HANDOUT 4.2 (By: Sir Arnie M.

Gutierrez)

The Personal Entrepreneurial Competencies of an Entrepreneur

Entrepreneur is somewhat re-inventing yourself into the business world. You should start
remaking something old for entrepreneurial instead of waiting for an openhanded person to fund
and help you set up your own business undertaking. Sometimes you may fail, but most often you
do well. You do not care about the coming stumbling block, instead you treat this breakdown as
a springboard to your goal.
If you are prepared to the world of business, you should possess the desirable
characteristics of an entrepreneur. The following are the primary characteristics of an
entrepreneur which are classified according to its cluster.

Achievement Cluster
1. Persistence

Differences in opinion and judgment. Your

opponent can surely be a part of rejection on what
you intend to do for the success of your endeavour.
As an entrepreneur, you must be firm, strong-
willed, and stick to your own belief.
 2. Hardworking

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.

3. Opportunity Seeking

When a person gets hold of the chance

to build or improve his chosen career, he will
take this opportunity with no second thoughts.
He keeps on trying in order to achieve his
ambition.

4. Coping with uncertainty

Once you choose to pursue your vision

to be a significantly useful entrepreneur, you
should know how to handle unusual events
which may happen in the business. These
include problems in managing personnel who
may be tempted to steal funds or goods from
the business, problems on delivery of goods
and services, problems on production because
of unavailability of human and non-human
resources needed to reach the expected
output at a given period of time, and other
uncertainties that an entrepreneur may
encounter. You must be patient in dealing with
this kind of uncertainty.

5. Coping with failure

“Learn from your mistakes‖ is what we

always say. As an entrepreneur, you must learn
how to deal with those frustrations and loses and
turn these into productive learning experiences.”
6. Risk-taking

Risk sometimes cannot be anticipated.

If accidents happen, you must accept these
challenges and work them out or set
alternatives. Examples of these unavoidable
circumstances are risk of typhoons, fires,
earthquakes, floods, and the obsolescence of
product. These risks may result to loss of your
business or bankruptcy. However, whatever
risk you may encounter, don’t give up!
Instead, reduce by getting insurances and
taking alternative action like converting
unsold products into something trendy.

Planning Cluster

1. Goal-oriented

An entrepreneur is a futuristic. You must have

an advanced preparation for the success of
your business. You must set a long-term goal
for the activities need, an extensive
preparation for the production process that
you need to acquire, human and non-human
resources and procedures. Everything in your
business will be set clearly, organized, and
planned depending on the goal you want to
achieve.

2. Information seeking

The rapid development of our country

today is immensely noticeable. You need to be
globally competitive in terms of learning new
things, and the acquiring technologies which are
essential in producing goods and services. As an
entrepreneur, you must be well-versed in all
aspects of business schemes. Information can be
sought from skilled individuals who are directly
engaged in the same ground of business.
 3. Systematic planning and monitoring

This involves developing and using logical,

step-by-step plans to reach goals, evaluation
alternatives, monitoring progress, and
switching to alternative strategies for the goal
you want to achieve.

4. Building for the future

Once a person enters in a line of business, you

must understand that you are in a nonstop
contract that an entrepreneur should
understand. It may take several years to build
up business income to a reasonable standard.
The goal for most successful business people
is to build a secure job and income for
themselves which is based on their own
ability.

5. Setting own standards

As an entrepreneur, you must always

consider the satisfaction of customer in such a
way that qualitative product or service is
ensured all the time.

Power
1. Self-Confidence

You must have a strong faith in

your ability despite the problems that you
will encounter along the way.
 2. Demonstrating initiative

A successful entrepreneur takes initiative.

You must put yourself in position where you are
personally responsible for failure of success of
your business venture.

3. Persuasion and networking

These include the use of deliberate

strategies to influence or persuade others
and the utilization of business and
personal contacts to accomplish own
objectives. These are characteristics you
should develop to succeed in your
endeavor.

4. Responding to feedbacks

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.

5. Building on strengths

Successful business people base

their work on strengths. Use your manual
skills, knowledge in creating products or
services, knowledge in trading
product/service, ability to make and use
of network of contacts to build your
entrepreneurial venture.