Entrepreneurship Lesson 1

3 General Conditions in Core Competencies

1. The activity must provide superior value or benefits to the consumer. 2. It should be difficult for a competitor to replicate 3. It should be rare

core competence

A _____________________________ is something unique that a business has or can do strategically well which will give you an edge in the industry.

Develops a feedback mechanism for results

AS AN ENTREPRENEUR, THE JOB DOES NOT END WHEN YOU ALREADY DELIVER THE PRODUCTS OR SERVICE BECAUSE YOU ALSO NEED TO KNOW THE FEEDBACK SO THAT YOU CAN go back to where you started and analyze what is wrong and lacking.

Strong determination in decision making

An entrepreneur is always engaged in the decision-making process. As the leader of his/her organization, he/she makes sure that every decision is aligned with the company's goal.

Strong drive to succeed

An entrepreneur should also have the determination to attain success. They have a vision and passion that drives the entrepreneur to be strong and pursue what they are doing. They don't spend time thinking about what they can't do.

Optimism

An entrepreneur should always think positively even when faced with unexpected problems. This is also aligned with self-efficacy.

Integrity

An entrepreneur should have a positive sense of values and personal beliefs, particularly when encountering difficult or challenging situations. You have to know and do what is right and wrong.

Strong desire for independence

An entrepreneur would not like to be attached to his employment forever. As long as he has the skills he needed to put up a business and obtain the capital required for the start of his business, he will try and try to venture. He will grab every opportunity he sees.

Adaptability and Flexibility

As entrepreneurs must learn how to be _________________ and _________________ in every situation. You should learn to manage change well and generate new actions even with undesirable events.

Willingness to Take Risk

Entrepreneurs are also described as risk-takers but keep in mind that theses risks are calculated. You must also be willing to accept the consequences of your every decision. You must know how to calculate and identify risk.

Self- Efficacy

Entrepreneurs must believe in their ability. Learners with high ______________ will take negative feedback into positive and use this as a basis for improvement.

Need for Achievement

Entrepreneurs must have a high desire to accomplish goals. This includes repeated efforts to achieve success. If you will start a business, your desires will be endless because you will always seek for improvement.

Collaboration

Entrepreneurs should know how to work with people or groups to attain common goals and to promote teamwork.

Specific Goal Setting

Entrepreneurs should set goals that are specific, measurable, attainable, realistic and have time-bound because it will increase the chances of achieving that goal.

Strategic thinking

Entrepreneurs understand and use strategies as a way to accomplish goals in relevance to aims and objectives. You have to employ outside of the box ideas especially if you want to have an edge in the business industry and for you to retain and increase your income.

Key economic driver Increase the level of knowledge, competence and improve the quality of life. Alternative career path

Enumerate the 3 Importance of Entrepreneurship Education

Strong desire for independence Strong drive to succeed Strong determination in decision making Develops feedback mechanism for results Result-driven individual

Enumerate the Profile of a Successful Entrepreneur

Goal-driven

Goal-oriented entrepreneurs achieve the maximum results of their efforts because they work towards clear and measurable targets. Working towards clearly defined goals is important. Because you think of what you want and how to get it.

Ambition

In relation to the need for achievement, entrepreneurs must also have an ______________ because it will serve as their motivation to pursue their goals. Your ambition can be a short term or long term depending on your desires and wants.

Conceptual Aptitude

It means that you should be updated with the developments, the news in the locality, and knowledge to identify opportunities that can be attained by the business. For example, you have heard that this ingredient will have a price increase so of course you have to adjust also the prices of your products or services especially if its directly affected to avoid losses.

Marketing man

Marketing is an important process for entrepreneurs. The process of acquiring and retaining customers is the focus of marketing. Entrepreneurs must design the product, set its price, distribute the product to the market and promote the product. Entrepreneurs must differentiate their company's product or services, so its uniqueness and value are clear to the customer.

Start small to big

Most successful entrepreneurs start small and think big. Many entrepreneurs start a small-scale business but with their managerial talents and persistence, they will be able to make the company grows.

Decisiveness

Should know how to make choices and resolve issues quickly because in business every second, minutes, hours is also vital.

Risk-taking

The entrepreneur anticipates future conflicts but knows how to solve problems that may arise in business organizations.

Missionary

The entrepreneur considers the business as a mission. For these people, there is a passion rather than drive.

Result-driven individual

The entrepreneur is also focused on the quantifiable result of his/her goal which is the profit. Entrepreneurs aim for high sales and profit. The higher the profit of the business, the more it is considered to be successful.

Conceptual Thinking

The entrepreneur is open to new approaches and analyzes ideas that may enhance work and will lead to significant improvements. You have to pay attention with the step by step procedures in your business. For example when a complaint occurs you have to check and review what went wrong, do not just disregard it because it might cause a bigger problem if you do not resolve it properly.

Customer Relations Service

The entrepreneur should know how to build trust and long-term relationships with customers. By having a good relationship with your customer, you will have a sure source of income because you will have a what we call suki and at the same time a free advertisers. Because if they like your product or service , they will talk about it and its good for the business. You will be able to attract more customers.

Competencies

These are considered as the capability, capacity and ability of the learner in handling situations in various areas in business operations such as in marketing, management, production, and finance.

People - Oriented

This also related to interpersonal skills and collaboration. As an entrepreneur of course you are going to be an employer so you should also know and learn how to motivate people, see and appreciate their value and help them to also improve.

Interpersonal Skills

This skill is also essential for you to develop, because in reality you will always be working with people. You need to be understanding of the behavior of others.

Willingness to Learn

You should have a strong willingness to acquire new knowledge and skills. As a saying goes, we are not perfect and there is always room for improvements.

Capacity

ability that exists at present Example: Being resourceful, when you need something that isn't available, you think of another way or alternative to accomplish that task

CORE COMPETENCIES

are the features or characteristics that allows a business to stand out from its competitors. It is very similar to the strengths of a business.

Entrepreneur

is a person who creates unique ideas that will be useful for starting a business.

Capability

is an ability that can still be improved or developed. Higher level of ability that can be demonstrated under the right conditions. Example: Cooking skills, like during this pandemic you were able to try baking or cooking

Ability

it is something innate in a person. So its either there or not. Example: Your talent of singing

entrepreneur

starts the business from his own idea or concept.

businessman

starts the business with an existing idea or concept

Customers

the one who purchases the product/ the buyer

Consumers

the one who uses/consumes the product/ end-user

Entrepreneurship

the science of converting processed ideas into a remarkable business venture.