Entrepreneurial Competencies Essay Example

or psychological satisfaction. In case of entrepreneurship, successful performance of the venture itself becomes a reward for the entrepreneur.

OBJECTIVES

After reading the lesson you would be able to:

• Describe the entrepreneurial competencies and evaluate how you fare on these.
• Describe what motivates an entrepreneur and develop your motivation to be an entrepreneur
• Develop a measure of entrepreneurial performance
• Distinguish between financial and non-financial rewards of entrepreneurship

As noted in the introduction, every career draws on the competencies of an individual. Some of these competencies may be general and some peculiar to the chosen career. You may understand competencies to mean abilities and skills. However, we would cease from calling these as personality traits as such a conceptualization only reinforces the mistaken belief that entrepreneurs are born rather than made. We believe that recognition of these competencies as abilities and skills makes entrepreneurship as a teachable and learnable behavior.

In this module we orient you towards a set of entrepreneurial competencies developed by entrepreneurial researchers. These competencies were identified by a thorough research procedure based on critical analysis of the case studies of the successful entrepreneurs. We also annex a questionnaire that you can use to evaluate your score on each of these competencies. We would also suggest how you might improve on your scores. Initiative Acting out of choice rather than compulsion; taking the lead rather than waiting for others to start. Sees and Acts on

Opportunities

A mind set where one is trained to look for business opportunities from everyday experiences. Persistence A ‘never say die’ attitude; not giving up easily; striving Information seeking continuously until success is achieved. Knowing Knowing who knows, consulting experts, reading relevant material and

an overall openness to ideas and information. Concern for High Quality of Work Attention to details and observance of established standards and norms. Commitment to Work Contract Taking personal pains to complete a task as scheduled. Efficiency Orientation Concern for conservation of time, money and effort.

Systematic Planning Breaking up the complex whole into parts, close examination of the parts and inferring about the whole; e. g. simultaneously attending to production, marketing and financial aspects (parts) of the overall business strategy (the whole). Problem solving Observing the symptoms, diagnosing and curing. Self-confidence Not being afraid of the risks associated with business and relying on one’s capabilities to successfully manage these. Assertiveness Conveying emphatically one’s vision and convincing others of its value. Persuasion Eliciting support of others in the venture. Use of Influence Strategies

Providing leadership. Monitoring Ensuring the progress of the venture as planned. Concern for Employee Welfare Believing in employee well being as the key to competitiveness and success and initiating programs of employee welfare. The self-administered questionnaire in the last part of this module would help you measure where you stand on these competencies. Given that these competencies matter in entrepreneurial success. Researchers estimates that development of these competencies can substantially (as much as 33%) bring down incidence of business failures/industrial sickness.

DEVELOPING COMPETENCIES

Awareness,’ they say, is the first step towards ‘improvement’ and ‘success. ’ Now that you are aware of the critical competencies for entrepreneurial success and also have a measure of your scores on these, it is appropriate that you also think in terms of how to improve your scores. Suppose, you find yourself lacking in the competency- ‘opportunity spotting,’ you may start practicing

to think like an entrepreneur (See Box entitled ‘Thinking like an Entrepreneur’). With just a little change in perspective, the world changes for you. Similarly you may work on the other competencies as well. Thinking Like an Entrepreneur

On a trip down south, in Quezon province, you marvel at the coconuts and the price at which they are available. You buy several and consume these merrily en route. This is consumer’s mindset. On the contrary, an entrepreneurially thinking individual, he may buy and enjoy the coconuts as well, would also start thinking what if I arrange for their transportation and sale at my place… if volume-weight factor and perishability is the constraint how about packaged coconut (buko) juice, where would the technology come from, India? Would Filipinos like to consume packaged juices when by the roadside they can get fresh juice?

Exports? Which are the countries that could serve as the potential market? What would be their quality expectations? … The role of Prior Work Experience Project work, summer training as well as prior work experience hone the entrepreneurial competencies. Whichever area you might decide upon to start a venture be it a school, restaurant, garments, courier service, interior decoration etc. along with the educational qualifications, if any, you need to acquire practical experience in that field. For it is while you get on the job training/experience that you familiarize yourself with all aspects of the venture.