​ Can it be something for them. A ○​ Enhanced successful persuasion strategy ○​ Combined depends upon all parties ○​ Improved involved , that is, the ​ Be Persistent entrepreneur and the people he ○​ Don’t give in quickly is trying to persuade. ○​ Don’t get angry ​ Entrepreneurs demonstrate the ○​ Face opposition squrely and openly following behaviors: ​ Be Committed to What You Set Out to Do ​ Use deliberate ○​ Have a strength of character strategies to influence ○​ Make only promises you can keep and persuade others; ○​ Know what to do when you cannot fulfill ​ Use key people as a promise agents to achieve own ○​ Cultivate the trust of others objectives; and ○​ Clarify expectations ​ Take action to develop ○​ Apologize sincerely and maintain a network ​ Set High Standards of Quality & Efficiency of business contacts. ○​ Consistency ○​ Each transaction is important ○​ Independence and self-confidence ○​ It must be a way of life ​ This competency concerns ○​ Use appropriate technology entrepreneurs' quiet ​ Take Moderate Risk self-assurance in their capability ○​ Assess the situation carefully or potential to do some-thing. It ○​ Find out if your action will have negative is an internal confidence that is effects reflected by the challenges they ○​ Ask for advise choose to undertake in life. ○​ Plan for contingencies Being self-confident means ​ Seek Information taking total responsibility for ○​ Use technology making things happen. ○​ Verify information ​ They demonstrate the following ○​ Talk to other people (networking) behaviors: ​ Set Clear and Realistic Goals ​ Seek autonomy from ○​ Specific the rules and/or control ○​ Measurable of others; ○​ Attainable ​ Attribute the causes of ○​ Realistic and results oriented successes and failures ○​ Time-bound to oneself and to one's ​ Plan systematically own conduct; and ○​ Long-term and short-term ​ Express confidence in ○​ Scheduling their ability to complete ○​ Organizing a difficult task or to face ○​ Monitoring a challenge. ​ Be Persuasive | SPC MLS 1F | 3 of 4  ○​ Appeal to heart ○​ Present idea in logical manner ○​ Ask questions to get more info ○​ Find other's needs and wants ○​ Agree with a remark and build on it ○​ Related with persuasiveness is networking ​ Believe in Yourself ○​ Know yourself ○​ Look at your qualities in realistic manner ○​ Emphasize your strength ○​ Play down your weaknesses ○​ Take care of yourself physically IV. SUMMARY ​ There are Certain behavioral patterns that contribute towards the success of an individual. ​ Behavioral patt can be learned, practiced, and developed. ​ There must be a deliberate effort on your part to practice these competencies. | SPC MLS 1F | 4 of 4