2. Explain how having the Personal Entrepreneurial Competencies can help you become a successful entrepreneur.
1.
1. Vigilance for Opportunities
When an entrepreneur sees an opportunity for business, he is quick to take it. Entrepreneurship is a competitive field, and he is always on the lookout for chances to improve his position.
Example: Paolo and his classmates are required to do a lot of paperwork like summaries, book reports and term papers. All these need to be typewritten, forcing his classmates to rent computers. Because he has a computer, he offered to encode his classmates' papers for a fee.
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.
Example: He sometimes finds it hard to finish a typing job because he also has his own papers to work on. But Paolo does his best to finish the tasks that his classmates to entrust him. He therefore skips his leisure activities to deliver the task.
3. Persistence
An entrep. doesn't let setbacks lead to failure. He is committed to his goal that he finds ways to overcome obstacles and accomplish his tasks he set for himself.
Example: Because he is swamped with typing jobs, Paolo sometimes mixes up his classmates' papers and type the wrong items. Instead of losing patience and quitting, he revises his work until he gets things right.
4. Willingness to Take Risks
An entrep. knows that business involves taking risks. It is when one takes his chances with a new venture the better products and services are discovered.
Example: Soon, Paolo has saved enough money to buy a second computer. It was a lot of money for a first year student like him, but he knew he would profit from it by renting it out to his classmates.
5. Demand for efficiency and quality
A true entrep. 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.
ex.: Paolo practices accurate typing and improves his speed. He does this to make sure he is able to come up with the best results at the fastest time possible.
6. Goal Setting
Setting goals gives the entrepreneur a sense of purpose. It inspires him to make definite plans and to follow those plans with concrete action.
Example: Soon, many of Paolo's classmates frequent his house to take renting his computer. He then resolved to use all his profits to buy two more secondhand computers in the next two months.
7. Information Seeking
An entrep. is always searching for new information related to his business. He uses this information to improve his services, satisfy his customers, and be ahead of his competitors.
Example: His classmates starts asking him to apply for an internet connection so they won't have rent outside to do their research. He made inquiries about the best Internet service provider in his area and the most ideal package for his purposes.
8. Systematic Planning and Monitoring
The success of an entrep. relies greatly on his ability to make detailed plans before starting out a new venture. He couples this with careful evaluation to be aware of his progress every step of the way.
Example: Having acquired two more computers , he carefully planned on the additional software to install in the units so that the software will not slow down. He also installed a program that automatically records computer use.
9. Persuasion and Networking
An entrep. with a good product or service to offer is able to promote it convincingly. In addition, satisfied customers will help him promote the business through word of mouth.
Example: After installing the necessary applications, he convinced his classmates that they will have access to all the software they will need to do their assignments. He was also able to convince them to pass the news around about his superior services.
10. Self Confidence
An entrep. shows confidence in his business he knows he has done and is doing his best to give his clients the best value for their patronage.
ex. Although there are bigger computer shops around, Paolo's classmates still prefer to use his computers. This is because he shows total belief in the advantages of his services over more expensive and impersonal shops.
2.To be a successful entrepreneur, you should be always on the go. He keeps himself up-to-date on the latest trends regarding his business which allows him to improve his service. This builds his confidence that he is offering nothing but the best to his customers. An entrepreneur also operates on strict principles that builds up his reputation and earns him the respect of his clients.
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