TASK 1

PECs Checklist
Directions: Using the PECs checklist, asses yourself by indicating a check
(/) mark in either strengths or development areas column. Interpret the results by counting the
total number of check marks in each of the columns.
Personal Assessment in Terms of:
Personal Entrepreneurial
Competencies of an Strengths Development Areas
Entrepreneur
Hardworking
- Working Diligently
Self-confidence
- Confidence in one’s
ability
Discipline
- Always stick to the plan
Committed
- Solid dedication
Ability to accept changes
- Adoptable to change
Creative
- Innovative to have edge
over other competitors
Profit-oriented
- Always looking for
income
Planner
- Strategic thinking and
setting of goals
People Skill
- Effective and efficient
communication and
relation to people
Decision Making
- Make a wise decision
towards the set
objectives
TOTAL

1. Explain the importance of assessing one’s PECs before engaging in a

particular entrepreneurial activity.
 Assessing your Personal Entrepreneurial Competencies (PECs) is crucial before diving
into any entrepreneurial venture. By understanding your strengths, weaknesses, and
unique skills, you can choose a business that aligns with your abilities and interests,
setting yourself up for success. This self-awareness also allows you to set realistic goals,
identify areas for development, and build a strong team with complementary skills.
Ultimately, taking the time to evaluate your PECs empowers you to make informed
decisions, navigate the complexities of the business world, and increase your chances of
achieving a fulfilling and profitable entrepreneurial journey.
2. Are there other strategies or approaches where you can assess your PECs?
Explain how those strategies will become more useful in selecting a viable
business venture.
 There are several other strategies to assess your Personal Entrepreneurial
Competencies (PECs). Personality assessments like the Myers-Briggs Type
Indicator can reveal your natural tendencies, while skills assessments highlight
your existing skills and potential gaps. Seeking feedback from trusted individuals
provides an external perspective on your strengths and weaknesses. Reflecting
on past experiences can illuminate your preferred work style and areas for
development. Finally, researching industries and business models helps you
understand the skills required for success in those areas. By utilizing these
strategies, you gain a more comprehensive understanding of your PECs,
allowing you to identify your ideal business fit, set realistic goals, develop a
strategic plan, and build a strong team. This comprehensive approach ensures
you make informed decisions, increasing your chances of selecting a viable
business venture that aligns with your strengths, interests, and goals.

3. What are the desirable personal characteristics, attributes, lifestyles, skills and
traits of a prospective entrepreneur? Why are these important?
 A successful entrepreneur possesses a unique blend of personal characteristics, attributes,
and skills that go beyond just having a great idea. They are driven by passion and a
relentless desire to succeed, exhibiting resilience and adaptability to navigate the
inevitable challenges of the entrepreneurial journey. They are comfortable taking
calculated risks, possess a clear vision for the future, and can strategically plan to achieve
their goals. Strong leadership and communication skills are essential for inspiring and
motivating others, while problem-solving and creativity allow them to overcome
obstacles and find innovative solutions. These characteristics are crucial because they
drive innovation, fuel perseverance, mitigate risk, shape the future, build strong teams,
and solve problems, ultimately contributing to a fulfilling and successful entrepreneurial
journey.

4. Why there is a need to assess one’s PECs in terms of characteristics,

attributes, lifestyles, skills, and traits before starting a particular business?
 Assessing your PECs (Personal Entrepreneurial Competencies) in terms of
characteristics, attributes, lifestyles, skills, and traits is crucial before starting a
business because it helps you understand if you have the right tools for the job.
Just like checking your toolkit before building a house, evaluating your PECs
ensures you're equipped to navigate the challenges and opportunities of
entrepreneurship. By understanding your strengths and weaknesses, you can
choose a business that aligns with your natural talents and interests, set realistic
goals, identify areas for development, and build a strong team with
complementary skills. This self-awareness helps you make informed decisions,
ensuring you're not just starting a business, but starting the right business for
you.

TASK 2
A. Explain why entrepreneurial activities are important to social
development and progress of the economy.
 Entrepreneurial activities are vital to social development and economic progress
because they drive innovation, create jobs, and stimulate economic growth.
Entrepreneurs are the engine of change, constantly seeking new ways to solve
problems and meet evolving needs. Their ventures foster innovation, leading to
the development of new products, services, and technologies that improve lives
and create opportunities. Entrepreneurial activities also generate employment,
providing jobs for individuals and families, boosting local economies, and
contributing to overall prosperity. Moreover, entrepreneurship fosters
competition, leading to increased efficiency and productivity within the market,
which ultimately benefits consumers through lower prices, higher quality goods
and services, and greater choice. By embracing and supporting entrepreneurial
activities, societies can unlock their potential for growth, prosperity, and a better
future for all.

B. What entrepreneurial activities do you know and capable of doing which are
related to your field of specialization/major?
 As someone specializing in food service management, I am knowledgeable and
capable of engaging in various entrepreneurial activities within the field. These
include managing a catering business, opening a restaurant or café, running a
food truck, and developing meal-prep or delivery services. I am skilled in creating
menus that balance cost and quality, ensuring food safety and sanitation
compliance, and optimizing operational workflows to enhance efficiency.
Additionally, I am capable of implementing marketing strategies to attract and
retain customers, such as leveraging social media, offering promotions, and
creating loyalty programs. With my understanding of inventory management,
budgeting, and customer service, I can ensure smooth operations while meeting
customer expectations. Furthermore, I am open to exploring innovative food
concepts, such as healthy or plant-based options, to align with current trends and
consumer demands. These abilities allow me to confidently undertake
entrepreneurial ventures in the food service industry.

C. Given the opportunity to own a business that relates with your field of
specialization /major are you confident to manage it? Explain your answer.
 Yes, I am confident in managing a business related to my field of specialization,
food service management. My education and training have provided me with a
solid foundation in key areas such as operations, food safety, customer service,
and financial management, all of which are critical for running a successful food
service business. Additionally, I understand the importance of adapting to market
trends, maintaining high-quality standards, and fostering a positive work
environment to ensure customer satisfaction and employee efficiency. While
challenges are inevitable, my problem-solving skills, passion for the industry, and
commitment to continuous learning equip me to address issues effectively and
drive the business toward growth and success. With the right planning and
dedication, I am confident I can lead a food service business that meets the
demands of the market while achieving personal and professional goals.

D. What do you think are the most important competencies you must possess in
order to be successful in running your chosen business?
 To succeed in running a food service business, key competencies include strong leadership,
financial literacy, and effective communication. Leadership ensures a motivated team and
smooth operations, while financial literacy is essential for budgeting, cost control, and
profitability. Effective communication helps build relationships with customers, suppliers, and
employees. Adaptability and problem-solving skills are vital for addressing challenges, and
creativity allows for unique offerings that set the business apart. Lastly, expertise in food safety,
quality standards, and customer service ensures satisfaction and compliance. These skills,
combined with passion, are crucial for long-term success.