Personal Entrepreneurial Competencies

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

who have the ability to analyze and evaluate business opportunities

The Entrepreneurial Personality:

Classic entrepreneur: Bill Gates, Sam Walton

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

Rewards of Going into Business or Entrepreneurship

1.

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.

Risks of Going into Business or Entrepreneurship

1. 2. 3. 4.

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.

The need for Power (n Pow)

The need for affiliation (n Aff)

Lets 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

3 Clusters

Achievement Planning Power

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

3.

Commitment accepts full responsibility for problems encountered

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

Aims excellence Strives to do things better, faster, cheaper

Planning Cluster
1. 2.

Goal Setting sets clear long term goals 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

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

Assignment

Short bond Give one successful entrepreneur in the Philippines Search for his/her profile Give details of his/her achievements

Simple Creativity Test

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.

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

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

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.

What makes an entrepreneur run a successful business?

Is it -SKILL? EFFORT? LUCK? PEOPLE CREATE OUTSTANDING PERFORMANCE through Going beyond the norm Teamwork CREATIVITY - INFLUENCING -PERSISTANCE -RESULTS

Entrepreneurial success = behaviours

(effort+skill+luck)