Famous Local Entrepreneurs

Alfredo M. Yao

Zest-O Corp.

Amable R. Aguiluz V

AMA Institute of Computer Studies (AMA)

Edgar Sia II

Mang Inasal

PECs Assignment

1. Evaluate the different entrepreneurial characteristics under PEC's. How does applying similar characteristics help us succeed in the other areas of life? Explain your answers by giving examples.

Answers:

1. Vigilance for Opportunities

Ø  When an entrepreneur sees an opportunity for business, she is quick to take it. Entrepreneurship is a competitive field, and she is always on the lookout for chances to improve her position.

Example:  Alessandra and her friends are required to do a lot of paper work and reports. All these need to be typewritten, forcing her friends to rent computers. Because she has a computer, she offered to encode her friends’ papers for a fee.

2. Commitment to work contract.

Ø  An entrepreneur always delivers her promise promptly. She values her reputation for dependability and will do everything no to back out on a commitment.

Example: She sometimes finds it hard to finish a typing job because she also has her own papers to work on. But Alessandra does her best to finish the tasks that her friends entrust to her. She therefore skips her other activities to deliver the task.

3. Persistence

Ø  An entrepreneur doesn’t  let setbacks lead to failure. She is so committed to her goal that he finds ways to overcome obstacles and accomplish her tasks she set for herself.

Example: Because she is swamped with typing jobs, Alessandra sometimes mixes up her friends’ papers and types the wrong items. Instead of losing patience and quitting, she revises her work until she gets things right.

4. Willingness to Take Risks

Ø  An entrepreneur knows that business involves taking risks. It is when one takes her chances with new venture that better products and services are discovered.

Example: Soon, Alessandra has saved enough money to buy a second computer. It was a lot of money for a first year student like her, but she knew she would profit from it by renting it out to her friends.

5. Demand for efficiency and quality

 Ø  A true entrepreneur doesn’t  settle for anything but the best. She also insists that items of excellent quality be done at the soonest time possible.

Example: Alessandra practices accurate typing and improves her speed. She does her job to make sure she is able to come up with the best results at the fastest time possible.

6. Goal Setting

Ø  Setting goals gives the entrepreneur a sense of purpose. It inspires her to make definite plans and to follow those plans with concrete action.  

Example: Soon, many of Alessandra’s friends frequently go to her house to take turns renting her computers. She then resolved to use all her profits to buy two more secondhand computers in the next two months.

7. Information Seeking

Ø  An entrepreneur is always searching for new information related to her business. She uses this information to improve her service, satisfy her costumers, and be ahead of her competitors.  

Example: Her friends started asking her to apply for an Internet connection so they won’t have to rent outside to do their research. She made inquiries about the best Internet service provider in her area and the most ideal package for her purposes.

8. Systematic Planning and Monitoring

Ø  The success of an entrepreneur relies greatly on her ability to make detailed plans before starting out on a new venture. She does careful evaluation to be aware of her progress every step of the way.  

Example: Having acquired two more computers, she carefully planned on the additional software to install in the units so that the systems will not slow down. She also installed a program that automatically records computer use.

9. Persuasion and Networking

Ø  An entrepreneur with a good product or service to offer is able to promote it convincingly. In addition, satisfied customers will help her promote the business through word of mouth. 

  Example: After installing the necessary applications, she convinced her friends that they will have access to all the software they will need to do their assignments. She was also able to convince them to pass the news around about her superior services.

10. Self Confidence

Ø  An entrepreneur shows confidence in her business because he knows he has done and is doing her best to give her clients the best value for their patronage.  

Example: Although there are bigger computer shops around, Alessandra’s friends still prefer to use her computers. It is because she shows total belief in the advantages of her services over the more expensive and impersonal shops.

2. Explain how having the Personal Entrpreneurial Competencies can help you become a successful entrepreneur.

Answers:

It will act as a guide for me if I ever plan to have a certain business that I would take pleasure in, so that I wouldn't do something wrong and something that would put all of my hard work go to waste.