PEC3: SYSTEMATIC PLANNING AND

MONITORING
• An entrepreneur plans for whatever he/she expects in
the business.
• He/she does not leave things to luck.
• He/she plans by breaking large tasks down into small
once and puts time limits against them.
• Since and entrepreneur knows what to expect at
anytime he/she is able to change plans and strategies to
achieve what he/she aims at.
“ A clear vision, backed by definite plans, gives you a tremendous
feeling of confidence and personal power.”
– Brian Tracy
•  Successful entrepreneur is always an effective manager. To
be an effective manager you have to be a systematic planner.
This is one of the important competencies required for a
successful entrepreneurial career.
• There are only 24 hours in a day, 7 days in a week, 52 weeks in a year and a
limited number of years in your career.
• You cannot produce time, unless you are careful, it just keeps slipping away.
Similarly, as a successful entrepreneur you have to be a good problem solver,
and you should solve problems in a systematic manner.
• You should always be aware of the fact that time is precious and so without
wasting times in trials and errors you will have to follow a logical step-by-step
approach to problems.
• This is why a systematic approach to getting things done becomes a pre-
requisite for a successful entrepreneurial career.
• Planning bridges the gap between where you stand and what you want to
achieve. It helps you to turn into possibility which otherwise may not have been.
• It is important to understand that their can be some defect in your best-laid-
plans. But identifying and correcting that defect is the most crucial part.
• Successful entrepreneurs never leave events to chance. They believe in their
ability and efforts. Thus, systematic planning is an intellectually demanding
process which requires a conscious determination of a course of action and
decision.
Ways to exercise systematic planning and monitoring
1. Learn from mistake
2. Constantly review performance: Revise your plan based on feedback on your
performance and changing circumstance
3. Concentrate on present situation
4. Keeps financial records and used for decision making
PEC4: TAKING CALCULATED RISK
A calculated risk is a carefully considered decision that exposes a
person to a degree of personal and financial risk that is
counterbalanced by a reasonable possibility of benefit.
 As a business owner, you have to be willing to take risks.
 Since all risk is not equal, you have to take some time and make some
careful decisions regarding which risks present the highest reward for
the effort.
 How an entrepreneurs behave?
 Establishes objectives with moderate failure risk level, maintaining a certain
degree of emotion and uncertainty – but not too much;
 Takes full responsibility for the outcomes of what one does and doesn’t blame
luck or other external circumstances for the results.
 Don’t like gambling, but compete in situations where you feel you are
responsible for the results, and not a horse or dice,
 Your main interest must relies on the task, not on money, because money itself
is unlikely to make a big difference in how an entrepreneur performs. To
successful entrepreneurs money is only an indicator of success.
How you exercise to develop this behaviour?

Deliberately calculates risks and evaluates alternatives

Takes action to reduce risks and/or control outcomes

Places oneself in situations involving a challenge or

moderate risk
PEC5: INFORMATION SEEKING
 Information seeking is an activity or process of trying to get
information in both human and technological contexts. 
 This is to look for any information that is required in order to
make decisions.
 One of the characteristics of successful entrepreneurs is
being hungry for knowledge.
• You have to get new skills, knowledge and information to
succeed in business.
• It doesn’t matter whether you are educated or uneducated.
• Although you may not have gone far in studies, you can
benefit significantly from the quality of being an information
seeker in what you do.
 WAYS TO DEVELOP THE BEHAVIOR?
 Personally to seek and obtain information regarding suppliers,
customers, competitors that enable you to make decisions
and improve knowledge on your business.
 Consult experts on how to do a business
 Conduct a research on how to do a business
PEC6: Persistence
• One common belief amongst business owners is that success is often
the result of being in the right place at the right time. But here’s the
thing: It’s not that simple. You can’t expect to appear on the scene and
step into a big puddle of success. Success isn’t a one-shot deal. In fact,
it can take 10 years to become an “overnight success.” Persistence can
play a part in becoming successful. You have to show up and keep on
showing up until you make it
 WAYS TO DEVELOP THE BEHAVIOR?
 Act repeatedly or switches to an alternative strategies to achieve
own goal
 Acts repeatedly or switches to alternative
strategies to meet a challenge or overcome an
obstacle
• Makes a personal sacrifice or extraordinary effort
to complete a job
PEC7: Commitment
 Commitment is about doing something when you don’t
know the plan and having the courage to go through the
unknowns.
• It can be difficult and scary at times, but when we branch
out on our own as entrepreneurs, we need to fully
commit ourselves to our business and our mission.
• It’s the one thing that will keep us going through all the
tough times we will inevitably face.
Ways to exercise Commitment as entrepreneur
 Take personal responsibility when facing
significant challenges or obstacles to achieve
own goal
 Strives to keep customers satisfied and places
long-term good will above short-term gain