Economies grow because there are entrepreneurs who make new products and improve existing ones.They prosper with free enterprise,the freedom to engage in business without control by the government,which gives aspiring businessman a chance to compete.
Every time a new entrepreneur enters a field,new challenges come up for businesses to improve their products,thus benefiting the consumer.
The success of a businessperson greatly depends on a certain set of characteristics called Personal Entrepreneurial Competencies or PECs.These are the characteristics that you encountered in the previous activity.
In business, it is not enough to have fondness and skills for a trade.These traits must also work with other qualities to make an enterprise work.PECs represent this set of entrepreneurial characteristics ,which play a major role in the success of the entrepreneur.
Different PECs:
1.Vigilance for Opportunities.
2.Commitment to work contract.
3.Persistence.
4.Willingness to take Risks.
5.Demand for efficiency and quality.
6.Goal Setting.
7.Information Seeking.
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