You are on page 1of 7

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.

Entrepreneurial Competencies
McClelland and McBer (1985)
1. Initiative
The entrepreneur should be able to take actions
that go beyond his job requirements and to act
faster. He is always ahead of others and able to
become a leader in the field of business.
Examples
Does things before being asked or compelled by
the situation.
Acts to extend the business into new areas,
products or services
2. Sees and acts on opportunities
An entrepreneur always looks for and takes
action on opportunities.
Examples
Sees and acts on new business opportunities
Seizes unusual opportunities to obtain financing,
equipment, land, work space or assistance
3. Persistence
An entrepreneur is able to make repeated
efforts or to take different actions to overcome
an obstacle that get in the way of reaching
goals.
Examples
Takes repeated or different actions to overcome
an obstacle
Takes action in the face of a significant obstacle
4. Information Seeking
An entrepreneur is able to take action on how to
seek information to help achieve business
objectives or clarify business problems.
Examples
Does personal research on how to provide a
product or service
Consults experts or experienced persons to get
relevant information
Seeks information or asks questions to clarify a
client's or a supplier's need
Personally undertakes market research, analysis
or investigation
Uses contacts or information networks to obtain
useful information
5. Concern for High Quality of Work
An entrepreneur acts to do things that meet
certain standards of excellence which gives him
greater satisfaction.
Examples
States a desire to produce or sell a top or better
quality product or service
Compares own work or own company's work
favorably to that of others
6. Commitment to Work Contract
An entrepreneur places the highest priority on
getting a job completed.
Examples
Makes personal sacrifice or expends
extraordinary effort to complete a job
Accepts full responsibility for problems in
completing a job for customers
Pitches in with workers or works in their place to
get the job done
Expresses a concern for satisfying the customer
7. Efficiency Orientation
A successful entrepreneur always finds ways to
do things faster or with fewer resources or at a
lower cost.
Examples
Looks for or finds ways to do things faster or at
less cost
Uses information or business tools to improve
efficiency
Expresses concern about costs vs. benefits of
some improvement, change, or course of action
8. Systematic Planning
An entrepreneur develops and uses logical,
step-by-step plans to reach goals.
Examples
Plans by breaking a large task down into sub-
tasks
Develops plans that anticipate obstacles
Evaluate alternatives
Takes a logical and systematic approach to
activities
9. Problem Solving
Successful entrepreneur identifies new and
potentially unique ideas to achieve his goals.

Example
Switches to an alternative strategy to reach a
goal
Generates new ideas or innovative solutions
10. Self-Confidence
A successful entrepreneur has a strong belief in
self and own abilities.
Examples
Expresses confidence in own ability to complete
a task or meet a challenge
Sticks with own judgment in the face of
opposition or early lack of success
11. Assertiveness
An entrepreneur confronts problems and issues
with others directly.
Examples
Confronts problems with others directly
Tells others what they have to do
Reprimands or disciplines those failing to
perform as expected
12. Persuasion
An entrepreneur can successfully persuade or
influence others for mobilizing resources,
obtaining inputs, organizing productions and
selling his products or services.
Examples
Convinces someone to buy a product or service
Convinces someone to provide financing
Convinces someone to do something else that
he would like that person to do
Asserts own competence, reliability, or other
personal or company qualities
Asserts strong confidence in own company's
products or services
13. Use of Influence Strategies
An entrepreneur is able to make use of
influential people to reach his business goals.
Examples
Acts to develop business contracts
Uses influential people as agents to accomplish
own objectives
Selectively limits the information given to others
Uses a strategy to influence or persuade others





10 Characteristics of
an Entrepreneur
An entrepreneur is a person who uses their
creativeness and innovation to organize
ideas before effectively managing the start
of a business and eventually running the
business in order to monetize their ideas.
So that's the definition of an entrepreneur,
what makes up the characteristics of an
entrepreneur?
What is it about these people who come up
with all these ideas and make you look bad
by eventually making more money then you
ever will at your regular job? (No offense!)
In the case of Bill Gates (Microsoft), Steve
Jobs (Apple), Mark Zuckerburg (Facebook),
Evan Williams and Biz Stone (Twitter), they
were all college dropouts! So a high quality
education isn't absolutely necessary to be a
successful entrepreneur - so what is it about
these people that made them them think that
there are bigger and better things out there
than the almighty diplomas and benefits of a
job?

Here are the 10 characteristics of most entrepreneurs:
You are driven by motivation and ambition
Highly disciplined
Leadership, planning, and management skills
You are proactive and take initiative
Learn from your mistakes and the mistakes of others
Realize that success is the only option
Willing to exploit new opportunities
Knowledgeable of the subject matter and willing to learn more
You prefer the excitement of risk
You are committed no matter the obstacles
I believe we can all be creative and innovative - the default
characteristics of an entrepreneur I believe we all share. We are
all different whether it be in our knowledge, intellect, situation, or
skill level, but those differences are where we derive our creative
and innovative ideas from. If we are not all different, we would all
have the same ideas and be doing the same thing.
The Toilet Paper Entrepreneur: The tell-it-like-it-is guide to
cleaning up in business, even if you are at the end of your roll.

The Accidental Entrepreneur: The 50 Things I Wish Someone Had
Told Me About Starting a Business
Ideas for Starting a Business may come accidentally, find out how
you can take advantage!
We all have the ability to learn. If you lack some of the
characteristics of an entrepreneur, or anything in general for
that matter, there are always ways to acquire them. For
example, if you do not have management skills you can
always take a management class or ask for more managerial
duties at your regular job. Or, if you generally don't like
taking risks, learn about what makes it risky and find more
information on it. The more you know, the more you can
manage the risk. It's all about your determination and how
much effort you put in.
Eventually, an entrepreneur must also start up the business
and run it. They will have a lot of work and responsibility and
bumps along the way, but the sweet taste of success is
much stronger than any potential roadblocks. You need to
have an entrepreneurial spirit that burns with passion for
success from the start of an idea to the establishment of the
business.
Entrepreneurs also share an emotional trait - optimism.
Being negative and pessimistic about things just does not
get you anywhere.

Lifestyle Entrepreneur: What is the definition?
The definition of a lifestyle entrepreneur is a
business owner who prioritizes lifestyle
benefits over profits.
Lifestyle entrepreneurs are known for
organizing their work and business activities
around their own lifestyle goals.These goals
often including flexible hours, fulfilling work,
spending time with family and friends, hobbies,
charity work, or creative pursuits.
Making money is still important to lifestyle
entrepreneurs (because they are still business
professionals) but "enough" money is often
more important than the more traditional
capitalist pursuit of wealth.
How do Lifestyle Entrepreneurs differ?
Lifestyle entrepreneurs differ from most start-
up founders or executives because they
deliberately balance their work and their play to
create lifestyle businesses that support their
favorite activities while also making money.

Pleasing their venture capital investors or
shareholders takes a back seat to doing the
work they were born to do, and having a good
time doing it.

An individual that creates a business with the purpose of
altering their personal lifestyle and not for the sole
purpose of making profits. A lifestyle entrepreneur
focuses more on the life rewards provided to people that
enjoy and have a passion for what they are doing. There
is a possibility that the business will do particularity well
since the individual has a passion for what he/she is
doing.

Read
more: http://www.businessdictionary.com/definition/life
style-entrepreneur.html#ixzz3GTgxVZ5q

What are regarded as entrepreneurial skills?
A wide range of competences are seen as entrepreneurial and
useful to entrepreneurs, these include knowledge, skills and
personal traits:
Management skills the ability to manage time and people (both
oneself and others) successfully
Communication skills (e.g. the ability to sell ideas and persuade
others)
The ability to work both as part of a team and independently
Able to plan, coordinate and organise effectively
Financial literacy
Able to research effectively (e.g. available markets, suppliers,
customers and the competition)
Self-motivated and disciplined
Adaptable
An Innovative and creative thinker
The ability to multi-task
Able to take responsibility and make decisions
The ability to work under pressure
Perseverance
Competitiveness
Willingness to take risks (or at least not risk averse)
Ability to network and make contacts
Many, if not all of these skills and traits are also useful to
intrapreneurs, those who are entrepreneurial within an existing
organisation (internal entrepreneurs). These skills and traits
would also benefit all employees within a business and so are
useful for graduates to have. Many of these skills, for example,
communication skills and the ability to work as part of a team, are
already promoted within existing degrees.
In addition to those more general skills listed above, other more
specific or business related skills, will be of use to entrepreneurs,
these may include:
being able to draw up a business plan for a new venture
being able to market and sell a new product or idea
financial skills, such as book-keeping and calculating tax
awareness of intellectual property and possibly patent law
For a fuller study of competences required for entrepreneurship
and intrapreneurship see An integrated model of
Entrepreneurship and Intrapreneurship
But, surely bioscientists don't have to be entreprenurial?

And thats just the point. We focus on teaching 20 skills
needed by all entrepreneurs to become valuable
contributors to the success of their companies. These
skills, that we call the KEEN Student Outcomes (KSOs), are
being nurtured in all of our students. We believe all
entrepreneurs should be able to:
1. Exercise curiosity about the surrounding world.
2. Define problems, opportunities, and solutions in terms
of value creation.
3. Assess and manage risk.
4. Persist through and learn from failure.
5. Demonstrate resourcefulness.
6. Anticipate technical developments by interpreting
surrounding societal and economic trends.
7. Identify new business opportunities.
8. Apply creative thinking to ambiguous problems.
9. Apply systems thinking to complex problems.
10. Examine technical feasibility, economic drivers, societal
and individual needs.
11. Act upon analysis.
12. Collaborate in team settings.
13. Understand the motivations and perspectives of
stakeholders.
14. Communicate technology solutions in economic terms.
15. Substantiate claims with data and facts.
16. Pursue personal fulfillment as a member of a
profession that creates value.
17. Identify personal passions and develop a plan for
professional development.
18. Fulfill commitments in a timely manner.
19. Discern and pursue ethical practices.
20. Contribute to society as an active citizen.
Individually none of the skills listed above are remarkable,
but if you master all of them, you will be a positive force
within your company whether it is a startup or a blue chip.
Undoubtedly, startups are cool and the economy needs
them. If you have that fire inside you, dont let the
statistics stop you from trying. You may very well be in the
right place at the right time with just the right idea.
However, your odds of being a success in any venture you
choose are greatly improved if you develop an
entrepreneurial mindset.


Read more: http://www.businessinsider.com/skills-of-
successful-entrepreneurs-2014-1#ixzz3GTkEqhvw

Entrepreneurship is a popular goal these days,
for everyone from Gen Y college grads to mid-
career workers looking for a change. But not
everyone knows what entrepreneurship really
meansor whether theyre really cut out for it.
While the notion of working for yourself
might appeal to you, it doesnt necessarily
mean youve got what it takes to make it in the
stressful and challenging world of
entrepreneurship. If being your own boss is on
your bucket list, take a look first at these five
traits of successful entrepreneurs. If they
remind you of you, then youre on the right
track!
1. Passion
If you dont have passion for whatever it is
youre thinking of doing, count yourself out
right now. Entrepreneurship is not a path for
the lukewarm. Its too full of ups and downs and
setbacks and challenges for anyone who isnt
all in to make a successful go of it.
If your passion lies solely in making lots of
money, Id also encourage you to try
something else. There are plenty of less-risky
ventures, from franchise ownership to investing
in the stock market, that will require much less
blood, sweat, and tears on your part and that
have a more proven record of return on
investment. Entrepreneurship is a labor of love,
and you dont have the love, you wont go very
far.
2. Drive
Passion and drive are not one and the same.
Plenty of people have hobbies theyre
passionate about, but that doesnt mean
theyre ready to make a full-time business of
them.
Drive is defined as an innate urge to attain a
goal or satisfy a need. If you love baking but
only do it when you feel like it, you may be
passionate, but youve only got a hobby. If
youre determined to become the boutique
bakery in your city and have your name listed
on Yelp, and you wont rest till you get there,
youve got drive.
Drive is absolutely essential for making a go of
whatever business youre thinking of pursuing.
It will help you conquer obstacles, get through
long hours and setbacks, and keep moving and
improving your products and services.
3. Self-Discipline
Contrary to popular daydreams, being your own
boss does not equal sleeping in till noon and
taking endless vacation daysat least not if you
want to run a business that has any chance of
success.
When youre the only one peering over your
shoulder, you need to be able to keep yourself
on task in the face of distractions, challenges,
and the tempting knowledge that
you can technically do whatever you want,
whenever you want, without getting in any
immediate trouble. You have to be able to look
at the big picture and realize that cutting
corners now will only hurt you down the road.
4. Flexibility
Entrepreneurs wear many hats. They are
accountants, marketers, PR reps, customer
service agents, project managers, and more.
You need to be willing to dive into all aspects of
your business, from the creative to the
mundane, in order to create something with
traction.
You also have to be willing to learn on the go, as
you will never fully be ready to run a business,
and there will always be new developments and
challenges to assimilate and overcome. If youre
not prepared to be a lifelong learner,
entrepreneurship may not be for you.
5. A Healthy Dose of Pragmatism
Entrepreneurs are interesting creatures. On the
one hand, they often find themselves pursuing
goals that seem lofty and unrealistic to those
around themwhy not just stay with a
traditional employer and have a steady
paycheck with benefits? On the other hand,
they also need to be fully grounded. As much as
you believe in your gourmet cupcakes, if
customers are telling you a couple of your
favorite flavors dont do it for them, you need
to be willing to let them go.
Successful entrepreneurs know how to walk the
line between stubborn self-confidence and
humble realism. Theyre willing to believe in
their dreams and pursue them with everything
they have, but theyre also willing to change
course, pivot, and tweak their plans to align
with their circumstances. If you veer too far in
one direction or the other, you may not be able
to perform the balancing act.
Are you an entrepreneur currently running
your own business? What other traits would
you tell wannabe entrepreneurs are absolutely
essential?

Read more:
http://articles.bplans.com/5-key-traits-of-successful-
entrepreneurs/#ixzz3GTlPOrv5


I spoke to several entrepreneurs about what qualities they think make a solid
self-starting and successful entrepreneur.

1. Motivation.
Successful business types are doers who make ideas happen. They are highly
motivated and have a burning desire to win.

Rakesh Agrwal, founder of SnapStream Media, created his business when he
needed a new product in his own life.

My co-founder and I had jobs that involved a lot of travel, and we wanted
to be able to watch our TV shows while we were on the road. That idea
morphed into PC software for recording television -- Beyond TV, explains
Agrwal.

2. Hard work.
Success does not come easy. You must persevere and be willing to
contribute a lot of blood, sweet and tears. Most entrepreneurs are naturally
hard workers; it is an innate quality that is apparent in all aspects of life.

One thing I have learned is the importance of consistently pursuing what
you believe in. So-called 'overnight' successes usually happen slowly over
time, with a fair bit of trial and error, says Agrwal. It is important to be
dynamic about what you do and be willing to change courses if that's the
right move.

3. Focused passion.
Entrepreneurs have passion that drives the blood, sweat and tears.

E. Frank Hodal, founder of Little Calumet Holdings, defines passion as the
ingredient that enables all the hours and hard work to make sense. He
elaborates that passion must also be accompanied by direction. The
entrepreneur must remain flexible lest the passion become delusion. The
I spoke to several entrepreneurs about what
qualities they think make a solid self-starting
and successful entrepreneur.

1. Motivation.
Successful business types are doers who
make ideas happen. They are highly
motivated and have a burning desire to win.

Rakesh Agrwal, founder of SnapStream
Media, created his business when he needed
a new product in his own life.

My co-founder and I had jobs that involved
a lot of travel, and we wanted to be able to
watch our TV shows while we were on the
road. That idea morphed into PC software
for recording television -- Beyond TV,
explains Agrwal.

2. Hard work.
Success does not come easy. You must
persevere and be willing to contribute a lot
of blood, sweet and tears. Most
entrepreneurs are naturally hard workers; it
is an innate quality that is apparent in all
aspects of life.

One thing I have learned is the importance
of consistently pursuing what you believe in.
So-called 'overnight' successes usually
happen slowly over time, with a fair bit of
trial and error, says Agrwal. It is
important to be dynamic about what you do
and be willing to change courses if that's the
right move.

3. Focused passion.
Entrepreneurs have passion that drives the
blood, sweat and tears.

E. Frank Hodal, founder of Little Calumet
Holdings, defines passion as the ingredient
that enables all the hours and hard work to
make sense. He elaborates that passion must
also be accompanied by direction. The
entrepreneur must remain flexible lest the
passion become delusion. The entrepreneur
will always be pulled in multiple directions.
Staying focused takes work and experience,
but it is crucial.

4. Nonconformity.
Entrepreneurs are independent souls who set
their own goals, avoid toeing the line, and
prefer not to work for others.

Entrepreneurs tend to be indefatigable,
relentless and have somehow inoculated
themselves against pessimists, naysayers
and obstacle placers, says Braxton Pope, a
Los Angeles based film producer. They
also know how to sell, be it a service, a
material good, or simply themselves."

5. Leadership.
Successful entrepreneurs are people who
battle through uncertainty and risk. He or
she understands the balance between
security and risk and pushes ahead without
compulsively taking a gamble with the
business.

Good leadership also requires careful
product and market knowledge and
selection, creative financing, good team
building, and superb planning.

The entrepreneur must be able to foresee
what the collective unconscious will crave
next and be able to work doggedly despite
other's lack of insight, says Edward Paige,
executive producer of Blank Paige
Productions. But those that are truly
successful know how to build a team and
channel each individual's unique talents
toward a single goal. Behind every great
entrepreneur is a team of talented people
that believed in him.

6. Street smarts.
Some of the best entrepreneurs do not have a
college education. Business leaders are
inherently shrewd decision makers who
know how to make the right moves. They
use common sense and instinct.

And no longer are the most successful
entrepreneurs white, middle-aged men. The
main requirement for a triumphant
entrepreneur is the ability to appeal to and
influence people, says Apar Kothari
Founder and CEO of MyNines. She is also
vibrant, dynamic, charismatic and most
importantly, so passionate that her
enthusiasm for the company is contagious!