PECS

Personal Entrepreneurial
Competencies and Skills
"ENTREPRENEURIAL COMPETENCIES" refers to the key characteristics
that should be possessed by successful entrepreneurs in order to
perform entrepreneurial functions effectively
Three Cluster of PECS
A.ACHIEVEMENT CLUSTER

B.PLANNING CLUSTER

C.POWER CLUSTER
 A. Achievement Cluster

• 1. Opportunity Seeking and Initiative

*Does things before asked or forced to by events
*Acts to extend the business into new areas, products or
services
*Seizes unusual opportunities to start a new business, obtain
financing, equipment, land
• work space or assistance
 2. Risk Taking

*Deliberately calculates risks and evaluates

alternatives
*Takes action to reduce risks or control
outcomes
*Places self in situations involving a challenge
or moderate risk
 3. Demand for Efficiency and Quality

*Finds ways to do things better, faster, or cheaper

*Acts to do things that meet or exceed standards of
excellence
*Develops or uses procedures to ensure work is
completed on time or that work meets agreed upon
standards of quality
4. Persistence
* Takes action in the face of a significant obstacle
* Takes repeated actions or switches to an alternative
strategy to meet a challenge or overcome an obstacle
*Takes personal responsibility for the performance
necessary to achieve goals and objectives
5. Commitment to the Work Contract

*Makes a personal sacrifice or expends extraordinary

effort to complete a job
*Pitches in with workers or in their place to get a job done
*Strives to keep customers satisfied and places long term
good will over short term gain
B. Planning Cluster

6.Information Seeking
*Personally seeks information from clients, suppliers or
competitors
*Does personal research on how to provide a product or
service
*Consults experts for business or technical advice
7.Goal setting
*Sets goals and objectives that are personally
meaningful and challenging
*Articulates clear and specific long range goals
*Sets measurable short term objectives
8. Systematic Planning and Monitoring
*Plans by breaking large tasks down into time-
constrained sub-tasks
*Revises plans in light of feedback on performance or
changing circumstances
*Keeps financial records and uses them to make
business decisions
C. Power Cluster

9.Persuasion and Networking

*Uses deliberate strategies to influence or
persuade others
*Uses key people as agents to accomplish own
objectives
*Acts to develop and maintain business contracts
10.Independence and self-confidence
*Seeks autonomy from the rules or control of others
*Sticks with own judgement in the face of opposition
or early lack of success
*Expresses confidence in own ability to complete a
difficult task or meet a challenge.
Lesson 2 : Environment and Market
• One of your greatest dreams in life is
to become a successful entrepreneur.
• As a person, you are capable of
developing your character and
personality and how to respond to some
business challenges and opportunities.
• You can make things happen by
identifying the opportunities around
you.
• You may ask yourself these questions:
• What do people need?
• What products and services are available in the
market today? Can they be improved?
• How are they made or delivered?
• Can things be done better? cheaper? faster?
cleaner?
• Can a product which is used for specific
purpose be also used for some other purposes?
Needs and Wants of People

•Everyone has his or her own

needs and wants. However,
people have different concepts
of needs and wants.
• Needs in business are important things that every
individual cannot do without in a society.
These include:
1. Basic commodities for consumption
2. Clothing and other personal belongings,
3. Shelter, sanitation and health
4. Education and relaxation
Generating Ideas for Business
• Here are some ways by which you may generate possible ideas for
business.
1. Examine the existing goods and services.
2. Examine the present and future needs.
3. Examine how the needs are being satisfied.
4. Examine the available resources around you.
5. Read magazines, news articles, and other publications on new products
and techniques or advances in technology.
 In screening your ideas, examine each one in
terms of the following factors:
1. How much capital is needed to put up the business?

2. How big is the demand for the product? Do many people need this product
and will continue to need it for a long time?
3. How is the demand met? Who are processing the products to meet the need
(competition or demand)? How much of the need is now being met
(supply)?
4. Do you have the background and experience needed to run this particular
business?
5. Will the business be legal, not going against
any existing or foreseeable government
regulation?
6. Is the business in line with your interest and
expertise?
Environmental Scanning
• Environmental scanning is defined as a process of gathering,
analyzing, and dispensing information for tactical or strategic
purposes.
• The environmental scanning process entails
•obtaining both factual and subjective information on the
business environments in which a company is operating.
Product Development
1. Identify customer needs: Using survey forms,
interviews, researches, focus group discussions, and
observations, an entrepreneur can easily identify
customers’ needs and wants. In this stage, the
information that can be possibly gathered are
product specifications (performance, taste, size,
color, shape, life span of the product, etc.). This
stage is very important because it would determine
the product to be produced or provided.
2. Establish target specifications: Based on
customers' needs and reviews of
competitive products, you can now establish
target specifications of the prospective new
product and/or services. A target
specification is essentially a wish-list.
3. Analyze competitive products: It is imperative
to analyze existing competitive products to
provide important information in establishing
product or service specifications. Other products
may exhibit successful design attributes that
should be emulated or improved upon in the
new product or service.
4. Generate product concepts: After having gone
through with the previous processes, you may
now develop a number of product concepts to
illustrate the types of products or services that
are technically feasible and will best meet the
requirements of the target specifications.
5. Select a product concept: Through the
process of evaluation between attributes, a
final concept is selected. After the final
selection, additional market research can be
applied to obtain feedback from certain key
customers.
6. Refine product specifications: In this
stage, product or services specifications are
refined on the basis of input from the
foregoing activities. Final specifications are
the result of extensive study, expected
service life, projected selling price among
others are being considered in this stage.
7. Perform economic analysis: Throughout the
process of product development, it is very
important to always review and estimate the
economic implications regarding development
expenses, manufacturing costs, and selling price
of the product or services to be offered or
provided.
• 8. Plan the remaining development project: In
this final stage of concept development, you
can prepare a detailed development plan which
includes list of activities, necessary resources
and expenses, and development schedule with
milestones for tracking progress
Finding Value
• People buy for a reason. There should be
something in your product or service that would
give consumers a good reason to go back and buy
more. There must be something that will make you
the best option for target customers; otherwise,
they have no reason to buy what you are selling.
This implies further, that you offer something to
your customers that will make them value your
product or service.
• The value you incorporate in your product is
called value proposition. Value proposition is a
believable collection of the most persuasive
reasons why people should notice you and take
the action you’re asking for. It is what gets
people moving, what makes people spend for
your product or service.
 Innovation
• Innovation is the introduction of something new in your
product or service. This may be a new idea, a new method, or
a new device. If you want to increase your sales and profit,
you must innovate. Some of the possible innovations for your
products are change of packaging, improvement of taste, color,
size, shape, and perhaps price. Some of the possible
innovations in providing services are application of new and
improved methods, additional featured services, and possibly
freebies.
Unique Selling Proposition (USP)
• Unique Selling Proposition is the factor or consideration
presented by a seller as the reason that one product or
service is different from and better than that of the
competition. Before you can begin to sell your product or
service to your target customers, you have to sell yourself
in it. This is especially important when your product or
service is similar to your competitors.
• Use empathy: Put yourself in the shoes of your
customers. Always focus on the needs of the target
customers and forget falling in love with your own
product or service. Always remember, you are
making/providing this product not for yourself but for the
target customers to eventually increase sales and earn
profit. Essential question such as what could make them
come back and ignore competition, should be asked to
oneself. Most possible answers may be focused on
quality, availability, convenience, cleanliness, and
reliability of the product or service
•Identify customer’s desires. It is very important
for you to understand and find out what drives
and motivates your customers to buy your product
or service. Make some effort to find out, analyze
and utilize the information that motivates the
customers in their decision to purchase the
product or service
• Discover customer’s genuine reasons for buying the
product. Information is very important in decision making.
A competitive entrepreneur always improve their products
or services to provide satisfaction and of course retention
of customers. As your business grows, you should always
consider the process of asking your customers important
information and questions that you can use to improve your
product or service.
Branding
• Branding is a marketing practice of creating a name,
a symbol or design that identifies and differentiates
product or services from the rest. It is also a
promise to your customers. It tells them what they
can expect from your product or service and it
differentiates your offerings from other
competitors. Your brand is derived from who you
are, who you want to be and what people perceive
you to be.
• Branding is one of the most important aspects in any business.
An effective brand strategy gives you a major edge in
increasingly competitive markets.
• A good product can:
• - deliver message clearly,
• - confirm credibility,
• - connect to target prospect,
• - motivate buyers, and
• - concretize user loyalty.
• Develop a tagline. Write a statement that is meaningful,
impressive, and easy to remember to capture the essence of your
brand.
• Design a logo. Create a logo symbolic of your business and
consistent with your tagline and displace it strategically.
• Write a brand message. Select a key message to communicate
about your brand.
• Sustain a brand quality. Deliver a promise of quality through your
brand.
• Practice consistency. Be reliable and consistent to what your
brand means in your business.
Output No 1.