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Lecture #1 Pecs - Personal Entrepreneurial Competencies Most Important Traits of An Entrepreneur

The document discusses key traits of successful entrepreneurs and concepts for starting a new business. It outlines 10 important traits for entrepreneurs, including being hardworking, self-confident, profit-oriented, and able to take risks. It also discusses generating business ideas by examining needs, resources, and industry trends. An entrepreneur should analyze ideas based on capital needs, demand, competition, experience, regulations, and personal interests. The document also covers environmental scanning, which involves gathering external information, and SWOT analysis to evaluate strengths, weaknesses, opportunities, and threats.

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Mary Grace Salvador
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167 views7 pages

Lecture #1 Pecs - Personal Entrepreneurial Competencies Most Important Traits of An Entrepreneur

The document discusses key traits of successful entrepreneurs and concepts for starting a new business. It outlines 10 important traits for entrepreneurs, including being hardworking, self-confident, profit-oriented, and able to take risks. It also discusses generating business ideas by examining needs, resources, and industry trends. An entrepreneur should analyze ideas based on capital needs, demand, competition, experience, regulations, and personal interests. The document also covers environmental scanning, which involves gathering external information, and SWOT analysis to evaluate strengths, weaknesses, opportunities, and threats.

Uploaded by

Mary Grace Salvador
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lecture #1 PECs – Personal Entrepreneurial Competencies

Most important traits of an entrepreneur


1. Hardworking – working diligently and industriously
2. Self-confident – to succeed, one must believe in one’s self.
3. Profit - Oriented – interest in money generation.
4. Goal-Oriented - ability to set realistic target
5. Persistent – being patient as one strives to achieve the
goal
6. Response to feedback – obtaining useful comments and
advice from other
7. Willing to listen - being able to heed the advice of others
8. Committed – a major characteristic that is a priority in the
entrepreneur.
9. Reliable and has Integrity – being honest, and
trustworthy.
10. Risk – Taker – ability to take measures or calculated
threats.

Specific
Measurable
Attainable
Realistic
Time-bounded
Lecture #2 Environment and Market

Needs and Wants of People

Needs - are the things needed in order to survive life.

Wants - refers to whims and caprices of one’s people desire to


have material things.

Basic needs of people


1. Basic commodities for consumption

2. Clothing and other personal belongings


3. Shelter, sanitation, and health
4. Education and relaxation

Generating Ideas for Business

1. Examine the existing goods and services.


2. Examine the present and future needs.
3. Examine how the needs are being satisfied.
4. Examine the available resources around you.
5. Read magazines, news articles, and other publications on
new products and techniques or advances in technology.

Selecting the Right Idea


In screening your ideas, examine each one in terms of the
following factors:
1. How much capital is needed to put up the business?
2. How big is the demand for the product? Do many people need
this product and will continue to need it for a long time?
3. How is the demand met? Who are processing the products to
meet the need (competition or demand)? How much of the need
is now being met (supply)?
4. Do you have the background and experience needed to run
this particular business?
5. Will the business be legal, not going against any existing or
foreseeable government regulation?
6. Is the business in line with your interest and expertise?

Environmental Scanning

Environmental scanning is defined as a process of


gathering, analyzing, and dispensing information for
tactical or strategic purposes. The environmental scanning
process entails obtaining both factual and subjective
information on the business environments in which a
company is operating.

SWOT – refers to Strengths, Weaknesses, Opportunities, and


the Threats in a business.

Bear in mind these simple rules for successful SWOT


analysis.
1. Be realistic about the strengths and weaknesses of your
business when conducting SWOT analysis.
2. SWOT analysis should distinguish between where your
business is today, and where it could be in how far in the future.
3. SWOT should always be specific. Avoid grey areas.
4. Always apply SWOT in relation to your competition, i.e.,
better than or worse than your competition.
5. Keep your SWOT short and simple. Avoid complexity and
over analysis
6. SWOT is subjective.

Quiz #1

Identify the following.


________1. as a process of gathering, analyzing, and
dispensing information for tactical or strategic purposes.
________2. are the things needed in order to survive in
everyday lives.
________3. The ability to take measures or calculated threats.
________4. Being honest, and trustworthy.
________5. To succeed, one must believe in one’s self.
II. Multiple Choice

6. The following are examples of peoples’ basic needs,


except:
a. Recreation
b. Clothing
c. Shelter
d. Food

7. Which of the following should be considered first by a


prospective entrepreneur in choosing the right location for
his/her store?

a. Types of merchandise
b. The access of the target customers
c. The attractiveness of the store layout
d. The prevailing prices of goods in the area

8. Thong plans to put a “digi-print” studio in their locality.


Which of the following will help him determine a successful
plan for setting up of his business?
a. Survey of consumer associations
b. Checking for similar business to avoid competition
c. Getting feedback on the quality of service
d. Conducting a SWOT analysis

9. Caesar studies the population in his immediate


community. He is doing this to –

a. identify his would-be “suki.”


b. Predict who his biggest buyer.
c. select his favorite would be costumers.
d. determine whom to sell his product or service.

10. When an entrepreneur improves and alters products to


make it more appealing to target consumers, he/she is
doing an_____ of the product.
a. alteration
b. invention
c. innovation
d. improvisation

III. Acronym (2 pts each)


11-12. PECs
13.14.SMART
15.16.SWOT
IV. Essay
Define the following. (5 pts. Each)
Entrepreneur
Wants

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