PERSONAL ENTREPRENEURIAL CHARACTERISTICS (PECS) Self Confidence:                  Opportunity Seeking:                          Commitment to Work:                       Risk Taking:                                 Goal Setting:                                   Information Seeking:                        Persistence:                               Problem Solving:                                Persuasion:                                         Demand for Efficiency:                      Attention to Quality:                             Assertiveness:                                 Initiative:                                             Influence:                                             Systematic Planning:                             The above means that any potential entrepreneur should aspire to have some of these leadership qualities and the ability to take personal risks. He or she should have creative ways of responding to problems in his business/community and have the intuition or ‘hunch’ that his/her venture will work and succeed.

Who is an Entrepreneur?

‘An Entrepreneur is a person who starts, organizes and manages a business assuming the risks,
responsibilities and realizing the profits or losses’.

There are many reasons and advantages for being an entrepreneur. There are also many reasons and
disadvantages why people do not want to start their own businesses.  While undertaking the business
activities, we should be aware of the disadvantages and examine critically whether you are prepared to risk
these disadvantages.

Advantages of being an entrepreneur

•        the satisfaction of personal achievement of being your own boss.
  
•        an opportunity to gain wealth or increase your income
  
•        you and your family gain prestige and status and your relations with others will be
  

                    enhanced.

•        an opportunity for your children and members of your family to learn about the business
  

                    and eventually take over.

•        the ability to use your energies to introduce new ideas.
  
•        the satisfaction of assisting the less privileged through employment creation and
  

                    community development projects.

Disadvantages of being and entrepreneur

•         most of what you own is constantly at risk of being lost.
  
•         you will definitely have less time for yourself and your family
  
•         if you are currently employed, you will lose a stable income and position in your employment.
  
•         you will always be under pressure due to the ups and downs of your business.
  
•         your family’s financial security will always be at risk.
  

Since “An Entrepreneur is a person who starts, organizes and manages a business assuming all the
risks, responsibilities and realizing the profits or losses”, potential entrepreneurs should be aware of the
following characteristics that are required of an Entrepreneur in order to succeed in business:

Being An Entrepreneur

Do you have a strong belief in yourself to do a difficult task?
Do you like to seek new challenges or activities to engage in?

Would you be able to make personal sacrifice/extra effort to complete a task?
Do you accept full responsibility in completing work on time?

Do you seek for new business opportunities?
Do you find ways of obtaining financing, equipment, land, materials?

Are you willing to accept challenges that involve some risks?
Do you consider taking moderate risks as part of doing business?

Do you have a clear and specific short-term objectives?
Have you set clear long-term personal/business goals?

Do you seek information on clients, suppliers or technical advice?
Do you ask experts for business or technical advice?

Do you take different actions to overcome a problem?
Do you stick to your own judgment even if others oppose it or there are early signs of possible failure?

Do you welcome problems and seek solutions to them?
Do you find new ways to solve problems and reach your goals?

Are you generally successful in influencing or persuading others?
Do you use your personal/business contacts to accomplish an objective?

Are you always trying to do things better, faster and cheaper?
Do you always try to improve on past performance?

Do you always desire to produce a better product or service?
Do you try to improve things all the time?

Do you take on a leadership role within your peers/ community?
Do you feel comfortable telling others what they have to do?

Do you do things before being asked or forced to do?
Are you always among the first to find solutions to problems?

Do you try to develop business and personal contacts?
Do you use people as agents in accomplishing your objectives?

Do you use reasonable, step-by-step plans to reach your goals?
Do you consider several alternatives and monitor the progress of your activities?