1. Evaluation of different entrepreneural characteristics under PECS and example of application in other areas of life.
a. Vigilance for Opportunities
> An entrepreneur is quickly to take the chance when he sees business opportunity.
> Example: Mitch is a bank teller. She sells beauty products as an extra income. Being frontliner of the bank, she grabs the oppurtunity to talk to the bank depositors to promote her products . Thus the result the depositors buy products from her. She meets her goal of having an extra income.
b. Commitment to Work Contract
> An entrepreneur always deliver his promise promptly and values his reputation for dependability.
> Example: Mitch has a fever. There is no available reliever to relieve her position as bank teller.Even if she is sick, she go to bank to do her job as tellering. The manager knew about it. In the end, the manager was very thankful to Mitch for her sacrifice and for committing herself to work.
c. Persistence
> An entrepreneur doesn't let setbacks lead to failure and always find ways to overcome obstacles.
> Example: Mitch knows that doing her job while she is sick most likely she might commit errors. So she take her medicine to set her free from fever. She sees to it that even if she got sick she can do her job well just to serve and satisfy the bank clients.
d. Willingness to Take the Risks
> An entrepreneur knows that business has risks. He must take the risks when trying new venture for the betterness of the product or service.
> Example: Mitch take the risks that she might be hospitalized
and commit errors just to serve the client. In the end, the depositors were not disappointed to her performance while doing her job and the client were satisfied.
e. Demand for Efficiency and Quality
> A true entrepreneur should always demand for efficieny and quality of his product or service that will lead him in the business competition.
> Example: When Mitch do her job as tellering, she makes sure she do her job right, accurate at the fastest time possible for the satisfaction of the depositors.
f. Goal Setting
> An entrepreneur's main goal is to make profit and for self-fulfillment, he must make plans and follow those plans with concrete action to accomplished his goal.
> Example: Mitch goal is to promote and sell her products while doing tellering to have an extra income. She plans how will she do it. Her strategy after posting the transaction of the depositor she sees to it that she will promote her products even if in just 3 minutes. In the end, the depositors were convince to buy the produts from her.
g. Information Seeking
> An entrepreneur must be resourceful and always seek information for the improvement of his product or service to meet the satisfaction of customers and be ahead among competitors.
> Example: In the bank where Mitch working, the owner seeks information on how to improve the product service offered, on how to satisfy the customers, and be ahead among other banks. The owner decided to add product service of solicitation of deposits from busy clients with no time to go to the bank to save their money. So the bank hired Solicitors to perform the job. It is another marketing strategy to attract busy clients.
h. Systematic Planning and Monitoring
> An entrepreneur has the ability to make detailed plans before starting out on a new venture.
> Example: Before they decided to render a service of soliciting deposits. They did systematic planning like the amount of expenses in soliciting deposits, the risks of solicitor in hold-up. They take into consideration of these plans.
i. Persuasion and Networking
> When an entrepreneur meet the satisfaction of the customer, the customer himself will promote the good product or the service offered.
> Example: Mitch being frontliner, promotes the bank by means of rendering best service to the client.She greets the client with smile upon entering the bank. She always help the client. And always say "thank you" to the client upon leaving the bank. Because of this, it is a good feedback coming from the client that Mitch is very accomodating. The depositors were likely tell others about the service rendered by Mitch. It is one way of attracting clients to open an account to the bank.
j. Self-Confidence
> An entrepreneur believed in his skills and his potential in running a business. He knows he is doing his best to give his clients the best value for their patronage.
> Example: Mitch believe that she do her job as bank teller well. She satisfy the customer by her service rendered. And she believes on herself that she can sell more products to earn more income.
2. Explain how having the Personal Entrepreneurial Competencies can help you become a successful entrepreneur.
Having the PECs can help me become a successful entrepreneur because with PECs will help an entrepreneur to have a positive outcome in business and meet goals of making profit, customer's satisfaction and self fulfillment.
d. Willingness to Take the Risks
> An entrepreneur knows that business has risks. He must take the risks when trying new venture for the betterness of the product or service.
> Example: Mitch take the risks that she might be hospitalized
and commit errors just to serve the client. In the end, the depositors were not disappointed to her performance while doing her job and the client were satisfied.
e. Demand for Efficiency and Quality
> A true entrepreneur should always demand for efficieny and quality of his product or service that will lead him in the business competition.
> Example: When Mitch do her job as tellering, she makes sure she do her job right, accurate at the fastest time possible for the satisfaction of the depositors.
f. Goal Setting
> An entrepreneur's main goal is to make profit and for self-fulfillment, he must make plans and follow those plans with concrete action to accomplished his goal.
> Example: Mitch goal is to promote and sell her products while doing tellering to have an extra income. She plans how will she do it. Her strategy after posting the transaction of the depositor she sees to it that she will promote her products even if in just 3 minutes. In the end, the depositors were convince to buy the produts from her.
g. Information Seeking
> An entrepreneur must be resourceful and always seek information for the improvement of his product or service to meet the satisfaction of customers and be ahead among competitors.
> Example: In the bank where Mitch working, the owner seeks information on how to improve the product service offered, on how to satisfy the customers, and be ahead among other banks. The owner decided to add product service of solicitation of deposits from busy clients with no time to go to the bank to save their money. So the bank hired Solicitors to perform the job. It is another marketing strategy to attract busy clients.
h. Systematic Planning and Monitoring
> An entrepreneur has the ability to make detailed plans before starting out on a new venture.
> Example: Before they decided to render a service of soliciting deposits. They did systematic planning like the amount of expenses in soliciting deposits, the risks of solicitor in hold-up. They take into consideration of these plans.
i. Persuasion and Networking
> When an entrepreneur meet the satisfaction of the customer, the customer himself will promote the good product or the service offered.
> Example: Mitch being frontliner, promotes the bank by means of rendering best service to the client.She greets the client with smile upon entering the bank. She always help the client. And always say "thank you" to the client upon leaving the bank. Because of this, it is a good feedback coming from the client that Mitch is very accomodating. The depositors were likely tell others about the service rendered by Mitch. It is one way of attracting clients to open an account to the bank.
j. Self-Confidence
> An entrepreneur believed in his skills and his potential in running a business. He knows he is doing his best to give his clients the best value for their patronage.
> Example: Mitch believe that she do her job as bank teller well. She satisfy the customer by her service rendered. And she believes on herself that she can sell more products to earn more income.
2. Explain how having the Personal Entrepreneurial Competencies can help you become a successful entrepreneur.
Having the PECs can help me become a successful entrepreneur because with PECs will help an entrepreneur to have a positive outcome in business and meet goals of making profit, customer's satisfaction and self fulfillment.
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