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.
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.