Personal Entrepreneurial Competencies
Introduction
In this module, you will learn more about entrepreneurship and
the entrepreneurial competencies related to Cookery. You will
have a first-hand experience in educational activities leading to
personal assessment of your entrepreneurial competencies and
assessment of entrepreneurial competencies of a successful chef
within your area. You will also have some activities that will align
your competencies those of successful practitioners. Moreover,
this module will stimulate your mind to think about
entrepreneurship and its role in the business community, as well
as in the economic and social development.
ENTREPRENEURS
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 and they have the
capacity to deliver these 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 an entrepreneur are
opportunity seeker, risk taker, goal setter,
excellent planner, a confident problem
solver, hardworking, persistent, and a
committed worker.
ENTREPRENEURSHIP
Entrepreneurship, on the other hand, is not
just a simple business activity. It is a strategic
process of innovation and new venture creation.
Basically, entrepreneurship is both an art and
science of converting business ideas into
marketable products or services to improve the
quality of living.
OBJECTIVES
• identify areas for improvement,
development and growth;
• align your PECs according to your business
or career choice; and
• create a plan of action that ensures
success in your business or career
choice.
Task 1: Matching Type
Direction: 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.
Assessment of Personal Entrepreneurial Competencies
(PECs) and Skills vis- à-vis a Practicing Entrepreneur or
Employee in a Province
Entrepreneurial competencies refer to the important
characteristics that should be possessed by an individual in
order to perform entrepreneurial functions effectively. In this
module, 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.
Hardworking: One of the important characteristics of a good
entrepreneur is hardworking. This means habitually working
diligently for a long period of time. Hardworking people keep
on improving their performance to produce good products
and/or provide good services.
Self-confidence: 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.
Discipline: Successful entrepreneurs always stick on the plan and fight
the temptation to do what is unimportant.
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: Nothing is permanent but change.
Change occurs frequently. When you own a business, you should
cope-up 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.
Has the 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 the business can generate income.
Listed below are the important skills of a successful entrepreneur:
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 goals. A good entrepreneur knows that planning is an effective skill only when
combined with action.
People Skills: It‘s a very important skill in order to be successful in any kind of business. People
skills refer to effective and efficient communication and relation to people working in and out of
your
business. In 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.
Decision Making: Successful entrepreneurs have the ability to think quickly, and to make a wise
decision towards pre-determined set objectives. No one can deny that the ability to make wise
decisions is an important skill that an entrepreneur should possess. Sound decision should spring
out from given facts and information and should be towards the pre-determined objectives.
