Name: Rogelio O. Bernaldez Jr.

Course/ Year/ Section: BSOA – 4C

Date: November 27 2021 Subject: Entrep. Behavior&Competencies

CHAPTER 2: ENTREPRENEURIAL COMPETENCIES

Activity 1
1. Read the ten reminders to the new entrepreneur.
Answers:
The 10 Reminders to the new Entrepreneur
As a starting business entrepreneur, bear in mind that you would start business by yourself or with a
small group of people. It is important to stick to the basics of running a business, such as:
 Make sure you get things done.
 Be close to the customers.
 Innovate. Be open to new ideas.
 Produce though people. Trust them.
 Be hands-on running your business.
 Be clear with your values.
 Know your expertise. Continue doing it. Stick to what you know your best.
 Keep things simple.
 Keep a lean staff.
 Keep firm on directions but at the same time give your people autonomy. Be good at balancing
the two.

2. Select one of the ten that you would want to explain.

Answers: Someday, if I will become an entrepreneur I will make a business of mine. As I dawning into
business, these 10 reminders to the new entrepreneur are applicable, relevant and give some
motivation. At the same time, I need these to be able to run a business well. So, if I have to select one
of the ten reminders to the new entrepreneur, probably, I would go to “Be close to the customers”.
In my own understanding, having close to the customers is a way to build a good relationship and with
that it will help the business become progress. In today’s business, it is very important to get close to
the customers. Being close to your customers allows you to respond to changes in demand, act on
facts instead of hunches, develop products or services, and achieve improved sales and increased
profits. However, building a close relationship ties towards your customers plays an overlapping edge
in the industry. It keeps relationship better and hones the business to reach their goals. Knowingly, a
good customer handling immensely raise sales and may gain positive feedback in return. Building a
relationship with customers will have an impact in every entrepreneurs in which it will help them to
create customer loyalty, customer retention, have money or even an income, and of course make the
business become wealthy and continue to grow. Through customers, they drive the revenues, without
them unluckily business cannot continue exist and they are mean everything in business as well.
Without customers, you don’t see any sales. Precisely, it is really need to treat them fair, inform them
appropriately and feel them that they are welcome to the business so that the customers will be glad.
Besides, the closer you are to your customers, the closer you are to real business value that will keep
in business. When customers see how much you are working to define, and answer their needs
eventually it shows them that you are invested in them just as they invest in you. Certainly, if you are
close to the customers it manifest that you have a good connection with them. When you connect with
the customers, you are much more likely understand their needs, and create a sense of mutual
understanding wherein it is essential in an entrepreneurs to have a connection to the consumers in
order to socialize and entertain well. Furthermore, it is a path to have more customers comes in the
business for the reason that it will lead into an optimistic way which the old customers you close will
always choose your business and recommend to the upcoming customers with regards to products
and services that it is worthy to buy and experience for. Actually, being closer to the customers can
bring amazing insights, knew how to enhance the business and became known that you have a good
reputation in running the business. Ultimately, being close to the customers also called a have a good
relationship likely it will give the customer satisfaction, open onto loyal customers, positive words of
mouth, increases sales, reduce customer attrition, boost morale and turn customers into your business.
Thus, having this it play a significant role in business, gain a benefits, no bankruptcy occur, they will
trust, become good promoters, make the business run smoothly and most especially the business will
growth and prosper.
3. Think of practical ways of applying “reminder” that you have chosen.
Answers: Practical ways means actual things to do that will use to enhance and become better. Being
close to the customer’s shows that you create a better relationship with them and have understanding
to each other in which essential to the business. Actually, there are several practical ways of applying
the reminder that I have chosen which is being close to the customers. Firstly, listen to your
customers well when you listen to them probably you will understand what the customers trying to
say, they feel significant to your business, no problems occur, showing you care, you’re not dismissing
them, and by this it will create long lasting relationship if you listen to them so as to grasp what they
needs. Secondly, identify and anticipate they needs in which the more you know your customers,
the better you become at anticipating their needs. Thirdly, be apologetic wherein you should apologize
for any failed you did, say “sorry”, accept your mistakes, and learn from it. It is a way to help repair the
relationship, capable of taking our responsibility of actions, make peace, and establishes business
cares about the problems that customers are having. Fourthly, have a tone of urgency which means
while speaking to the customers ensure you have a tone of urgency in your voice, show you are calm,
excitement and eagerness in order the customers will like and interest in the business. Fifthly, as an
entrepreneur you must possess of being honest constantly because nothing undermines your
credibility more severely than dishonesty. Precisely, it is always important that you honour the promises
that you make to the customers, and even tell the truth to them even in circumstances where the truth
hurts. Sixthly, respond to concerns of customers which if ever the customers have concern with
regards to the products or services, definitely, the entrepreneur must immediately respond to the issue
brought up by the customer and the entrepreneur necessary to take action and find the solution to solve
and fix the problems. Seventhly, be respectful to the customers which treat them respect not just
because they are your customers but also a fellow human being as well. Being respectful, you treated
equally no matter what the status of the customers, feel safe and they will be happy. Eighthly, as an
entrepreneur you should always wear your smile in your face especially when you entertain and
talk with your customers because it helps form the customer’s first impression in a positive way, it is
flaunt that you glad to see your customers coming to your business, and plays important role in
everything we do, and creating a relationship towards customers appropriately. Ninthly, be authentic
and genuine are vital in making relationship to the customers. Being authentic with the customers will
help business to establish customer loyalty, trust and engagement, while, being genuine makes more
relatable and approachable which in turn makes it easier to build a relationship with customer sincerely.
Tenthly, keep lines of communication, as in any relationship it assure your customers that you are
open to all calls about everything and anything. This is one way to maintain that all important rapport.
Eleventh, be consistent and timely in your interactions because they will not tolerate or failure to
deliver on promises, engage, and connect regularly. Twelve, make it all about Them, not You so
make sure keep the focus on your customers and a better way to focus on them rightly. Thirteenth,
send greeting cards because having this it can go a long way, express how grateful you are for them,
and one simple act will make them feel respected, valued and best of all, worthy one. Fourteenth,
understand customer’s goals because it will help a relationship of trust and mutual respect as well.
Fifteenth, show appreciation to them in which it can help make customers happy, and happy
customers may be more likely to not only come back but also spread the word about the business. This
also can help build a good reputation to the business, and increased customer lifetime value. When
you show appreciate, don’t forget to say “thank you” to the customers so that they can feel appreciated
as well as the customers will more likely to comeback in the business. Sixteenth, honour customers
privacy which possess some knowledge that should be kept confidential, and keep their private detail
out of public life. From that, they feel that you’re kind, and trustworthy, along with just limit yourself so
that the customer will be glad in your business to come again and again. Seventeenth, reward
customer loyalty wherein it is a way to show them that they are top of mind, remain customer
comeback, and give importance to them. To do this, offer them free gifts, discounts and special deals
so that they will be much more delighted and joy. Eighteenth, being friendly and polite to all
customers is a great way to make them feel welcome, feel comfortable, and extremely important in
business to have these two. Lastly, the most relevant practical ways to use in getting closer to the
customers is that build a great customer service and prioritize customer experience in the
business are the gateway to generate more sales, meeting customer satisfaction, comes up with the
good feedbacks, feel grateful that they assisted nicely, potentially attract more customers, and have a
huge contribute to the image and reputation of the business. These are integral part of practical ways
to closer and maintain customer’s relationship. Generally, these eighteen practical ways can helps bring
customers closer to an entrepreneur or businessman, create sense of understanding, have customer
retention and help connect to the customers and most especially a reasons to establish a strong
relationship with customers. To remind, the better an entrepreneur will close to the customers
relationship, the prosper it will become. Therefore, being close to the customers nor good relationship
to them is an important factor to success in business, give business a reason to exist, means
everything, customers feel valued, obtain adequate revenue and most of all these practical ways have
a big impact to the business to grow, known, and thriving.

Activity 2
1. Name some characteristics of an entrepreneur.
Answers: Actually, characteristic is a special trait that makes a person different from others and
describe recognizably. However, an entrepreneur is someone who creates, organizes and runs their
own business as well as he has initiative and skill for innovation. Apparently, some of the characteristics
of an entrepreneur are the following below:
 Strong desire to succeed
 Risk-takers
 Creative or Creativity
 Take responsibility for their Activities
 High level of confidence
 Opportunity-Seeker
 Innovative
 Adaptability
 Persistence
 Passionate
 Initiative
 Committed
 Optimism
 Goal mindset
 Decision-making
 Ability to network
 Motivated or Motivation
 Persuasiveness
 Tenacity
 Flexibility
 Discipline
Concisely, as an entrepreneur, you are willing to do whatever it takes to succeed, do your best to attain
the desire, ready to take risks no matter how hard it is, commit persevering, think about creativeness,
be endlessly creative, do their responsibility properly, confident to succeed and one of the key
characteristics is being confident. Nonetheless, passion is what drives entrepreneur wherein when
usually love what you do, and this helps invest time in projects. Of course, goal mindset can help
entrepreneur know what they want to reach, work toward objective, make quick decision and take action
for the success of the business. Thus, characteristics of an entrepreneur are the qualities that help
entrepreneurs achieve their goals, improve the business, progress the business, and of course a way
to become a successful entrepreneur.
2. What are his strengths and weaknesses?
Answers: Strength is the quality of being strong, whilst, weakness is the quality of being weak or lack
of strength. These two are part of being self-aware and guide you in your self-evaluation with regard to
entrepreneurship. Technically, the skill, knowledge, health, interest, and the desire to grow are the
strengths that will thrust a person to be an entrepreneur, while, the weaknesses are lack of self-
confidence, inability to speak well and to convince people are temporary and can be reverse.
Knowingly, you can have self-confidence if you have a good physical appearance, and ability to speak
can be learned by the help of special schools or tutorial services. In addition, being an entrepreneur
possess strengths and weaknesses as well. To elaborate, here are the strengths and weaknesses of
an entrepreneur below:
Strengths
 Knowledge Seeker
 Independent
 Hardworking
 Creative Thinker
 Determination
 Business Focus
 Delegator
 Relationship Builder
 Sociable
 Wise
 Willing to risk
 Passion
 Decision making is easy
 Perceptive
 Rational and Practical
 Profit-oriented
 Bold
 Confidence

Weaknesses
 Bad time management
 Insensitive
 Biased Perspective
 Impatient
 Risk-prone
 Defiant
 Self-Control and Stress
 Poor Administrative Skills
 No Sales Skills
 Family Relations
 Hesitance to Delegation
 Being all over the place
 Feel odd and alone
 Multi-tasking to the extent of crashing
 Work-life balance and workaholic tendencies
 Often emotional and temperamental
 Finance problem
Thus, knowing your strengths and weaknesses gives a better understanding of yourself, how you
function, gives clearer grasping of things holding you back, enables a better self-assessment, and most
of all helps to increase self-awareness.