ENTREPRENEURIAL

COMPETENCIES

ENTREPRENEURIAL
COMPETENCIES

Entrepreneurial Competencies refer

to the key characteristics that an
entrepreneurs should possess
They are unique
They often see things which others fail to notice
Endeavour to bring change and foster growth
Believe in themselves
They drive themselves to move forward and
reach where they want to be
However, the successful entrepreneurs do
share
following competencies

ENTREPRENEURIAL
COMPETENCIES
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11.

Creativity and Innovation

Leadership and team building
Opportunity seeking and initiative
Risk taking and decision making ability
Tolerance of ambiguity and uncertainty
Motivation to excel
Problem solving
Goal orientation
Self-efficacy and adaptability
Internal locus of control
Persistence, persuasion and networking

ENTREPRENEURIAL
COMPETENCIES
1. Creativity and Innovation:

Creativity is the ability to develop new

ideas and to discover new ways of looking at
problems and opportunitiesor thinking new
things.

Innovation is the application of creative

solution to problems and to opportunities to
enhance/enrich peoples growth.or doing
new things.

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2. Leadership and team building:
Quality of leadership should be
demonstrated in net-working and problem
solving ability, generating resources and
building
teams.

Good business leaders are great

visionaries.

They create a vision for the company,

share
the vision passionately, own a vision and
relentlessly drive it towards completion.

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An entrepreneur should have ability to
build a team.

A team is a group of individuals with a

common mission, focused and aligned to
achieve a specific task or a set of
outcomes.

A good team will be able to share

knowledge, core competencies and goals.

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COMPETENCIES
3. Opportunity seeking and initiative:
Entrepreneurs should pursue opportunities
in any industries.
Robert Swanson - Genentech Inc Pioneering
entrepreneur in the field of Biotechnology.
Sam Walton Walmat Pioneering
entrepreneur
in the field of Retailing.
Capt Gopinath First venture in Sericulture
then turned towards Cargo airlineroped with
Reliance Industries as an investor.

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COMPETENCIES

An entrepreneur needs to have the

urge to
take initiatives. to start
business. to
continue to grow..to expand not
only the
business but their own minds.

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COMPETENCIES

4. Risk taking and decision

making ability:
There is always the risk of loss in any
endeavour

An entrepreneur performs the

function of
calculated risk-bearing.

A good entrepreneur should avoid

excessively high as well as low risk
situations.

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COMPETENCIES
5. Tolerance of ambiguity and
uncertainty:
Ambiguity one which cannot be
adequately structured or categorised by an
individual because of lack of sufficient
clues
Tolerance of ambiguity is the ability to
respond positively to ambiguous situations.
They continually face more uncertainty in
their everyday environment than do
managers of established organisations.

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COMPETENCIES
6. Motivation to Excel:
Entrepreneurs are motivated primarily by

The desire to create something new

The desire for autonomy

Wealth and financial independence

The achievement of personal objectives

Propensity of action (doing)

Wanted to leave legacy in the form of a

profitable long-lasting business

As per research the concept of need for

achievement (nAch)

McClelland high in nAch high degree of

performance

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COMPETENCIES
7. Problem solving:
Successful entrepreneurs are problem
solvers.
A formal problem-solving model helps
entrepreneurs solve problems in a logical manner.
The model consists of six steps

Define the problem

Gather information

Identify various situations

Evaluate alternatives and select the best

option

Take action

Evaluate the action taken

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8. Goal orientation:
Goal setting is a process of setting both
longterm and short-term objectives.
A clear cut goal helps to measure
performance
standards of employees.
Without goal, different members may
move in
different direction, which may give rise to
difficulties.

ENTREPRENEURIAL
COMPETENCIES
9. Self-efficacy and adaptability:
Self efficacy is the belief in ones ability to
muster
and implement personal resources, skills and
competencies to attain a certain level of
achievement on a given task.
Self efficacy can be seen as task specific self
Confidence.
It is because of self efficacy, people of equal
ability perform differently.
An individual with high self efficacy

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10. Internal locus of control

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11. Persistence, Persuasion and

Networking