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.
1. Vigilance of Opportunities- When an entrepreneur sees an opportunity for business, he is quick to take it. Entrepreneurship is a competitive field, and he is always on the lookout for chances to improve his position.
EXAMPLE: Paolo and his classmates are required to do a lot of paperwork like summaries, book reports, and term papers. All these need to be typewritten, forcing his classmates to rent computers. Because he has a computer, he offered to encode his classmates papers for a fee.
2. Commitment to work contract- An entrepreneur always delivers his promise promptly. He values his reputation for dependability and will do everything not to back out on a commitment.
EXAMPLE: He sometimes finds it hard to finish a typing job because he also has his own papers to work on. But Paolo does his best to finish the tasks that his classmates entrust to him. He therefore skips his leisure activities to deliver the task.
3. Persistence- An entrepreneur dosent let setbacks lead to failure. He is so committed to his goal that he finds ways to overcome obstacles and accomplish his tasks he set for himself.
EXAMPLE: Because he is swamped with typing jobs, Paolo sometimes mixes up his classmates' papers and type the wrong items. Instead of losing patience and quitting, he revises his work until he gets things right.
4. Willingness to take risks- An entrepreneur knows that business involves taking risks. It is when one takes his chances with a new venture that better products and services are discovered.
EXAMPLE: Soon, Pablo has saved enough money to buy a second computer. It was a lot of money for a first year student like him, but he knew he would profit from it by renting it out to his classmates.
5. Demand for efficiency and quality- a true entrepreneur dosent settle for anything but the best. He also insists that items of excellent quality be done at the soonest time possible. This increases his productivity and sets him apart from the competition.
EXAMPLE: Paolo practices accurate typing and improves his speed. He does this to make sure he is able to come up with the best results at the fastest time possible.
6. Goal setting- Setting goals gives the entrepreneurs a sense of purpose. It inspires him to make definite plans and to follow those plans with concrete action.
EXAMPLE: Soon, many of Paolo's classmates frequent his house to take turns renting his computers. He then resolved to use all his profits to buy two more secondhand computers in the next two months.
7. Information seeking- an entrepreneur is always searching for new information related to his business. He uses these information to improve his services, satisfy his costumers, and be ahead of his competitions.
EXAMPLE: His classmates started asking him to apply for a internet connection so they wont have to rent outside to do their research. He made inquirie about the best internet service provider in his area and the most ideal package for his purpose.
8. Systematic Planning and Monitoring- the success of an entrepreneur relies greatly on his ability to make detailed plans before starting out on a new venture. He couples this with careful evaluation to be aware of his progress every step of the way.
EXAMPLE: having acquired two more computers, he carefully planned on the additional software to install in the units so that the systems will not slow down. he also installed a program that automatically records computer use.
9. Persuasion and Networking- an entrepreneur with a good product or service to offer is able to promote it convincingly in addition, satisfied customers will help him promote the business through word of mouth.
EXAMPLE: after installing the necessary applications, he convinced his classmates that they will have access to all the software they will need to do their assignments. he was able to convince them to pass the news around about his superior services.
10. Self Confidence- an entrepreneur shows confidence in his business because he knows he has done and is doing his best to give his clientsthe best value for their patronage.
EXAMPLE: although there are bigger computer shops around, Paolo's classmates still prefer to use his computers. This is because he shows total belief in the advantages of his services over the more expensive and impersonal shops.
Explain how having the Personal Entrepreneurial Competencies can help you become a successful entrepreneur.
- It can help you become successful because if you have those 10 characteristics of PECS, it will be easy to make you successful. :) :) :) :)
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