Entrepreneurial Competencies

ENTREPRENEUR AND ENTREPRENEURSHIP

COMMON DEFINITION Person who organises, manages and take risk of running a business or enterprise JULES BACKMAN Basically entrepreneur sees a need and then brings together the manpower, materials and capital required to meet that need PETER DRUCKER The entrepreneur always searches for change, responds to it and exploits it as an opportunity

TYPES OF ENTREPRENEUR

SOLO OPERATOR One who essentially work alone or have few employees ACTIVE PARTNERS Basically solo operators who have partners to contribute money PARTNERS Entrepreneurs who carry on the enterprise as a joint activity CHALLENGERS One who undertake challenging activities BUYERS Tend to purchase rather than start one themselves LIFETIMERS One who see business as their integral part of their life

ENTREPRENEURIAL COMPETENCIES - MEANING The success of small scale industry depends up on the following Inherent viability of the project The way the project is planned The way in which the project is implemented The way the project is managed

ENTREPRENEURIAL COMPETENCIES A competence is underlying characteristics of a person which results in effective or superior performance in a job
BODY OF KNOWLEDGE Knowledge means collections of information and retention of facts that an individual stores in some part of his or her brain

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SKILL Skill is the ability to demonstrate a system and sequence of behavior that are functionally related to attaining a performance goals
MOTIVES Motive is a recurrent concern for a goal state or condition appearing in fantasy, which drives directs and selects behaviour of the individual TRAITS It is a dispositional characteristic way in which the person responds to an equivalent set of stimuli.

MAJOR ENTREPRENEURIAL COMPETENCIES- A RESEARCH STUDIES

EDI took up a research project and found list of major competencies that contribute towards top performance a per EDI research
INITIATIVE An entrepreneur takes action that go beyond job requirements or the demand of situation SEES AND ACTS ON OPPORTUNITIES Looks for and takes action on opportunities PERSISTENCE Take repeated action to overcome obstacle that get in the way of reaching goals INFORMATION SEEKING Takes action on own to get information to help reach objectives or clarify problems

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CONCERN FOR HIGH QUALITY WORK Acts to do things that meet or beat existing standards of excellence
COMMITMENT TO WORK CONTRACT Places the highest priority on getting a job completed EFFICIENCY ORIENTATION Finds a way to do things faster or with fewer resources SYSTEMATIC PLANNING Develops and uses logical, step-by-step plans to reach goals PROBLEM SOLVING Identifies new and potentially unique ideas to reach goals

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SELF-CONFIDENCE Has a strong belief in self and own liabilities ASSERTIVENESS Confronts problems and issues with others directly

PERSUATION Successfully persuades others USE OF INFLUENCE STRATEGIES Use of variety of strategies to affect others

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MONITORING Personally supervise all aspects of a project CONCERN FOR EMPLOYEE WELFARE Express concern for welfare of the employees

REMEMBER All above competencies are instrumental in making a person a successful entrepreneur These competencies could be developed through systematic training

DEVELOPING ENTREPRENEURIAL COMPETENCIES

Entrepreneurial competencies are developed stepwise

Understanding and recognising Self Assessment Practice Application in Real Life Situation

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