Personal Entrepreneurial Competencies (PECs) refer to the key characteristics that a successful entrepreneur should have in order to be successful. These competencies are the qualities that an entrepreneur must possess to be able to start, run, and grow a successful business. The entrepreneurial qualities, more commonly known as the PECs, include:
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Opportunity Seeking: The ability to identify business opportunities and take advantage of them.
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Persistence: The ability to persevere in the face of obstacles and setbacks.
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Commitment to Work Contract: The willingness to work hard and put in the effort required to succeed.
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Risk-taking: The willingness to take calculated risks and make decisions in the face of uncertainty.
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Demand for Quality and Efficiency: The desire to produce high-quality products or services in an efficient manner.
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Goal Setting: The ability to set clear and achievable goals for oneself and ones business.
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Information Seeking: The ability to gather and use information to make informed decisions.
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Systematic Planning and Monitoring: The ability to plan and monitor one's progress towards achieving goals.
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Persuasion and Networking: The ability to persuade others and build a network of contacts that can help one's business.
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Self-Confidence: The belief in oneself and one's ability to succeed.
These competencies were identified by McClelland and McBer in 1985.
