ASSIGNMENT # 3

 

Personal Entrepreneurial Competencies

Personal Entrepreneurial Competencies (PECs) is a set of characteristics which the success of a business person depends on. In business, it is not enough to have fondness and skills for trade. These traits must also work with other qualities to make an enterprise work. PECs represent this set of entrepreneurial characteristics, which play a major role in the success of an entrepreneur.

 

Research by McClelland and McBer, funded by USAID, has identified 14 personal
entrepreneurial competencies (PECs) which appear to characterize the behaviour of
successful entrepreneurs. The study, conducted in India, Ecuador and Malawi, also
found that these PECs transcended culture, country and continent. These
competencies can be grouped into 3 main clusters and the EMPRETEC model has
merged some of these competencies to derive 10 PECs.
 

Achievement Cluster
 

I. 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
 

II. 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

III. 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
 

IV. 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
 

V. 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
 

Planning Cluster
 

VI. 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

VII Goal setting
 

• Sets goals and objectives that are personally meaningful and challenging

• Articulates clear and specific long range goals

• Sets measurable short term objectives

VIII. 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

Power Cluster
 

IX. 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

X. 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