NAME: _________________________________ COURSE & YEAR: __________

GEE 102 The Entrepreneurial Mind

CHAPTER I INTRODUCTION OF ENTREPRENEURSHIP
LESSON 2: Entrepreneurial Qualities

At the end of this lesson, you should be able to:

a. identify the fundamental characteristics of a good entrepreneur,
b. explain the importance of Personal Entrepreneurial Competencies (PECS) in
improvement, development, and growth, and
c. assess their own attributes in order to determine entrepreneurial potentials.

Matching Type: Match the entrepreneurial competencies in column A with their meaning in column B.
Write the letter of the correct answer on the space provided before each number.

A B
______ 1. Creative A. makes wise decisions towards the set objectives
______ 2. Profit-oriented B. strategic thinking and setting of goals
______ 3. Discipline C. trusting in one’s ability
______ 4. Sound decision make D. adoptable to change
______ 5. Possess people skill E. innovates to have an edge over other competitors
______ 6. Excellent Planner F. solid dedication
______ 7. Confident G. skillful in record keeping
______ 8. Hardworking H. always sticks to the plan
______ 9. Ability to accept change I. work diligently
______ 10. Committed J. effective and efficient communication skills and relates
well to people
K. always looking for an opportunity to have/earn income

OVERVIEW
INTRODUCTION:
In this lesson, you will learn more about entrepreneurship and the entrepreneurial competencies
related to your specialization. You will have a first-hand experience in educational activities leading to
assessment of your personal entrepreneurial competencies (PECs) and the entrepreneurial
competencies of a successful business man within your province. You will also have several activities
that will align your competencies with those of successful practitioners. Moreover, this module will
encourage you to think about entrepreneurship and its role in the business community as well as in the
economic and social development of an individual.

Entrepreneurs are those with the skills and capabilities to see and evaluate business
opportunities. They are individuals who can strategically identify products or services needed by the
community, and have the capacity to deliver them at the right time and at the right place.
 Entrepreneurs are agents of economic change; they organize, manage, and assume risks of a
business. Some of the good qualities of entrepreneurs are: opportunity-seeker, risk-taker, goal-setter,
excellent planner, confident problem-solver, hardworking, persistent and committed.

Entrepreneurship, on the other hand, is not just a simple business activity but a strategic process
of innovation and new product creation. Basically, entrepreneurship is both an art and science of
converting business ideas into marketable products or services to improve the quality of living.

Now that you have background knowledge about entrepreneurs and entrepreneurship, you can
now walk through in assessing your PECs. Always remember that successful entrepreneurs
continuously develop and improve their PECs.

Personal Entrepreneurial Competencies

The entrepreneurial competencies refer to the important characteristics that an individual
should possess in order to perform entrepreneurial functions effectively. In this lesson, you will learn
some of the most important characteristics, attributes, lifestyle, skills and traits of a successful
entrepreneur in order to be successful in a chosen career.

Below are few important characteristics / traits / attributes of a good entrepreneur:

 Hardworking: One of the important characteristics of a good entrepreneur is hardworking. This

means working diligently and being consistent about it. Hardworking people keep improving their
performance to produce good products and/or provide good services.

 Self-Confidence: Entrepreneurs have self-reliance in one’s ability and judgment. They exhibit
self-confidence to cope with the risks of operating their own business.

 Disciplined: Successful entrepreneurs always stick to the plan and fight the temptation to do
what is unimportant.

 Committed: Good entrepreneurs assume full responsibility over their business. They give full
commitment and solid dedication to make the business successful.

 Ability to Accept Change: Nothing is permanent but change. Change occurs frequently. When
you own a business, you should cope with and thrive on changes. Capitalize on positive
changes to make your business grow.

 Creative: An entrepreneur should be creative and innovative to stay in the business and in order
to 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 the world of business to generate profit or additional

income. The business shall become your bread and butter. Therefore, you must see to it that the
business can generate income.

 Future-Oriented: Once a person enters in a line of business, you must understand that you are
in a non-stop contract as an entrepreneur. It may take several years to build up a business to a
reasonable standard. The goal for most successful business people is to build a secure job and
stable income for themselves based on their own abilities.

 Goal-Oriented: An entrepreneur is forward looking. You have an advanced preparation for your
business. You set a long-term goal for the activities that are needed, an extensive preparation
for the production process and procedures that you need to go through to acquire human and
non-human resources. Everything in your business will have to be set clearly, organized, and
planned depending on the goal you want to achieve.
 Listed below are the important skills of a successful entrepreneur:

 Excellent Planner: Planning involves strategic thinking and goal setting to achieve objectives by
carefully maximizing all the available resources. A good entrepreneur develops and follows the
steps in the plans diligently to realize goals. A good entrepreneur knows that planning is an
effective skill only when combined with action.
 Possesses People Skills: This is a very important skill needed to be successful in any kind of
business. People skills refer to effective and efficient communication and establishing good
relationship to the people working in and out of your business. In day-to-day business
transactions, you need to deal with people. A well-developed interpersonal skill can make a
huge difference between success and failure of the business.
 Sound decision maker: Successful entrepreneurs have the ability to think quickly and to make
wise decisions towards a pre-determined set of objectives. No one can deny that the ability to
make wise decisions is an important skill that an entrepreneur should possess. Sound decisions
should be based on given facts and information and lead towards the pre-determined objectives.
 Persistence: 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 follow your own belief.
 Copes with Failure: Learn from your mistakes. As an entrepreneur, you must learn how to deal
with the frustrations and failures and turn these into productive learning experiences.

Guides on how to strengthen your own PECs:

1. React positively to criticisms and be open to feedbacks.

2. Always demonstrate a positive attitude to achieve a desired goal.
3. Always project a strong and well-balanced behavior.
4. Always exercise the assertive style in your work environment.
5. Avoid being too passive and being too aggressive.
6. Consider negative comments as challenges in improving your business.
7. Prioritize your business goals rather than personal goals in order to become a successful
entrepreneur.
8. Acquire specific skills for creating and maintaining a conducive work environment.
9. Be responsible for everything you do in your business.
10. Always observe entrepreneurial ethics in putting up a business

LET’S CONNECT

ACTIVITY 1 Matching Type

Directions: Column A lists the characteristics of a successful entrepreneur. Match items in Column A
that connects the correct definition of terms listed in Column B.

A B

______ 1. Hardworking A. ability to set realistic targets

______ 2. Self-confident B. interest in money generation
______ 3. Profit-oriented C. to succeed, one must believe in one’s self
______ 4. Goal-oriented D. working diligently and industriously
______ 5. Persistent E. being able to listen to the advice of others
______ 6. Responsive or open to criticisms F. obtaining useful feedback and advice from
others
______ 7. Willing to listen G. being patient and strives to achieve the goal
______ 8. Committed H. ability to take measured or calculated risks
______ 9. Reliable and has integrity I. being honest, fair and trustworthy
______ 10. Risk-taker J. a major priority in the entrepreneur’s life
K. set aside things for others
ACTIVITY 2 Multiple Choice
Directions: Read and study the situation that describes entrepreneurial characteristics. Then answer
each question by choose and encircle the letter of your choice.

Sakura opens up her own coffee shop and pastry business. She knows that her personal
entrepreneurial characteristics are insufficient to ensure a successful operation of the business that she
has in mind. Your answers to the questions below will help in developing her PECs.

1. What PECs must she possess if there are customers who complain about the quality of her product?
a. Hardworking b. Patience c. Trustworthy d. Versatile
2. Which of the following is NOT considered as a characteristic of an entrepreneur?
a. Copes with failure b. Dependent c. Persistent d. Opportunity seeker
3. If she wants to ensure a profitable business, what characteristic will she maintain?
a. Commitment b. Futuristic c. Goal oriented d. Opportunity seeker
4. Sakura follows the advice of a friend to be flexible especially if she intends to open a coffee shop
and pastry business. What PECs has been demonstrated by Sakura?
a. Open to feedback b. Persistent c. Reliable d. Self-confidence
5. She tells her best friend that she has strong will and does not give up to find absolution to a business
problem. What PEC has been demonstrated by Sakura?
a. Hard work b. Persistence c. Risk taking d. Self-confidence

ACTIVITY 3 Essay
Directions: Write a short essay based on what is being asked. Each task is 5 points.

1. Why is it important for an entrepreneur to possess the PECs of a successful entrepreneur?

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2. What are your strong PECs and how do you plan to utilize it?

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3. Which PECs do you need to develop and what plan of action will you do to strengthen it?

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