Explain the importance of assessing ones pecs before engaging in particular entrepreneurial activity
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Answer:
Importance of Assessing One’s PECs:
Before engaging in any entrepreneurial activity, it is necessary to assess the individual’s personal entrepreneurial competencies. Anybody who wishes to get engaged or venture with any form of business should willingly participate or perform such assessment as a form of self – evaluation. The following summarizes the reasons for such assessment:
Serves as useful tool in assessing one’s strength and weaknesses
Identify several competencies that need consideration and practice to be further developed.
Means of turning behaviors into habits and apply them in developing their business.
Serve as means to enhance production and competition towards an economic development advantage.
Identify areas for development, growth, and improvement.
Be able to align one’s PECs according to his business or career choice.
Plan the course of action that guarantees success within the business or career choice.
Personal Entrepreneurial Competencies can be a useful tool in assessing one’s strength and weaknesses since it considers areas such as attributes, characteristics, lifestyles, skills, and traits. Having positive and healthy attributes, characteristics, lifestyles, skills, and traits are definitely what makes a strong personality. However, having weaknesses and recognizing them is a different story. Addressing these weaknesses properly can turn them into strengths also.
There are several competencies that need to be considered and practiced in order to be further developed. For instance, major adjustments are needed to be done within one’s lifestyle as he ventures into a particular business of his choice. These include adjusting expenses and making more projects that would generate more incomes.
Turning behaviors into habits and applying then in order to develop their business is a good business practice however; these behaviors must be good enough to make things work for the good of the business.
Enhancing production and competition towards economic development advantage can start with assessing one’s personal entrepreneurial competencies. Being productive and competitive is usually triggered by one’s strength and edges over other entrepreneurs.
Areas for development, growth, and improvement can be in terms of one’s attributes, characteristics, lifestyles, skills, and traits. An entrepreneur may possess all the necessary traits and attributes but do not have a healthy and positive lifestyle which he needs to improve to make everything work successfully.
Aligning one’s PEC’s according to his preferred career and business needs careful assessment of his strengths and weaknesses. When things are aligned negative elements are eliminated and issues are easily addressed.
To be able to plan the course of action that should be taken only guarantees success when they are carefully planned and studied including the resources that are to be utilized in operating the business. This is also the best way of exhibiting how to be responsible with the decisions made concerning the business.
To understand fully the importance of assessing one’s PECs,