4b lesson Flashcards
is a tendency of a person to organize his own business and to run it profitably, using all the qualities of leadership, decision making and managerial skills
entrepreneurship
is a key person to initiate any change, opportunity finder who sees a need, one who innovates and creates new products
or services and the one who is driven by a strong desire to be successful and is highly motivated to excel
entrepreneur
TRUE OR FALSE
today’s Entrepreneur includes men and women who are OLDER compared to their traditional counterpart. They are highly educated, know their business and its operation, and possess managerial and
technical knowledge
FALSE, it includes younger men and women
TRUE OR FALSE
Compared to the entrepreneurs of the past, they are proficient in technology, and they value innovation and creativity.
TRUE
what is PEC?
Personal Entrepreneurial Competencies
refers to the totality of the personality,
knowledge, and other skills that a person
must possess to effectively perform his/her functions and responsibilities as an
entrepreneur
Personal Entrepreneurial Competencies (PEC)
refers to the entirety of a man’s inherent
and acquired characteristics, temperament, disposition, and attitude towards self and others
personality
refers to the distinguishing traits or
qualities that make an entrepreneur a
successful and extraordinary person
entrepreneurial characteristics
recite the three entrepreneurial characteristics clusters
achievement cluster
planning cluster
power cluster
5 achievement clusters
opportunity seeking
commitment
persistence
risk-taking
demand for efficiency and quality
the ability of an entrepreneur to seize a business opportunity even in situations where other people see nothing but problems
opportunity seeking
the ability to accept responsibility to complete a job for a customer, thus creating a strong impact on customer loyalty
commitment
the determination to finish a job at any cost, even in terms of personal sacrifice.
persistence
ready to expect the unexpected because he/she is aware of the risks that go with the business.
risk-taking
refers to getting things efficiently and effectively. It also involves doing things that meet the expected standards of excellence
demand for efficiency and quality
3 planning clusters
goal setting
information seeking
systematic planning and monitoring
have a clear vision of the future, and from this vision, they set clear, realistic and attainable goals and objectives.
goal setting
using information to make informed decisions and improve their knowledge of the business
information seeking
makes a careful and orderly plan of his/her
business activities and continuously monitors the actual performance of the business
systematic planning and monitoring
2 power clusters
persuasion and networking
self-confidence
ability to establish linkages with significant people and convince and influence others, especially customers
persuasion and networking
having a strong belief in oneself to complete a task or meet the challenges of the business. Knowing one’s strength and weaknesses
self-confidence
