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    What Makes A Successful Business

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    Erlyn Alcantara
    The document discusses the history of communication technology and how cellular phones came to exist to meet the need for faster communication as the global economy grew. It notes that in the 1980s, the most popular forms of long distance communication were slow postal mail, telegrams, or expensive long distance phone calls. However, as the need for faster communication increased with the expanding global economy, cellular phones were introduced to address this need. Now global communication can happen instantly via mobile devices.

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    What Makes A Successful Business

    Uploaded by

    Erlyn Alcantara
    193 views54 pages
    The document discusses the history of communication technology and how cellular phones came to exist to meet the need for faster communication as the global economy grew. It notes that in the 1980s, the most popular forms of long distance communication were slow postal mail, telegrams, or expensive long distance phone calls. However, as the need for faster communication increased with the expanding global economy, cellular phones were introduced to address this need. Now global communication can happen instantly via mobile devices.

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    entrepreneurship

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    What Makes a Successful Business

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    The document discusses the history of communication technology and how cellular phones came to exist to meet the need for faster communication as the global economy grew. It notes that in the 1980s, the most popular forms of long distance communication were slow postal mail, telegrams, or expensive long distance phone calls. However, as the need for faster communication increased with the expanding global economy, cellular phones were introduced to address this need. Now global communication can happen instantly via mobile devices.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    193 views54 pages

    What Makes A Successful Business

    Uploaded by

    Erlyn Alcantara
    The document discusses the history of communication technology and how cellular phones came to exist to meet the need for faster communication as the global economy grew. It notes that in the 1980s, the most popular forms of long distance communication were slow postal mail, telegrams, or expensive long distance phone calls. However, as the need for faster communication increased with the expanding global economy, cellular phones were introduced to address this need. Now global communication can happen instantly via mobile devices.

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    © All Rights Reserved
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    Download as pptx, pdf, or txt
    of 54

    popular adage that says, “Necessity is the mother of

    all inventions” simply means that we develop


    technologies to produce something that will answer
    mankind’s diverse needs. In 1980’s the most
    popular way of long distance communication is
    through a snail mail, telegraph, or long distance
    telephone calls which is not only expensive but also
    consume much of our time. Because there is a need
    for faster communication flows as global economy
    has grown into scale, cellular phones came to the
    market to answer our communication-related needs.
    Today, global communication is already at the tip of
    our fingers.
    SUPPLY OF RAW MATERIALS
    IS ABUNDANT IN THE
    LOCALITY
    Business investors are happy if the raw
    materials and other resources are readily
    available in the community. Aside from
    secured volume of quantity, this opportunity
    is cheaper as when the entrepreneur
    outsource production inputs from other
    places.
    Knowledge alone does not guarantee success
    in a business. Skills developed can greatly
    help in the production process but it is not an
    assurance to the sustainability of the
    business. It takes right attitude combined
    with adequate knowledge, competitive skills,
    and upheld passion to make significant
    revenues, profit, and sustainability of the
    chosen business.
    Accomplished entrepreneur have so much to
    share to business enthusiasts like us. Not
    everyone is born with a silver spoon, most of
    them came from poor families. They have the
    passion to produce and sell to an identified
    market or even to serve target clients which
    contributed to their success. Likewise, they
    accumulated wealth because they possess the
    right characteristics, lifestyles, and skills,
    suited to their chosen businesses.
    LIFESTYLE OF SUCCESSFUL ENTREPRENEURS
    People who plan to live in the world of
    entrepreneurship will live a life different from
    that of an ordinary citizen. They adapt to the
    new lifestyles gradually and professionalize
    every task embedded into it. They follow
    established standards and even customize some
    to fit to the tasks particular to a business type.
    As the business is sustained and entrepreneurs
    developed expertise in all tasks including
    constraints and problem solution, excellent
    decision making is easier to achieve.
    According to Valdez, et. al,
    the following are the
    common lifestyle features
    of an entrepreneur:
    It is one of the highest lifestyle
    considerations that entrepreneurs
    must adapt. Although inspired by
    their freedom to lead and control
    all elements of the business, they
    must exercise careful in choosing
    the right course of actions and
    decisions to take.
    Choosing their own time for work
    is a privilege of entrepreneurs.
    This feature will allow them to
    choose their most productive
    time.
    Entrepreneurs are the greatest asset of their
    businessses, a check and balance between
    the actual accomplishment of tasks and
    physical and mental work capacity must be
    established. Rest and relaxation can help
    maintain good physicality and overall health.
    Proper stress management is also of primal
    importance.
    A family does not only serve as
    inspiration but also as a group of
    people to oversee the welfare of
    the entrepreneurs. Suggestions
    and recommendations of a family
    member must be carefully
    considered.
     Remember that seeking advise from specialist
    is helpful in decision making process. There
    are people more informed than us in a
    particular area of expertise.
    THE PERSONAL
    ENTREPRENEURIAL
    COMPETENCIES (PECS)
    OF SUCCESSFUL
    ENTREPRENEURS
    There are two major reasons why many people
    failed in their attempt to do entrepreneurial
    activities.
     First, people who are starting entrepreneurial
    activities may only have insufficient
    experiences to address the problems posed
    by the numerous external business
    constraints.
     Second, they lack sufficient skills to lead the
    people and make the products and services
    competitive in the market.
     Low profit of the business will create
    consequent problem and many more
    problems in the future. Thus, anyone who
    wants to succeed in a business arena must be
    equipped with the different Personal
    Entrepreneurial Competencies or PEC’s, a set
    of skills that entrepreneurs must possess to
    take control of the challenges in business.
    PEC’s are the key abilities of entrepreneurs’
    success in business.
     Pay attention to the needs and demands of
    people
     Never procrastinate. Act immediately on
    marketable ideas
     The common business are well competed in
    the market while unique ones offer lower
    competition resulting to higher revenues and
    profit
     Calculate risks by identifying the most
    beneficial alternative courses of action to
    minimize effect of risks in the net profit
     Be proactive. Anticipate a loss and counter it
    with feasible alternatives
     In business realities, seasoned entrepreneurs
    sometimes take riskier business to get higher
    profits
     Perform business tasks better,
    faster, cheaper, but do not put
    safety and quality aside
     Accomplish tasks by meeting
    or exceeding standards of
    excellence
     Face a significant obstacle with a
    good plan of action
     Identifies a good alternative to
    every decision to meet challenge
    or overcome an obstacle
     Act as the prime mover of
    resources in the achievement of
    goals and objectives
     Offer personal sacrifices or
    give extraordinary efforts in
    completing tasks
     Accomplish targets on time,
    as agreed, to keep
    customers satisfied
     Gather data and information or feedbacks
    from clients, suppliers,
     and competitors and use those for the
    improvement of products or services
     Study the market personally for innovation of
    new product development
     Talk with experts for technical advice
     Sets goals and objectives
    which are specific and must
    guarantee customer
    satisfaction
     Set calculated goals and
    objectives
     Make a well organized plan with clearly
    defined methods
     Be logically flexible for the emergent
    constraints, challenges, and needs
     Periodic gap-proof monitoring and response
    activities must be scheduled to determine
    emergent constraints, challenges, and needs
     Always ready to give facts and
    benefits to convince customers to
    patronize products and services
    offered.
     To accomplish the business
    objectives, key people can be used as
    agents or channels to hasten product
    and services delivery to customers
     Develop self-trust in the attainment of goals
    and objectives
     Do not need external approval before acting
    constraints and challenges. Being,
    consultative does not purely mean
    dependence on others advice. An
    entrepreneur must be brave enough to use
    one’s ability to chose which alternative course
    of action is the appropriate decision.
     This is a self-examination activity. After
    knowing the different characteristics that an
    entrepreneur must possess, examine yourself
    if you have these characteristics too. Simply
    put check (/) if that particular characteristic is
    present in you or an x (X) if you do not
    possess it. Comment on your own status by
    giving possible options that can help you
    acquire it.
     Consider the PEC’s of
    successful entrepreneurs.
    Compare these competencies
    with you. As a growing
    individual can you develop
    these in yourself?
    Let us match the result of our activity
    #1 with the standard characteristics,
    lifestyle, and skills of our
    interviewees. Do you think that their
    businesses will be sustained? Support
    your answer and present it to the
    class. Use the template in Activity #2
    and Activity #3 to help you analyze
    and forecast the sustainability of their
    businesses.
    1. Which of the following is a common activity
    of an entrepreneur?
     Advocate against global warming
     Deliver goods and services to the market
     Preach in different churches or group of
    churchgoers
     Volunteer in a community clean-up activity
     2. The saying “Necessity is the
    mother of all inventions” means
     Basic commodities are made for
    mothers
     Basic commodities are made to
    satisfy our needs
     Necessity is invented by mothers
     Our mother told us what we really
    need
    3. What really makes up a
    successful entrepreneur?
     Ability to act like a customer
     Ability to study a market
     Knowledge, skills, and attitude
     Knowledge, skills, and money
     4. People who always feel positive in
    every effort in order to achieve
    something are known to have…

     Courage c. Self-confidence
     Optimism d. Self-control
     5. A set of skills that
    entrepreneurs must possess to
    take control of the challenges in
    business is known as
     Personal business capacities
     Personal entrepreneurial
    competencies
     Professional enterprise
    competencies
     Personally preferred competencies
     6.Information seeking and goal
    setting belongs to what PEC’s
    cluster?

     Achievement cluster
     Planning cluster
     Empower cluster
     Power cluster
     Which of the following best describes
    a risk-taker?
     Accomplish targets on time as agreed
    with customers
     Anticipating a loss and countering it
    with feasible alternatives
     Acting as the prime mover of
    resources in the achievement of
    objectives
     Paying attention to the needs and
    demands of people
    Systematic planning and monitoring
    includes the following except one:
     Be logically flexible for the emergent
    constraints, challenges, and needs
     Make a well-organized plan with
    clearly defined methods
     Periodic gap-proof monitoring and
    response activities must be scheduled
    to determine emergent constraints,
    challenges, and needs
     Set calculated goals and objectives
    When entrepreneurs face a
    significant obstacle with a well-
    planned action, they have
    Personal Entrepreneurial
    Competency known as:
     Initiative
     Persuasion
     Persistence
     Risk-taking
    10.Luis is good in convincing his
    customers that his product is not only
    of best quality but also safe to use.
    Many of his customers bought and
    even return to buy more of the
    product because they want to share it
    to their friends. What personal
    entrepreneurial competency does Luis
    has?
     Demand for efficiency and quality
     Goal setting
     Persuasion
     Self-confidence
     We have studied the different factors in setting
    up an entrepreneurial activity. Of course, most of
    us perceive this as a complex activity. The
    market is so diverse and if we fail to consider one
    factor which directly affects our business, we will
    have to face lots of challenges as consequences.
    Albeit challenging, we must remember that
    wealth accumulation as a return of our legal
    investments will also give others opportunities
    through employment or avail from our products
    and services.
     The different characteristics, lifestyle,
    and Personal Entrepreneurial
    Competencies or PEC’s of successful
    entrepreneurs we learned will surely
    inspire us to do our best to start our
    own business. Be optimistic and take
    the risks. Use the PEC’s we learned
    and progress into a life full of
    challenges that will hone us to
    become one of the most successful
    entrepreneurs, one of these days.
    Good luck guys!
     Business refers to any activity that
    ultimately buys and sells goods,
    makesproducts, or provides services
    to a market.
     Competency is an ability to do
    something, especially measured
    against a standard.
     Entrepreneurs are anyone who
    initiate or finance business ideas.
    They are popularly known as
    businessmen.
     Entrepreneurship refers to the
    business activity of an
    entrepreneur.
     Goal is anything an entrepreneur
    wants to achieve.
     Leadership is the activity of
    leading a group of people or an
    organization or the ability to do
    this.
     Lifestyle A way of living of
    individuals, families (households), and
    societies, which they manifest in
    coping with their physical,
     psychological, social, and economic
    environments on a day-to-day.
     Objective is a specific result that a
    person or systemaims to achieve
    within atime frame and with available
    resources.
     Need is anything required by someone
    in order to satisfy particular goals
     and objectives.
     Sustainability of business is the
    ability to maintain or support
    business overthelong term.

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