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John Carlo G. Paradero
BBTE-IT 3-2N
PERSONAL
ENTREPRENEURIAL
CHARACTERISTICS (PECs)
has three clusters:
ACHIEVEMENT CLUSTER Opportunity Seeking
- sees and acts on new business opportunities
Persistence- a persistence individual takes
repeated or different actions to overcome obstacles to his/her goals
- stick to his judgment in the face of opposition or early lack of success
- makes personal sacrifices
Commitment to the Work Contract
- should accept full responsibility
- pitch in for others to finish the job
- express concern towards the customer
Demand for quality and efficiency
- do things that meet existing
standards of excellence
- strive to do things better, faster and cheaper
Risk Taking- take moderate risks
- state a preference for situations that involve moderate risks
Risk Taking- take moderate risks
- state a preference for situations that involve moderate risks
2. PLANNING CLUSTER
Goal setting
- should always have clear and
specific objective –- a long-term and
short term objective --
- they are guided by the word SMART(specific, measurable, attainable, realistic and time-bound)
Information Seeking
- entrepreneurs do not stop seeking information for their businesses for improvement of the company
- information-seeking on clients, supplies, and competitors
Systematic Planning & Monitoring- developing & using logical, step by
step plans, evaluate, monitor progress & switch to alternative strategies
WAYS THAT ARE USED BY THE ENTREPRENEURS TO
EXERCISE SYSTEMATIC PLANNING & MONITORING
learn from mistakes
constantly review performance
Concentrate on present situations
go back & review goals
If still unproductive, accept changes, but find other means to achieve goals
Tries to change environment if the environment is the cause of the low standard performance
3. POWER CLUSTER Self-confidence
- possess a strong believe in their abilities
- express confidence in their own ability
- they believe their business to be successful and profitable
Persuasion & Networking- should use deliberate strategies to
influence others-use their business & personal contact to
accomplish their objectives
1. Financial problems- lifeblood of business is money
- it is a must to have your own money before staring a business
2. Managerial problems- lack of management skills of the entrepreneur
- should think well before giving instructions to avoid poor management
3. Marketing problems
- some of these are problems with
competitors, taxes & advertising costs
4. Over-regulation & taxes
- amount of income for reinvestment is reduced by corporate income taxes
5. Problems relating to facilities
- production & sales are solved by problems of power supply, transportation & communication
Human mind
- considered as the most outstanding machine because it creates & innovates
Innovation
- introducing a new idea or method in an already existing product or concept as a way of enhancing & improving it
Creativity
- ability to develop an original idea
results-oriented
aware of people’s needs
involve others in decision-making
risk-taker
is not satisfied with the usual way of doing things
questions & innovates business practices
CLASSICAL MANAGEMENT THEORIES
A. Classical Scientific
- innovated by Frederick Winslow Taylor
- it is concerned on how to increase production efficiency to lower costs, raise profits & increase workers’ pay --- through increased production
- Gantt Chart was invented by Henry L. Gantt
- used for programming production & gave importance to the role of workers
B. Classical Administration
- proponent of this theory is Henry Layol
- emphasis is more on management principles than on work methods
BEHAVIORAL MANAGEMENT THEORY
- Robert Owens states that quality & quantity of work are affected by conditions workers
- workers’ morale improved resulting in improved production & reduction of operational cost after many years
CONTINGENCY MANAGEMENT THEORY
- solves by analyzing, listing circumstances prevailing at the time
- identifying available causes of action
-identifying the consequences of each cause of action
- choosing the bets solution
QUANTITATIVE MANAGEMENT THEORY
- recommends the use of mathematical approaches to management problems
SYSTEM MANAGEMENT THEORY
- emphasizes system as a group of interrelated parts operating as a whole to achieve desired goals and to function according to design.
CHAOS THEORY
-Change is constant. Although certain events and circumstances in an organization can be controlled, others can't. Chaos theory recognizes that change is inevitable and is rarely controlled. While organizations grow, complexity and the possibility for susceptible events increase. Organizations increase energy to maintain the new level of complexity, and as organizations spend more energy, more structure is needed for stability. The system continues to evolve and change.
THEORY X AND THEORY Y
-The management theory an individual chooses to utilize is strongly influenced by beliefs about worker attitudes. Managers who believe workers naturally lack ambition and need incentives to increase productivity lean toward the Theory X management style. Theory Y believes that workers are naturally driven and take responsibility. While managers who believe in Theory X values often use an authoritarian style of leadership, Theory Y leaders encourage participation from workers.
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