TLE

Entrepreneurial Competencies

Knowledge, skills, and attitudes that enable individuals to identify opportunities and take action to create value.

What are some examples of entrepreneurial competencies?

Opportunity Recognition, Creative Problem Solving, Relationship building

Characteristics of Entrepreneurs

Innovative and trendsetters, problem solvers, enthusiastic, opportunity seekers,

Goal setters, reasonable risk takers, excellent planners, service-oriented, decision makers

What is SWOT?

Strengths, Weaknesses, Opportunities, Threats

Action Plan

List of activities and well-defined steps that serve as a guide for the entrepreneur to help achieve business goals.

What are the steps to make an action plan?

List down objectives, establish a time frame, name people involved, cite expected outcomes, specify ways to follow up on the plan.

What does PECs mean?

Personal Entrepreneurial Competencies

Business Idea

Concept that can be used for financial gain that is usually centered around a product or service.

What are the steps in selecting a business idea?

Recognize a need for the product/service - Improve an existing product - Recognize Trends - Read, research, and interview people - Question assumptions.

Recognize trends

This step involves staying aware of emerging trends

Question assumptions

This step involves challenging oneself

Read, research, and interview people

This step involves being fully informed and updated on current events

Improve an existing product

This step involves taking something and making it better

Recognize a need for the product/service

This step involves identifying problems that your business can address

Markets, Capital, Skills, Suppliers, Individual interests, technology, manpower

What are the criteria in selecting a business idea?

Accessories, Agriculture and fisheries, Cleaning materials, Clothing and textile, Education, Food and food service, Handicrafts, Health and health services, Home furnishings, Housing, Transportation and communication.

What are the examples of business ideas/opportunities?

Product Development

Process of conceptualizing, designing, creating, producing, introducing, and delivering new products and services to consumers.

New product development

Delivering new products and services to consumers is called?

Product improvements

Improving on the old products is called