tle reviewer 1st mww

• Personal entrepreneurial competencies: totality of the personalit, knowledge and other skills
• pec components: characteristics, attributes, traits, skills and lifestyle
• opportunity seeking: ability of the entrepreneur to seize business opportunity
• commitment: accept responsibility to complete a job for a customer
• persistence: determination to finish a job at any cost
• risk-taking: ready to “expect the unexpected“
• demand for efficiency and quality: getting things done efficiently and effectively
• goal setting: have a clear vision of the future
• information seeking: using information to make informed decisions
• systematic planning and monitoring: the entrepreneur makes a careful and orderly plan of his/her business activities
• persuasion and networking: have the ability to establish linkages with significant people
• self-confidence: having strong belief in oneseld to complete a task knowing one’s strengths and weaknesses
• entrepreneurial skills: ability to use one’s knowledge in doing something effectively
• interpersonal skills: ability of the entrepreneur in building harmonious relations with hos staff, customers, suppliers, shareholders, inverstors and other concerned parties
• leadership and motivation: skill in leading others
• communication: the proficiency in communicating one’s thoughts
• listening: ability to listen to both sides
• negotiation and networking: skill to carry out transactions
• ethics: correct practice of dealing with stakeholders
• critical and innovative thinking skills: an entrepreneur can easily come up with new and creative ideas
• creative thinking: seeing situations at different perspectives
• problem-solving and system thinking: coming up with sound solutions to problems on hand
• recognizing opportunities: entrepreneur sees opportunity in every situation
• functional skills: knowledge and skills related to the efficient and effective management of the business
• practical skills: being hands on in the managements of the business
• entrepreneurial traits: refer to the inherited and acquired character of a person
• needs: something necessary and indispensable to a person
• wants: something desired but not essential
• budgeting: process of allocating money for different purposes or uses
• budget: written outline of the list of expenditures to be incurred in the future
• Tips to Effective Budgeting: Have a clear appreciation of spending.

  Learn to prioritize.

  Learn to sacrifice.

  Learn to delay gratification.
• Developing a Product Generally Has Six Stages:

  Generating New Product Ideas

  Screening Ideas

  Business Analysis

  Product Development

  Market Testing

  Commercialization