1. Evaluate the different entrepreneurial characteristics under PECs. How does applying similar characteristics help us succeed in other areas of life ? Explain your answer by giving examples.
~answer~
►Vigilance for Opportunities◄
When an entrepreneur sees an opportunity for business, he is quick to take it. Entrepreneurship is a competitive field, and he is always onthe lookout for chances to improve his position.
╬examples╬
* Does things before asked or forced to by events
* Acts to extend the business into new areas, products or services
* Seizes unusual opportunities to start a new business, obtain financing, equipment, land work space or assistance
* Acts to extend the business into new areas, products or services
* Seizes unusual opportunities to start a new business, obtain financing, equipment, land work space or assistance
►Commitment to Work Contract◄
An entrepreneur always delivers his promise promptly. He values his reputation for depandability and will do everything not to back out on a commitment.
╬examples╬
* Makes a personal sacrifice or expends extraordinary effort to complete a job
* Pitches in with workers or in their place to get a job done
* Strives to keep customers satisfied and places long term good will over short term gain
* Pitches in with workers or in their place to get a job done
* Strives to keep customers satisfied and places long term good will over short term gain
►Persistence◄
An entrepreneur doesn't let setbacks lead to failure. He is so commited to his goal that he finds ways to overcome obstacles and accomplish his tasks he set for himself.
╬examples╬
* Takes action in the face of a significant obstacle
* Takes repeated actions or switches to an alternative strategy to meet a challenge or overcome an obstacle
* Takes personal responsibility for the performance necessary to achieve goals and objectives
* Takes repeated actions or switches to an alternative strategy to meet a challenge or overcome an obstacle
* Takes personal responsibility for the performance necessary to achieve goals and objectives
►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.
╬examples╬
*Risks are necessary to make changes happen and there will always be both personal risk, risk to followers as well as to the organization or group involved.
►Demand for Efficiency and Quality◄
A true entrpreneur doesn't settle for any thing 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.
╬examples╬
* Finds ways to do things better, faster, or cheaper
* Acts to do things that meet or exceed standards of excellence
* Develops or uses procedures to ensure work is completed on time or that work meets agreed upon standards of quality
* Acts to do things that meet or exceed standards of excellence
* Develops or uses procedures to ensure work is completed on time or that work meets agreed upon standards of quality
►Goal Setting◄
Setting goals gives the entrepreneur a sense of purpose. It inspires hi to make definite palns and to follow those plans with concrete action.
╬examples╬
* Sets goals and objectives that are personally meaningful and challenging
* Articulates clear and specific long range goals
* Sets measurable short term objectives
* Articulates clear and specific long range goals
* Sets measurable short term objectives
►Information Seeking◄
An entrepreneur is always searchin for new information related to his business. he uses these information to improve his services, satisfy his costumers, and be head of his competitors.
╬examples╬
* Personally seeks information from clients, suppliers or competitors
* Does personal research on how to provide a product or service
* Consults experts for business or technical advice
* Does personal research on how to provide a product or service
* Consults experts for business or technical advice
►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.
╬examples╬
* Plans by breaking large tasks down into time-constrained sub-tasks
* Revises plans in light of feedback on performance or changing circumstances
* Keeps financial records and uses them to make business decisions
* Revises plans in light of feedback on performance or changing circumstances
* Keeps financial records and uses them to make business decisions
►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.
╬examples╬
* Uses deliberate strategies to influence or persuade others
* Uses key people as agents to accomplish own objectives
* Acts to develop and maintain business contracts
* Uses key people as agents to accomplish own objectives
* Acts to develop and maintain business contracts
►Self Confidence◄
An entrepreneur shows confidence in his business because he knows he has done and is doing his best to give his client the est value for their patronage.
╬examples╬
*A person can have high self-confidence in one
situation and totally lack in another
*Self-confidence, however, is not a personal trait that either you
have or you don't.
2. Explain how having the Personal Entrepreneurial Competencies can help you become a successful entrepreneur.
~answer~
Having PECs can help the entrepreneurs to be successful.For example, the main objective of a business owner is 'to do work that I enjoy', then it makes little sense to persuade them with varying advice, grants or
(government) programs to develop the competencies that are necessary for growing
their business. He or she will probably not be really motivated to grow their business.
have or you don't.
2. Explain how having the Personal Entrepreneurial Competencies can help you become a successful entrepreneur.
~answer~
Having PECs can help the entrepreneurs to be successful.For example, the main objective of a business owner is 'to do work that I enjoy', then it makes little sense to persuade them with varying advice, grants or
(government) programs to develop the competencies that are necessary for growing
their business. He or she will probably not be really motivated to grow their business.
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