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PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) The term "ENTREPRENEURIAL COMPETENCIES" refers to the key characteristics that should be possessed by successful entrepreneurs in order to perform entrepreneurial functions effectively
Question
What do you want to be in the future?
Entrepreneurship
Process
of creatively converting ideas into goods and services which can be marked to obtain profit and to contribute in improving the peoples quality of life
Entrepreneur
People
Loner, socially isolated Hard worker Fast learner Risk-taker seeking wealth
2. 3. 4.
5. 6.
Having unlimited opportunity to make money. Being your own boss. Tapping your creativity. Overcoming challenges and finding fulfillment. Helping others. Building an entrepreneurial legacy.
Possibility of Failure Unpredictable business conditions Long hours of work Unwanted or unexpected responsibilities
Entrepreneurial Motivation
The need for achievement (n Ach)
Achievement motive - drive to do well, strive for excellence and overcome challenges and obstacles in the pursuit of goal. Power motive - drive to control, influence and to have impact on others and change the situations. Affiliation motive - drive to establish, maintain or renew affective relationship with others.
A fallen tree trunk An empty box of tissue paper A paper plate An old coat hanger An obsessively organized classmate A computer whiz friend
An empty tin can A pile of old newspaper A box of fabric swatches/scraps (retaso) A box of worn out nylon stockings
3 Clusters
Achievement Cluster
1.
2.
3.
Helps employees to get the job done seeks to satisfy the customer
4.
5.
Risk Taking prefers situations involving moderate risks Concern for quality and efficiency-always strives to raise standards
Planning Cluster
1. 2.
Goal Setting sets clear long term goals Information seeking personally seeks information on clients, suppliers and competitors
3.
Systematic Planning and Monitoring develop logical step-by step plan to reach goal
Works into alternatives and weighs them Monitors and shifts alternative strategies when necessary to achieve goals
Power Cluster
1.
Persuasion and networking uses business and personal contact to accomplish objectives
2.
Assignment
Short bond Give one successful entrepreneur in the Philippines Search for his/her profile Give details of his/her achievements
Correct answer: Open the fridge, put the giraffe inside, close the fridge
Wrong answer: Open the fridge, put the elephant inside, close the fridge. Correct answer: Open the fridge, remove the giraffe, put the elephant inside, close the fridge.
The Lion King organized a meeting for the animals: all the animals are present but one. Which one?
You have to cross a river, but it is populated by alligators. What are you going to do?
Correct answer: You swim across the river because all the alligators are attending the meeting.