Introduction

Entrepreneurship is a process of innovation and new

venture creation. Through four major dimensions –
individual, organization, environment, process – and aided
by collaborative networks in government, education and
institution. All of the macro and micro positions of
entrepreneurial thought must be considered in recognizing
and seizing opportunities that can be converted into
marketable ideas capable of competing for implementation
in today’s economy (Kuratko and Hodgetts, 1989).
Introduction

In more simple terms, entrepreneurship is both an art

and science of converting ideas into marketable goods
and services to improve man’s quality of life. It involves
the systematic organization/utilization of materials,
machine, money and man in the accumulation of more
wealth.
Introduction

Entrepreneurs are people who have the ability to see

and evaluate business opportunities, to gather the
necessary resources and take advantage of them and to
evaluate appropriate action to ensure success
(Meredith et al., 1987).

Entrepreneurs are people who innovate (Schumpeter,

1934), who allocate and manage the factors of
production and bear risks (Marshall, 1920)
Introduction

Entrepreneurs are people who have the ability to

perceive latent economic opportunities (Cole, 1959),
who conceive the ideas of business design, the
organization of the firm, accumulate capital, recruit
labor, establish relations with suppliers, customers and
the government and convert the conception into a
functional organization (Hagen, 1968).
Introduction

The entrepreneur is a catalyst for economic change,

who uses purposeful searching, careful planning and
sound judgement in carrying out the entrepreneurial
process.

Uniquely optimistic and committed, the entrepreneur

works creatively to establish new resources or endow
the old with a new capacity all for the purpose of
creating wealth (Kuratko and Hodgetts, 1989).
Introduction

All the definitions of various authors of entrepreneur sum

up to what is known as

“PERSONAL ENTREPRENEURIAL COMPETENCIES”

put together and developed by McBear and Co. (1986)

and still being studied by various researchers all over
the world. They are grouped into three clusters.
 PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs)

ACHIEVEMENT PLANNING POWER

OPPORTUNITY PERSUATION AND

GOAL SETTING NETWORKING
SEEKING
INFORMATION
PERSISTENCE SELF - CONFIDENCE
SEEKING
SYSTEMATIC
COMMITMENT TO THE
PLANNING AND
WORK CONTRACT
MONITORING

RISK TAKING

DEMAND FOR
EFFICIENCY AND
QUALITY
 The Achievement Cluster

The word achievement refers to becoming successful in

attaining a desired end or aim.
 The Achievement Cluster
Opportunity seeking:
 The Achievement Cluster

Opportunity seeking:

The entrepreneur is always after unique opportunities

to answer both the needs and wants of the consumers.

Every problem is regarded not as a hindrance to

success but an opportunity to exercise one’s creativity
by looking for appropriate solutions.
 The Achievement Cluster

Persistence:
 The Achievement Cluster

Persistence:

He/she does not give up easily but always possesses a

very energetic and positive stance toward every
consequence or problem that may come along the
way.
 The Achievement Cluster
Commitment to the work contract:
 The Achievement Cluster

Risk Taking:
 The Achievement Cluster
Risk Taking:

Risk is a state of the mind (Velasco, 1991) and

therefore risk taking is not only limited to the
economic aspect nut also a psychological
dimension.

However, an entrepreneur takes moderate risk

after advantages and disadvantages are carefully
weighted and would go for situations that involve
moderate risks.
 The Achievement Cluster

Demand for efficiency and quality:

The entrepreneur acts to do things that meet or even exceeds

existing standards of excellence and also improves on past
performances, strives to do things better, faster and cheaper.

He/she is not satisfied with just a good performance but

strives hard to endow all goods and services the best quality
possible.
 The Planning Cluster

Planning refers to the establishment

of objectives, policies and procedures
geared towards the full realization of
end goals.
 The Planning Cluster

Goal setting:
 The Planning Cluster
Information seeking:
 The Planning Cluster

Systematic planning and monitoring:

The entrepreneur develops and applies logical step-

by-step plans to realize goals, assess alternatives,
monitor progress, and shift to other alternative
strategies if necessary to be able to achieve set
goals.
 The Power Cluster

Power is defined as the possession of

control, authority or influence over others.
 The Power Cluster
Persuasion and networking:
 The Power Cluster
Self – confidence: