PEC1.ppt
- 2. 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
- 3. Question What do you want to be in the future?
- 4. 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
- 5. Entrepreneur People who have the ability to analyze and evaluate business opportunities
- 6. The Entrepreneurial Personality: Classic entrepreneur: Bill Gates, Sam Walton Loner, socially isolated Hard worker Fast learner Risk-taker seeking wealth
- 7. 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.
- 8. 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
- 9. 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
- 10. 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
- 11. 3 Clusters Achievement Planning Power
- 12. 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
- 13. 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
- 14. Planning Cluster 1. Goal Setting –sets clear long term goals 2. 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
- 15. 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
- 16. Assignment Short bond Give one successful entrepreneur in the Philippines Search for his/her profile Give details of his/her achievements
- 18. 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.
- 19. 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
- 20. 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
- 21. 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.
- 22. What makes an entrepreneur run a successful business? Is it -SKILL? EFFORT? LUCK? Entrepreneurial success = behaviours (effort+skill+luck) PEOPLE CREATE OUTSTANDING PERFORMANCE through Going beyond the norm Teamwork CREATIVITY - INFLUENCING -PERSISTANCE -RESULTS