Assignment and Answer #3

Explain what Personal Entrepreneural Competencies (PEC's) are. List down the different PEC's.




Personal Entrepreneural Competencies (PEC's) are the businessperson greatly depends on a certain set of characteristics.


1. Vigilance for Opportunities 
                 When an entrepreneur sees an opportunity for a business, he is quick to take it.Entrepreneurship is a competitive field , and he is always on the lookout for chances yo improve his position.


2.Commitment to Work Contract
                 An entrepreneur always delivers his promise promptly. He values his reputation for dependability and will do everything not to back out on a commitment.


3. Persistence 
                  An entrepreneur doesn't let setbacks lead to failure. He is so committed to his goal that he finds way to overcome obstacles and accomplish his tasks he set for himself.


4.Willingness to take Risks 
                 An entrepreneur knows that business involves taking risks. It is when one take his chances with a new venture that better products and services are discovered.
                
5.Demand for Efficiency and Quality 
                 A true entrepreneur doesn't settle for anything but the best. He also insists that items of excellent quality be done at the soonest time possible. This increases his productivity and sets him apart from the competition.


6.Goal Setting 
                Setting goal gives the entrepreneur a purpose. It inspires him to make definite plans and to follow those plans with concrete actions.


7.Information Seeking 
                An entrepreneur is always searching for new information related to his business. He uses these information to improve his services, satisfy his customers and be ahead of his competitors.


8.Systematic Planning and Monitoring 
                The success of an entrepreneur relies greatly on his ability to make detailed plans before starting out on a new venture. He couples this with careful evaluation to be aware of his progress every step of the way.


9.Persuasion and Networking 
                 An entrepreneur with a good product of services to offer is able to promote it convincingly. In addition, satisfied customers will help him promote the business through word of mouth.


10.Self Confidence
                 An entrepreneur shows confidence in his business because he has done and doing his best to give his clients the best value for their patronage.


Source : Book