What's In: Entrepreneurship Defined

What’s In
Do you know some well-known successful Filipino entrepreneurs? Let’s see if

you are familiar with them, by identifying their company logo.
The name of entrepreneurs is below.

Lucio Tan Tony Tan Caktiong Edgar Sia Henry Sy
1. 2. 3. 4.
Good Job! You are well updated. Did you know that you can be anyone like
them in the near future?
What’s New
Entrepreneurship Defined
Entrepreneurship refers to the ability and eagerness of a person to develop,
organize and manage a business venture along with any of its risks in order to make a
profit. Some of popular business to today are food business, garments, gadgets, and
many more. If you would like to be a successful in any business venture, it should be
your interest and with the skill that you have.
Entrepreneur is someone who organizes and manages any enterprise, especially
a business, usually with considerable initiative and risk.
Example, if you are interested in technology and you have skills in computer
hardware and different application, you can put a business in creating a website or a
computer shop.
Personal Entrepreneurial Competencies (PECs) Defined

Personal Entrepreneurial Competencies (PECs) refers to the important
characteristics that should be possessed by an entrepreneur to function effectively.
Competencies are defined as the combination of knowledge, abilities, and
attitudes needed to accomplish a role efficiently.
In short, Personal Entrepreneurial Competencies (PECs) are some important
entrepreneurial traits to assure success in running a business enterprise.
Important Entrepreneurial Traits

When we encounter the word trait, we usually associate it with characteristics
be it good or bad. There are so many traits or characteristics. However, not all should
an entrepreneur possess. This time let’s look deeper into the important traits of a
successful entrepreneur.
What is It
There are many entrepreneurial traits but this time we will be focusing on
the most important entrepreneurial traits. These are the traits all successful
entrepreneurs possess. Read each trait and understand their meanings and
descriptions.
1. Risk–taker – a person who is willing to do things that involve danger in order

to achieve a goal. Take time to listen to the advice, suggestions, and
recommendations of fellow entrepreneurs. It will help your business grow.
2. Committed – feeling dedication and loyalty to a cause, activity, or job. You

should know that in your business, personal needs, attachment to your
friends, families and relatives are set aside. You must separate the money
for your business from the amount that you need to spend for personal
obligations and lifestyles.
3. Hard working – tending work with energy and commitment. If you are
determined to run your own business, you must concentrate on your
work either as a producer or a seller. The success of your business
depends on how much time and effort you will spend on it.
4. Self- Confident – An entrepreneur has to be sure of him or herself in

reaching the set targets of success. Modesty and shyness does not help.
Self-image is enhancing, when one is confident.
5. Profit-Oriented – concerned with or focused on financial gain. When you

enter into the world of business, obviously, you are looking for income
because you know that this will be your bread and butter not only for you
but also for your family. Therefore, you must see to it the business can
generate income. Another plan of action is to expand your own business
through the use of your generated income.
7. Goal-Oriented – focused on reaching a specific objective on reaching or

accomplished a given task. He works hard and assure that best result be
achieving. Makes an advance preparation, and set a long term goal for
needed activities. Everything in your business will have to be set clearly,
organized, and planned depending on the goal you want to achieve.
8. Persistent – continuing firmly or obstinately on a course of action in spite

of difficulty or opposition. Differences in opinion and judgment. Your
opponent can be a part of the rejection on what you intend to do for your
endeavor. As an entrepreneur, you must be firm, strong-willed, and stick
or follow your own belief.
9. Copes with Failure - being able to bounce back from failure. A good
businessman will not frown on a defeat, you will try, till you succeed is the
right mentality. Failure is a step or a way which didn’t work according to
the plan. A good entrepreneur will use this experience as lesson to his next
plan.
“
10.Responds to Feedback or Open to Feedback – receptive to suggestions and
comments from others. You must be concerned to know how well you are
doing and keep track of your performance. You must obtain useful feedback
and advice from others.
Keep these guides in mind to achieve success not only in setting up a business but
also in your day-to-day activities.
1. React positively to criticisms and open to feedback. A successful entrepreneur is
open to comments, whether good or bad. He keeps and maintains the good ones
while eliminating and improving the bad ones.
2. Always demonstrate positive attitude to achieve a desired goal. In running a
business, especially at start, not all businesses are successful. Most experienced
failure and even bankruptcy. How should you deal failure? Positively. Which
means, never give up. It is said that failure is a delayed success.
3. Always project strong and well-balanced behavior. An entrepreneur does not only
deal with customers or clients. He also deals with his employees. A successful
entrepreneur treats everyone fairly and with respect regardless of status in life.
In this way, he keeps customers for higher sales and retains employees for
continuous operations.
4. Always exercise the assertive style in your work environment. Being the main
point person in the business operations. Clients and employees expect too much
from you. You should not display your weaknesses in order to gain their
confidence and respect in you.
5. Avoid being too passive and too aggressive. Everything in excess is dangerous.
Passive means allowing or just accepting something to happen without active
response or resistance. On the other hand, the word aggressive is the exact
opposite of being passive. Being too much reactive to the extent of resorting to
undue process. Both do not benefit you and your business.
6. Don’t let anyone worsen your business life. What does this mean? Anyone who
surrounds you plays important role in running your business whether small or
big. You should be wise enough to decipher who among them plays good for your
business and who to avoid.
7. Prioritize your business goal rather than personal goal in order to become a
successful entrepreneur. Remember being a goal – oriented? Most entrepreneurs
at start, sacrifice their personal wants because their main goal is to grow their
business. Thus, prioritizing personal goal does not help in any way.
8. Acquire specific skills for creating and maintaining a conducive work
environment. It is always recommended to set up a business that is in line with
your passion or interest. Doing so, everything will be of ease and enjoyable. You
will also try to improve your skills and become more creative.

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What’s In

Do you know some well-known successful Filipino entrepreneurs? Let’s see if

The name of entrepreneurs is below.

Personal Entrepreneurial Competencies (PECs) Defined

Important Entrepreneurial Traits

1. Risk–taker – a person who is willing to do things that involve danger in order

2. Committed – feeling dedication and loyalty to a cause, activity, or job. You

4. Self- Confident – An entrepreneur has to be sure of him or herself in

5. Profit-Oriented – concerned with or focused on financial gain. When you

7. Goal-Oriented – focused on reaching a specific objective on reaching or

8. Persistent – continuing firmly or obstinately on a course of action in spite

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