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Lesson 1 - Personal Entrepreneurial Competencies

This document provides an introduction to personal entrepreneurial competencies (PECs) and discusses key skills and traits of successful entrepreneurs. It notes that entrepreneurs identify business opportunities by seeing community needs. The document then lists important entrepreneur qualities like being an opportunity seeker, risk taker, and problem solver. It defines entrepreneurship as converting ideas into marketable products or services to improve living standards. Finally, the document outlines important entrepreneur characteristics, including being hardworking, confident, disciplined, and able to accept change, as well as skills like planning, strong interpersonal abilities, and sound decision making.

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1K views2 pages

Lesson 1 - Personal Entrepreneurial Competencies

This document provides an introduction to personal entrepreneurial competencies (PECs) and discusses key skills and traits of successful entrepreneurs. It notes that entrepreneurs identify business opportunities by seeing community needs. The document then lists important entrepreneur qualities like being an opportunity seeker, risk taker, and problem solver. It defines entrepreneurship as converting ideas into marketable products or services to improve living standards. Finally, the document outlines important entrepreneur characteristics, including being hardworking, confident, disciplined, and able to accept change, as well as skills like planning, strong interpersonal abilities, and sound decision making.

Uploaded by

suzanne matuba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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LESSON 1 PERSONAL ENTREPRENEURIAL COMPETENCIES

Introduction

In this module, you will learn more about entrepreneurship and the entrepreneurial competencies related to Technical Drafting. You will
have a first-hand experience in educational activities leading to assessment of your personal entrepreneurial competencies (PECs) and
the entrepreneurial competencies of a successful entrepreneur. You will also have several activities that will align your competencies
with those of successful practitioners. Moreover, this module will encourage you to think about entrepreneurship and its role in the
business community as well as in the economic and social development of an individual.
To start with this module, let us first understand entrepreneurs and entrepreneurship.

Entrepreneurs are those with the skills and capabilities to see and evaluate business opportunities. They are individuals who can
strategically identify products or services needed by the community, and have the capacity to deliver them at the right time and at the
right place.

Entrepreneurs are agents of economic change; they organize, manage, and assume risks of a business. Some of the good qualities of
entrepreneurs are: opportunity-seeker, risk-taker, goal-setter, excellent planner, confident problem-solver, hardworking, persistent, and
committed.

Entrepreneurship, on the other hand, is not just a simple business activity but a strategic process of innovation and new product creation.
Basically, entrepreneurship is both an art and science of converting business ideas into marketable products or services to improve the
quality of living.

Now that you have background knowledge about entrepreneurs and entrepreneurship, you can now walk through in assessing your
PECs. Always remember that successful entrepreneurs continuously develop and improve their PECs.
To begin, let us find out the competencies you will have gained upon completion of this module.

Assessment of Personal Entrepreneurial Competencies (PECs) and Skills vis-à-vis a Practicing Entrepreneur in a Province
Entrepreneurial competencies refer to the important characteristics that should be possessed by an individual in order to perform
entrepreneurial functions effectively. In this module, you will learn some of the most important characteristics, attributes, lifestyle, skills
and traits of a successful entrepreneur or an employee to be successful in a chosen career.

Below are few important characteristics / traits / attributes of a good entrepreneur:


o Hardworking: One of the important characteristics of a good entrepreneur is hardworking. This means working diligently and
being consistent about it. Hardworking people keep improving their performance to produce good products and/or provide good
services.
o Confident: Entrepreneurs have self-reliance in one’s ability and judgment. They exhibit self-confidence to cope with the risks
of operating their own business.
o Disciplined: Successful entrepreneurs always stick to the plan and fight the temptation to do what is unimportant.
o Committed: Good entrepreneurs assume full responsibility over their business. They give full commitment and solid dedication
to make the business successful.
o Ability to accept change: Nothing is permanent but change. Change occurs frequently. When you own a business, you
should cope with and thrive on changes. Capitalize on positive changes to make your business grow.
o Creative: An entrepreneur should be creative and innovative to stay in the business and in order to have an edge over the other
competitors.
o Know
o Has the initiative: An entrepreneur takes the initiative. You must put yourself in a position where you are responsible for the
failure or success of your business.
o Profit-oriented: An entrepreneur enters the world of business to generate profit or additional income. The business shall
become your bread and butter. Therefore, you must see to it that the business can generate income.

Listed below are the important skills of a successful entrepreneur:


o Excellent planner: Planning involves strategic thinking and goal setting to achieve objectives by carefully maximizing all the
available resources. A good entrepreneur develops and follows the steps in the plans diligently to realize goals. A good
entrepreneur knows that planning is an effective skill only when combined with action.
o Possesses people skills: This is a very important skill needed to be successful in any kind of business. People skills refer to
effective and efficient communication and establishing good relationship to the people working in and out of your business. In
day-to-day business transactions, you need to deal with people. A well-developed interpersonal skill can make a huge difference
between success and failure of the business.
o Sound decision maker: Successful entrepreneurs have the ability to think quickly and to make wise decisions towards a
pre-determined set of objectives. No one can deny that the ability to make wise decisions is an important skill that an
entrepreneur should possess. Sound decisions should be based on given facts and information and lead towards the pre-
determined objectives.

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