Entrepreneurship is a process of innovation

and new venture creation. Through four

major dimensions – individual, organization,
environment, process – and aided by
collaborative networks in government,
education and institution. All of the macro
and micro positions of entrepreneurial
thought must be considered in recognizing
and seizing opportunities that can be
converted into marketable ideas capable of
competing for implementation in today’s
economy (Kuratko and Hodgetts, 1989).
In more simple terms, entrepreneurship is
both an art and science of converting ideas
into marketable goods and services to
improve man’s quality of life. It involves the
systematic organization/utilization of
materials, machine, money and man in the
accumulation of more wealth.
Entrepreneurs are people who have the
ability to see and evaluate business
opportunities, to gather the necessary
resources and take advantage of them and to
evaluate appropriate action to ensure success
(Meredith et al., 1987).

Entrepreneurs are people who innovate

(Schumpeter, 1934), who allocate and
manage the factors of production and bear
risks (Marshall, 1920)
Entrepreneurs are people who have the
ability to perceive latent economic
opportunities (Cole, 1959), who conceive the
ideas of business design, the organization of
the firm, accumulate capital, recruit labor,
establish relations with suppliers, customers
and the government and convert the
conception into a functional organization
(Hagen, 1968).
The entrepreneur is a catalyst for economic
change, who uses purposeful searching,
careful planning and sound judgement in
carrying out the entrepreneurial process.

Uniquely optimistic and committed, the

entrepreneur works creatively to establish
new resources or endow the old with a new
capacity all for the purpose of creating
wealth (Kuratko and Hodgetts, 1989).
All the definitions of various authors of
entrepreneur sum up to what is known as

“PERSONAL ENTREPRENEURIAL COMPETENCIES”

put together and developed by McBear and Co.

(1986) and still being studied by various
researchers all over the world. They are grouped
into three clusters.
PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs)

ACHIEVEMENT PLANNING POWER

OPPORTUNITY PERSUATION AND

GOAL SETTING
SEEKING NETWORKING

INFORMATION SELF -
PERSISTENCE
SEEKING CONFIDENCE
COMMITMENT TO SYSTEMATIC
THE WORK PLANNING AND
CONTRACT MONITORING

RISK TAKING

DEMAND FOR
EFFICIENCY AND
QUALITY
The word achievement refers to
becoming successful in attaining a
desired end or aim.
Opportunity seeking:
Opportunity seeking:

The entrepreneur is always after unique

opportunities to answer both the needs and
wants of the consumers.

Every problem is regarded not as a hindrance

to success but an opportunity to exercise
one’s creativity by looking for appropriate
solutions.
Persistence:
Persistence:

He/she does not give up easily but always

possesses a very energetic and positive
stance toward every consequence or problem
that may come along the way.
Commitment to the work contract:
Risk Taking:
Risk Taking:
Risk is a state of the mind (Velasco, 1991)
and therefore risk taking is not only limited
to the economic aspect nut also a
psychological dimension.

However, an entrepreneur takes moderate

risk after advantages and disadvantages are
carefully weighted and would go for
situations that involve moderate risks.
Demand for efficiency and quality:

The entrepreneur acts to do things that meet

or even exceeds existing standards of
excellence and also improves on past
performances, strives to do things better,
faster and cheaper.

He/she is not satisfied with just a good

performance but strives hard to endow all
goods and services the best quality possible.
Planning refers to the establishment
of objectives, policies and
procedures geared towards the full
realization of end goals.
Goal setting:
Information seeking:
Systematic planning and monitoring:

The entrepreneur develops and applies

logical step-by-step plans to realize goals,
assess alternatives, monitor progress, and
shift to other alternative strategies if
necessary to be able to achieve set goals.
Power is defined as the possession of
control, authority or influence over
others.
Persuasion and networking:
Self – confidence:
PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs)

ACHIEVEMENT PLANNING POWER

OPPORTUNITY PERSUATION AND

GOAL SETTING
SEEKING NETWORKING

INFORMATION SELF -
PERSISTENCE
SEEKING CONFIDENCE
COMMITMENT TO SYSTEMATIC
THE WORK PLANNING AND
CONTRACT MONITORING

RISK TAKING

DEMAND FOR
EFFICIENCY AND
QUALITY