ENTREPRENEURSHIP 3

• City of Good Character


  DISCIPLINE • GOOD TASTE • EXCELLENCE
• Technology and Livelihood Education


  ENTREPRENEURSHIP
• This module was designed and written with you in mind. It is here to help you develop knowledge, skills, and attitudes in the performance of Entrepreneur tasks.
• The scope of this module permits it to be used in many different learning situations. The language used recognizes the diverse vocabulary level of students. The lessons are arranged to follow the standard sequence of the course. But the order in which you read them can be changed to correspond with the textbook you are now using.
• Lessons in this module

  • Lesson 1: Assesses his/her own entrepreneurial competencies
  • Lesson 2: Tell ways on how to improve those competencies which are not evident in oneself
• After going through this module, you are expected to:

  1. define Personal Entrepreneurial Competencies (PECs)<|>2. asses own PECs by answering self-questionnaire<|>3. create an action plan on how to improve weakness and further his/her areas of strength
• Arranged the jumbled word

  1. NPLANING - the process of making plans for something

  2. OGAL - the object of a person's ambition or effort; an aim or desired result

  3. CCESUSS - the accomplishment of an aim or purpose
• Entrepreneurship


  A strategic process of innovation and new venture creation. It is both an art and science of converting business ideas into marketable products or services to improve the quality of living.
• Success


  The accomplishment of an aim or purpose within a specified period of time or within a specified parameter. It can also mean completing an objective or reaching a goal.
• Success is like an Iceberg. We often get mesmerized by someone's above the surface success and don't factor in all the below the surface opportunity-costs they paid to achieve that success.
• Mr. Garcia wanted to quit his day job and start his own business. He has enough money in the bank to put up a business, but he never did. He said that he was scared to lose his money because business is not 100% success.
• Mr. Garcia's attitude


  Fearful of taking risks, unwilling to start a business despite having the resources
• A group of students notice one computer shop outside the campus is always full of customers. They overhead from other students that the typing job from that shop can't accommodate customers anymore. This group of students has their own computers at home and possessed typing skills. So the next day they posted and give away flyers saying that they are now accepting typing job.
• Attitude/character of these students

  Proactive, identifying an opportunity and taking action to meet a need
• Mr. Starks owns a Robot Toy Shop. During the holidays the demand for his toys is quite high. He missed some of the special/personal occasions such as family events and even Christmas just to meet the demand of his customers. He values the mission of his business which is to give joy and happiness to the customer especially to children.
• Attitude Mr. Starks shows

  Commitment to work, willingness to make sacrifices to serve customers
• Personal Entrepreneurial Competencies (PECs)


  Key characteristics that entrepreneurs should have in order to be successful, including attributes, characteristics, lifestyles, skills, and traits
• Most essential PECs of an Entrepreneur

  • Opportunity Seeking
  • Persistence
  • Commitment to Work
  • Demand for Quality & Efficiency
  • Risk Taking
  • Goal Setting
  • Information Seeking
  • Systematic Planning & Monitoring
  • Persuasion and Networking
  • 10. Self-Confidence
• Successful entrepreneurs continuously develop and improve their PECs.
• Success sometimes requires sacrifices.
• Seeking an opportunity is a process of considering, evaluating, and pursuing activities that are believed to be advantageous.
• PECs stands for Personal Entrepreneurial Competencies.
• Successful entrepreneurs have not achieved the highest point of success and need to continuously improve.
• The Iceberg Illusion refers to how we often get mesmerized by someone's above the surface success and don't factor in all the below the surface opportunity-costs they paid to achieve that success.
• The PECs self-assessment questionnaire is based on personal and honest views, as there are no wrong answers. It is meant to identify strengths and weaknesses.
• The correction factor in the PECs self-assessment scoring sheet is used to determine whether a person is trying to present an overly favourable image of themselves.
• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Demand curve shifting right

  Increases the equilibrium price and quantity
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility