The document discusses entrepreneurial competencies (PECs). PECs refer to the key characteristics successful entrepreneurs possess to effectively perform entrepreneurial functions. PECs are categorized into three clusters: achievement, planning, and power. The achievement cluster involves competencies like opportunity seeking, risk taking, efficiency, and persistence. The planning cluster involves competencies such as goal setting, information seeking, and systematic planning. The power cluster involves competencies like persuasion and independence.
1. Supply the missing letters and give the correct answer.
1. __ N T R __ P R __ N E __R ENTREPRENEUR
2. S __ I __ L SKILL
3. C__ A R __C T __R I __ T I __ S CHARACTERISTICS
4. A T__I T __D __ S ATTITUDES
5. __T R __N G__ H S
SYSTEMATIC
6. W __ A K __ E __ S WEAKNESS
7. C__M P __ __E__CI__S
8. __ P__OR__ U__IT __
9. C__MM__T__ __ D
10. SY__ __EM __ __IC
COMPETENCIES
OPPORTUNITY
COMMITTED
STRENGTHS
3. • Personal Entrepreneurial Competencies
"ENTREPRENEURIAL COMPETENCIES" refers to the key characteristics
that should be possessed by successful entrepreneurs in order to perform
entrepreneurial functions effectively
4. THREE CLUSTERS OF PECS
A. ACHIEVEMENT CLUSTER
B. PLANNING CLUSTER
C. POWER CLUSTER
5. A. Achievement Cluster
1.Opportunity Seeking and Initiative
* 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
2. Risk Taking
* Deliberately calculates risks and evaluates alternatives
* Takes action to reduce risks or control outcomes
* Places self in situations involving a challenge or moderate risk
3. Demand for Efficiency and Quality
* 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
6. 4. Persistence
* 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
5. Commitment to the Work Contract
* 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
7. B. Planning Cluster
6. Information Seeking
* 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
7. Goal setting
* Sets goals and objectives that are personally meaningful and challenging
* Articulates clear and specific long range goals
* Sets measurable short term objectives
8. Systematic Planning and Monitoring
* 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
8. C. Power Cluster
9. Persuasion and Networking
* Uses deliberate strategies to influence or persuade others
* Uses key people as agents to accomplish own objectives
* Acts to develop and maintain business contracts
10. Independence and self-confidence
* Seeks autonomy from the rules or control of others
* Sticks with own judgment in the face of opposition or early lack of success
* Expresses confidence in own ability to complete a difficult task or meet a challenge.
9. ANSWER THE FOLLOWING QUESTIONS:
1. WHAT IS PECs?
2. ENUMERATE THE THREE CATEGORIES OF PECS.
3. WHAT ARE THE COMPETENCIES OF THE ACHIEVEMENT CLUSTER?
4. WHAT ARE THE CHARACTERISTICS THAT BELONGS TO PLANNING CLUSTER?
5. GIVE THE TWO STRENGTHS OF POWER CLUSTER.
10. Identify the following characteristic of PECs:
1. Sets measurable short term objectives.
2. Makes a personal sacrifice or expends extraordinary effort to complete a task.
3.Expresses confidence in own ability to complete a difficult task or meet a challenge.
4. Does personal research on how to provide a product or service.
5. Acts to do things that meet or exceed standards of excellence.
6.Takes personal responsibility for the performance necessary to achieve goals and objectives.
7. Does things before asked or forced to by events.
8. Keeps financial records and uses them to make business decisions.
9. Uses deliberate strategies to influence or persuade others.
(Goal setting)
(Commitment to the work contract)
(Independence and self-confidence)
(Information Seeking)
(Demand for Efficiency and Quality)
(Persistence)
Opportunity Seeking and Initiative
Systematic Planning and Monitoring
Persuasion and Networking
10. Consults experts for business or technical advice. Information Seeking
