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Personal Entrepreneurial Competencies

Personal Entrepreneurial Competencies

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Page 1: Personal Entrepreneurial Competencies

Personal Entrepreneurial

Competencies

Page 2: Personal Entrepreneurial Competencies

PERSONAL ENTREPRENEURIAL PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs)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

Page 3: Personal Entrepreneurial Competencies

Question

What do you want to be in the future?

Page 4: Personal Entrepreneurial Competencies

Entrepreneurship

Process of creatively converting ideas into goods and services which can be marked to obtain profit and to contribute in improving the people’s quality of life

Page 5: Personal Entrepreneurial Competencies

Entrepreneur

People who have the ability to analyze and evaluate business opportunities

Page 6: Personal Entrepreneurial Competencies

The Entrepreneurial PersonalityThe Entrepreneurial Personality:: Classic entrepreneurClassic entrepreneur: Bill Gates, Sam

Walton Loner, socially isolated Hard worker Fast learner Risk-taker seeking wealth

Page 7: Personal Entrepreneurial Competencies

Rewards of Going into Business or Entrepreneurship

1. Having unlimited opportunity to make money.

2. Being your own boss.

3. Tapping your creativity.

4. Overcoming challenges and finding fulfillment.

5. Helping others.

6. Building an entrepreneurial legacy.

Page 8: Personal Entrepreneurial Competencies

Risks of Going into Business or Entrepreneurship

1. Possibility of Failure

2. Unpredictable business conditions

3. Long hours of work

4. Unwanted or unexpected responsibilities

Page 9: Personal Entrepreneurial Competencies

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.

The need for Power (n Pow) Power motive - drive to control, influence and to have

impact on others and change the situations.

The need for affiliation (n Aff) Affiliation motive - drive to establish, maintain or

renew affective relationship with others.

Entrepreneurial Motivation

Page 10: Personal Entrepreneurial Competencies

Let’s test our creativity! Think and write down all the functions you can imagine for the following:

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

Page 11: Personal Entrepreneurial Competencies

3 Clusters

Achievement Planning Power

Page 12: Personal Entrepreneurial Competencies

Achievement Cluster

1. Persistence – does not give up easily Makes sacrifices Takes repeated action to solve problems Not overwhelmed by obstacles and barriers Maintains positive outlook

2. Seizing Opportunity- takes advantage of all business opportunities available

You are after new advances to satisfy the consumers

Page 13: Personal Entrepreneurial Competencies

3. Commitment – accepts full responsibility for problems encountered

Helps employees to get the job done seeks to satisfy the customer

4. Risk Taking –prefers situations involving moderate risks

5. Concern for quality and efficiency-always strives to raise standards

Aims excellence Strives to do things better, faster, cheaper

Page 14: Personal Entrepreneurial Competencies

Planning Cluster

1. Goal Setting –sets clear long term goals2. Information seeking – personally seeks

information on clients, suppliers and competitors

Seeks expert for business and technical advice

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

Page 15: Personal Entrepreneurial Competencies

Power Cluster

1. Persuasion and networking – uses business and personal contact to accomplish objectives

Employs deliberate strategies to influence or persuade others

2. Self-confidence – believes in ones self Expresses confidence in own ability to

complete difficult task or challenges

Page 16: Personal Entrepreneurial Competencies

Assignment

Short bond Give one successful entrepreneur in the

Philippines Search for his/her profile Give details of his/her achievements

Page 17: Personal Entrepreneurial Competencies

Simple Creativity Test

Page 18: Personal Entrepreneurial Competencies

How do you put a giraffe in the fridge? Correct answer:

Open the fridge, put the giraffe inside, close the fridge

This question checks if you tend to make simple things complicated.

Page 19: Personal Entrepreneurial Competencies

How do you put an elephant in 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.

This question checks your ability to consider implications

Page 20: Personal Entrepreneurial Competencies

The Lion King organized a meeting for the animals: all the animals are present but one. Which one?

Correct answer: The elephant. The elephant is in the fridge

This question checks your memory

Page 21: Personal Entrepreneurial Competencies

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.

Page 22: Personal Entrepreneurial Competencies

What makes an entrepreneur run a successful business?

Is it -SKILL? EFFORT? LUCK?

Entrepreneurial success = behaviours (effort+skill+luck)

PEOPLE CREATE OUTSTANDING PERFORMANCEthrough

Going beyond the normTeamwork

CREATIVITY - INFLUENCING -PERSISTANCE -RESULTS