Entrepreneurs – are people with skills and capabilities to see and evaluate business opportunities.
They are individuals
that can strategically identify products or services needed by the community. Consequently, they deliver these products
and services at the right time and at the right place.
- are agents of economic change. They organize, manage and assume risks of a business.
Entrepreneurship – is a strategic process of innovation and creation of new ventures. Basically, entrepreneurship is both
an art and science of converting business ideas into marketable products or services to improve the quality of living.
Entrepreneurial Competencies – refer to the important characteristics that an individual should possess in order to
perform entrepreneurial functions effectively.
Below are Few Important Characteristics/Traits/Attributes of a Good Entrepreneur
Hardworking – This means habitually working diligently for a long period of time. Hardworking people keep on
improving their performance to produce good products and results, provide good services.
Confident – Entrepreneurs have confidence in one’s ability and own judgment. They exhibit self-confidence in order to
cope with all the risks of operating their own business.
Disciplined – Successful entrepreneurs always stick to the plan and fight the temptation to do what is important.
Committed – A good entrepreneur accepts full responsibility of everything in his / her business. He/she gives full
commitment and solid dedication to make the business successful.
Ability to Accept Change – Change occurs frequently. When one owns a business, he/she should cope-up and thrive on
changes. He/she has to capitalize on positive changes to make his/her business grow.
Creative – an entrepreneur should be creative and innovative to stay in the business and have an edge over the other
competitors.
Initiative – An entrepreneur takes the initiative. You must put yourself in a position where you are responsible for the
failure or success of your business.
Profit – Oriented – An entrepreneur enters into the world of business to generate profit or additional income. This shall
become the bread and butter for you and for your family as well. Therefore, you must see to it that business can
generate income.
Important Skills of an Entrepreneur
Excellent Planner – Planning is strategic thinking and setting of goals to achieve objectives by carefully maximizing all
the available resources. A good entrepreneur develops and applies step-by-step plans to realize the goals. A good
entrepreneur knows that planning is an effective skill only when combined with action.
Possesses People Skills – It is an important skill in order to be successful in any kind of business. People skill refers to the
effective and efficient communication and relation to people working in and out of your business. In the day-to-day
business transactions, you need to deal with people. A well-developed people skill can spell out the difference between
success and failure of the business.
Sound Decision Maker – Successful entrepreneurs have the ability to think quickly by making wise decision towards
predetermined set objectives. Sound decision should spring out from given facts and information and should be towards
the predetermined objectives.
Pre-Assessment
Task 1: Matching Type
Match the entrepreneurial competencies in column A with their meaning in column B. Write the letter of
your answer only.
A B
1. Creative a. Make a wise decision towards the set objectives
2. Profit – oriented b. Strategic thinking and setting of goals
3. Disciplined c. Trust in one’s ability
4. Sound decision maker d. Adaptable to change
5. Possess people skill e. Innovative to have edge over others
6. Excellent planner f. Solid dedication
7. Confident g. Skillful in record keeping
8. Hardworking h. Always stick to the plan
9. Ability to accept change i. Working diligently
10. Committed j. Effective and efficient communication and relation
to people
k. Always looking for income
Task 2: Guide Questions
A. Explain why entrepreneurship is an activity which is important in social development and progress of the
economy.
B. What entrepreneurial activities do you know and are you capable of doing which are related to Electrical
Installation and Maintenance?
C. Given the opportunity to own a business that relates with Electrical Installation and Maintenance, do you
think you can manage well? Explain your answer.
D. What do you think are the most important characteristics, attributes, skills and traits you must possess in
order to be successful in running your chosen business?
E. Name a successful businessman in your locality and share to the class some of their PECs that made them
successful.
