1.
Entrepreneurship is a process of innovation and
new venture creation. Through four major
dimensions – individual, organization,
environment, process – and aided by
collaborative networks in government, education
and institution. All of the macro and micro
positions of entrepreneurial thought must be
considered in recognizing and seizing
opportunities that can be converted into
marketable ideas capable of competing for
implementation in today’s economy (Kuratko and
Hodgetts, 1989).

2.
In more simple terms, entrepreneurship is both an
art and science of converting ideas into
marketable goods and services to improve man’s
quality of life. It involves the systematic
organization/utilization of materials, machine,
money and man in the accumulation of more
wealth.

3.
Entrepreneurs are people who have the ability to
see and evaluate business opportunities, to
gather the necessary resources and take
advantage of them and to evaluate appropriate
action to ensure success (Meredith et al., 1987).
Entrepreneurs are people who innovate
(Schumpeter, 1934), who allocate and manage
the factors of production and bear risks (Marshall,
1920)

4.
Entrepreneurs are people who have the ability to
perceive latent economic opportunities (Cole,
1959), who conceive the ideas of business
design, the organization of the firm, accumulate
capital, recruit labor, establish relations with
suppliers, customers and the government and
convert the conception into a functional
organization (Hagen, 1968).

5.
The entrepreneur is a catalyst for economic
change, who uses purposeful searching, careful
planning and sound judgement in carrying out the
entrepreneurial process.
Uniquely optimistic and committed, the
entrepreneur works creatively to establish new
resources or endow the old with a new capacity
all for the purpose of creating wealth (Kuratko and
Hodgetts, 1989).

6.
All the definitions of various authors of
entrepreneur sum up to what is known as
“PERSONAL ENTREPRENEURIAL COMPETENCIES”
put together and developed by McBear and Co. (1986)
and still being studied by various researchers all over
the world. They are grouped into three clusters.

7.
PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs)
PLANNING POWER
ACHIEVEMENT
OPPORTUNITY
SEEKING
PERSISTENCE
COMMITMENT TO
THE WORK
CONTRACT
RISK TAKING
DEMAND FOR
EFFICIENCY AND
QUALITY
GOAL SETTING
INFORMATION
SEEKING
SYSTEMATIC
PLANNING AND
MONITORING
PERSUATION AND
NETWORKING
SELF -
CONFIDENCE

8.
The word achievement refers to becoming
successful in attaining a desired end or aim.

9.
Opportunity seeking:

10.
Opportunity seeking:
The entrepreneur is always after unique
opportunities to answer both the needs and wants
of the consumers.
Every problem is regarded not as a hindrance to
success but an opportunity to exercise one’s
creativity by looking for appropriate solutions.

11.
Persistence:

12.
Persistence:
He/she does not give up easily but always
possesses a very energetic and positive stance
toward every consequence or problem that may
come along the way.

13.
Commitment to the work contract:

14.
Risk Taking:

15.
Risk Taking:
Risk is a state of the mind (Velasco, 1991) and
therefore risk taking is not only limited to the
economic aspect nut also a psychological
dimension.
However, an entrepreneur takes moderate risk
after advantages and disadvantages are
carefully weighted and would go for situations
that involve moderate risks.

16.
Demand for efficiency and quality:
The entrepreneur acts to do things that meet or
even exceeds existing standards of excellence
and also improves on past performances, strives
to do things better, faster and cheaper.
He/she is not satisfied with just a good
performance but strives hard to endow all goods
and services the best quality possible.

17.
Planning refers to the establishment of
objectives, policies and procedures
geared towards the full realization of
end goals.

18.
Goal setting:

19.
Information seeking:

20.
Systematic planning and monitoring:
The entrepreneur develops and applies logical
step-by-step plans to realize goals, assess
alternatives, monitor progress, and shift to
other alternative strategies if necessary to be
able to achieve set goals.

21.
Power is defined as the possession of
control, authority or influence over others.

22.
Persuasion and networking:

23.
Self – confidence:

24.
PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs)
PLANNING POWER
ACHIEVEMENT
OPPORTUNITY
SEEKING
PERSISTENCE
COMMITMENT TO
THE WORK
CONTRACT
RISK TAKING
DEMAND FOR
EFFICIENCY AND
QUALITY
GOAL SETTING
INFORMATION
SEEKING
SYSTEMATIC
PLANNING AND
MONITORING
PERSUATION AND
NETWORKING
SELF -
CONFIDENCE