The document discusses the key competencies and skills needed for entrepreneurial success. It defines personal entrepreneurial competency as the qualities like knowledge, motives, traits, and skills that allow one to start, sustain, and grow a business venture. Some important entrepreneur traits discussed are being hardworking, confident, disciplined, committed, adaptable, creative, and profit-oriented. Key skills include planning, decision-making, developing people skills, leadership, execution, resilience, focus, determination, and continuous learning. The document also discusses the process of product development, including identifying customer needs and wants, satisfying customers, retaining customers, and prioritizing needs over wants.

1. PERSONAL ENTREPRENEURIAL COMPETENCIES
Entrepreneurs are people with skills and capabilities to see and evaluate business opportunities. They are
individuals that can strategically identify products or services needed by the community. Consequently, they
deliver these products and services at the right time and at the right place.
Furthermore, entrepreneurs are agents of economic change; they organize, manage and assume risks of a
business. Some of the good qualities of an entrepreneur are opportunity seekers, risk takers, goal setters,
excellent planners, a confident problem solvers, hardworking, persistent and committed workers.
Entrepreneurship is a strategic process of innovation and creation of new ventures. Basically, entrepreneurship
is both an art and science of converting business ideas into marketable products or services to improve the
quality of living.
PERSONAL ENTREPRENEURIAL COMPETENCY
The key characteristics that should be possessed by successful or budding entrepreneurs in order to perform
entrepreneurial functions effectively is called as Personal Entrepreneurial Competency. The Personal
Entrepreneurial Competency may be termed as qualities such as generic and specific knowledge,
motives, traits, self-images, social roles, and skills that result in venture birth, survival, and/or growth.
BELOW ARE FEW IMPORTANT CHARACTERISTICS / TRAITS / ATTRIBUTES OF A GOOD ENTREPRENEUR:
Hardworking:These are people that works attentively in laboring and puts effort into doing and completing
tasks. To produce good products and results or provide good services hardworking people keep on improving
their performance.
Confident: Faith in one’s skill and own judgment are characteristics that an Entrepreneurs must have. In order
to survive with all the risks of operating their own business Entrepreneurs must exhibit self-confidence.
Disciplined: Successful entrepreneurs constantly stick on the design and fight the attraction to do what is not
relevant.
Committed: A good entrepreneur takes full accountability of everything in their business. They give complete
assurance and continuous commitment to make the company fruitful.
Ability to Accept Change: Change regularly happens. When one owns a business, they should adopt and
flourish on changes. To make their business grow they have to benefit from positive changes.
Creative: To stay in the business and in order to have an edge over the other challengers an entrepreneur
should be inventive and pioneering.
Has the Initiative: An entrepreneur takes the lead. An entrepreneur must put themselves in a position where
you are answerable for the success or failure of their business.
Profit-Oriented: An entrepreneur venture into the world of business to make profit or extra income. This may
become the means of support for you and for your family as well. Therefore, you must see to it that the
business can make profit.
Listed below are the important skills of a successful entrepreneur:
•Excellent Planner: Calculated judgment and placing of targets to achieve aims by carefully capitalizing all the
available resources is called planning. To realize the aims a good entrepreneur creates and applies step-by-step
strategies. Planning is an effective skill only when an entrepreneur combines it with action.
•Possesses People Skills: In order to be successful in any kind of business
an entrepreneur must possess people skills. Effective and efficient communication and relation to people
working in and out of your business is referred to as people skills. In day-to-day business dealings, you need to

2. transact with people. The difference between success and failure of the business can be spelled out by a well-
developed people skill.
•Sound Decision Maker: Successful entrepreneur have the skill to think swiftly by making intelligent choice on
the way to pre-determined set purposes. Sound decision should give out from given proofs and evidence and
should be on the road to the pre-determined goals.
VALUING
The Personal Entrepreneurial Competencies are the most important characteristics that an individual should
possess by in order to perform entrepreneurial functions effectively. These PECs are important characteristics,
attributes, lifestyle, skills and traits of a successful entrepreneur in order to be successful in a chosen career.
Some of the important characteristics / traits / attributes of a good entrepreneur are disciplined, creative,
confident, hardworking, committed, ability to accept change, profit-oriented. While the important skills of a
successful entrepreneur are sound decision maker, possess people skill, excellent planner.
LESSON
A more fine descriptions has labelled entrepreneurship as the development of designing, beginning and
running a new company, which is often originally a small business, or as the capacity and readiness to advance,
establish and accomplish a business venture along with any of its dangers to make an income.
There are many skills essential to start a business. The most common entrepreneur skills are:
Marketing refers to events a company assumes to endorse the buying or selling of a product or service.
Business development is the activity of following calculated chances for a specific business.
Customer service is the turn of taking care of the customer's requests by providing and bringing specialized,
supportive, high-quality service and support before, during, and after the customer's requirements are met.
Leadership is the ability of encouraging a group of people to perform on the way to attaining a mutual aim.
Execution is acquiring an opinion and actually turning it reality.
Resilience is the method of adjusting well in the face of hardship, suffering, calamity, fears or substantial
foundations of pressure — such as family problems, health problems, or work and monetary stressors.
Focus is so significant because it is the opening to all knowledge: observation, retention, education, perceptive,
problem solving, and decision making.
Determination is defined as a steady intent or a choice which has been gotten.
Talent acquisition refers to the method of recognizing and attaining expert employees to meet your
organizational requirements.
Continuous learning refers to the capability to constantly progress and advance one's skills and knowledge in
order to do well and adjust to changes in the workplace.
PRODUCT DEVELOPMENT
At the end of the learning period, the students should be able to:
1. identify what is product development.
2. comprehend the importance of value to customers.
3. Valued the significance of needs and wants.

3. PRODUCT DEVELOPMENT
-is defined as the process of bringing a new good or service to market. (encyclopedia.com7/11/2020).
-series of steps that has the conceptualization, design, development and marketing of newly created or newly
rebranded goods and services (Margaret Rouse)
-development of original products, product improvements, product modifications and new brands through the
firm’s own Research and Development. (slideshare.com7/11/2020)
GOAL OF PRODUCT DEVELOPMENT
The aim of product development is to cultivate, maintain and increase a company’s market share by satisfying
a consumer demands.
In entrepreneurship, marketing is important to bring value to customers. It is set of activities associated to
creating, communicating, delivering and exchanging offerings that have value for others.
There are 4 factors that contributes to marketing:
• Customers / buyer: a person or organization with wants or needs who is willing to spend money or
resources to get his need,
• Product: goods, services, experiences or ideas designed to fill the purchasers wants or needs
• Provider / Seller: the corporate or organization offering a need satisfying thing, which can be a product,
service, experience or idea.
• Transaction: terms around which both parties conform to trade value-for- value.
IDENTIFY CUSTOMERS
• Understand customers Needs and Wants
• identify target and reach them
SATISFY CUSTOMERS
• Make quality product or service available
• Make everyone feel better
RETAIN CUSTOMERS
• keep reason to keep coming back
• Find opportunities to win their business
Our economy is predicated on the availability and demand. the requirements and needs of the consuming
public incorporates a great impact on the economy. Products developed are supported the shoppers Needs
and desires. In layman terms Needs pertains to something you wish in able to survived while Wants are some
things that you just desired to own that you simply may have and not have attained.
VALUING
PRIORITIZED your NEEDS and DISCIPLINE you WANTS
Key Concepts on Product Development
1. identify what are the key concepts in product development.
2. comprehend the steps in product development.
3. value the learner’s capacity in product development.
New Product Development / Management
1. Idea Generation – systematic search of new products or services, that the customers wants. It can be done
through surveys interview or mainly on observations on the locality.
2. Idea Screening - selecting the best ideas to create new ones.
3. Concept Development and Setting-detailed version of the new product This process involves development
of several product concepts to demonstrate the types of products or services that are technically feasible and
will best achieve the requirements of the target specifications.
4. Business /Marketing Strategy - designing marketing strategy to use, this is a thorough selection of the best
way to sell the product. It can be through on line or on a physical store. It involves the 4 Ps – Product, Pricing,

4. Profit and Placement. Know the specifications of the product or service that you are going to offer. How much
are you going to sell the product. How much revenue should you project and lastly where should the product
be sold.
5. Product Development - creation of the prototype. This involves constant Research and Development (R&D).
Products undergo comprehensive improvement and testing to withstand the wear and tear, and pass the
Quality Control set by the DTI.
6. Test Marketing-product is tested to possible consumers through sampling and getting feedback.
7. Commercialization - mass production of the product Final briefing and strategy on the selling process.
8. Introduction/ Launching of Product or Service - launching to the the consuming public.