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Competencies Required: of An Effective Entreprenuer
Competencies Required: of An Effective Entreprenuer
of an Effective Entreprenuer
PERSONAL ENTREPRENEURIAL
CHARACTERISTICS (PECs) has three
cluster:
1. ACHIEVEMENT CLUSTER
Opportunity Seeking
- sees and acts on new
business opportunities
Persistence
-a persistence individual takes
repeated or different actions to overcome
obstacles to his/her goals
- stick to his judgment in the face
of opposition or early lack of success
- makes personal sacrifices
Commitment to the Work
Contract
- should accept full responsibility
- pitch in for others to finish the job
- express concern towards the customer
2. PLANNING CLUSTER
Goal setting
- should always have clear and
specific objective –- a long-term and
short term objective --
- they are guided by the word
SMART (specific, measurable,
attainable, realistic and time-bound)
Information Seeking
- entrepreneurs do not stop seeking
information for their businesses for
improvement of the company
- information-seeking on
clients, supplies, and competitors
Systematic Planning &
Monitoring
- developing & using logical, step by step
plans, evaluate, monitor progress & switch
to alternative strategies
2. Managerial problems
- lack of management skills of the entrepreneur
- should think well before giving instructions
to avoid poor management
3. Marketing problems
- some of these are problems with
competitors, taxes & advertising costs
4. Over-regulation & taxes
- amount of income for reinvestment is
reduced by corporate income taxes
5. Problems relating to facilities
- production & sales are solved by problems of
power supply, transportation & communication
Creativity & Innovation in
solving practical problems
faced by Entrepreneurs
Human mind
- considered as the most outstanding
machine because it creates & innovates
Creativity
- ability to develop an original idea
Innovation
- introducing a new idea or method in
an already existing product or concept as a
way of enhancing & improving it
The following qualities are possessed by
a creative & innovative entrepreneur:
results-oriented
aware of people’s needs
involve others in decision-making
risk-taker
is not satisfied with the usual way of doing
things
questions & innovates business practices
LESSON 5 – Management as an
important factor in
Entrepreneurial Activity
MANAGEMENT