Personal Entrepreneurial Competencies (PECs) [Assignment no. 3]

The success of a businessperson greatly depends on a certain set of characteristics called Personal Entrepreneurial Competencies or PECs. 

Illustrations  of PECs:

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

THE END...