Entrepreneurial Competencies

Entrepreneurship

The process of setting up a business.

Entrepreneurs

The people who create business. Commonly seen as an innovator, a source of new ideas, goods, services, and business/procedures.

Entrepreneurial Competencies

Refer to the characteristics, such as personality, traits, skills, and knowledge, that are identified and considered important for entrepreneurial success.

Achievement, Planning, Power

Common characteristics of entrepreneurs.

Opportunity Seeking, Commitment to work contract, Demand for efficiency and quality, Risk-taking, and Persistence

Characteristics in Achievement Cluster that will propel an entrepreneur to resounding success. It will definitely separate an individual.

Goal Setting, Information Seeking, and Systematic planning and monitoring

Characteristics in Planning Cluster that ensures the entrepreneur attainment of goods and objectives that equipped with well-defined goals.

Persuasion and networking and Self-confidence

Characteristics in Power Cluster that represents the personal touch of creativity and decisiveness of the entrepreneur. It is the ability to expand

Opportunity-Seekers

This characteristic seek and act on new business opportunities to obtain financing, equipment, or assistance. They also look for appropriate solutions to answer the needs and wants of consumers.

Innovative and Trendsetters

They have creative minds and do not stick to one style for long. They experiment, try, and improve new ideas and think of better way of doing things.

Problem-solvers

They have strong faith in their abilities. They are optimistic individuals or positive thinkers. They also believe that they can be the best in the field they are involved in.

Enthusiastic

They have a genuine interest in meeting and entertaining people.

Goal-setters

They establish specific, measurable, attainable, and realistic objectives as well as long-term goals for their business.

Reasonable risk-takers

They take reasonable risks after carefully weighing situations that involve moderate risks that exists when results are not certain.

Excellent Planner

They plan for the total operation of their business in related and coordinated manner.

Service-oriented

They gladly attend to the needs of their customers with efficiency and graciousness.

Decision-makers

They are leaders and the success of their business depends on their ability to make the right decisions.

Hardworking

This means habitually working diligently for a long period of time.

Self-confidence

Entrepreneurs have confidence in one’s and own judgement. They exhibit this in order to cope with all the risks of operating their own business.

Discipline

Successful entrepreneurs always stick on the plan and fight the temptation to do what is unimportant.

Committed

A good entrepreneur accepts full responsibility of everything in his/her business. He/she gives full commitment and solid dedication to make the business successful.

Ability to accept change

Nothing is permanent but change. Change occurs frequently. When you own a business, you should cope-up and thrive on changes. Capitalize on positive changes to make your business grow.

Creative

An entrepreneur should be imaginative and innovative to stay in the business and in order to have an edge over the other competitors.

Profit-oriented

An entrepreneur enters into the world of business to generate profit or additional income.

People Skills

It’s a skill in order to be successful in any kind of business. It refers to effective and efficient communication and relation to people working in and out of your business.