Entrepreneurship

Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.

Economic and dynamic activity

Entrepreneurs constantly look for new ideas, thus he needs to be creative.

Innovative

the entrepreneur can be compensated by his profit coming from the operation.

Profit Potential

the entrepreneur needs to gamble but wise enough to offset the risk.

Risk bearing

involves strategic thinking which reflects the ability of the organization's leader to develop future vision and take strategic action which requires them to think beyond day-to-day operations

Strategic competency

important personal qualities and abilities that help in building up personal strength and enhance an individual effectiveness in performing certain challenging tasks such as managing one own business

Personal competency

the ability to think out of the box which is often reflected in the ability to stimulate new thinking patterns and develop new ideas and concepts which may sometimes require deviation from the normal procedure of doing things

Conceptual competency

In business, entrepreneurs are required to deal with a lot of people including suppliers, customers, employees, government authorities competitors and other stakeholders

Relationship competence

the ability to use and adopt technical skills including the techniques and tools handling which are relevant to the business

Technical competency

the ability to recognize and taking advantage of opportunities. This competency is also associated with the ability of entrepreneurs to seek, develop and assess high quality opportunities that are available in the market

Opportunity competency

the ability to interact with others and with the community. This includes the ability to build and maintain healthy relationships that are mutually beneficial, and the capacity for interdependence and collaboration.

Interpersonal competence

Basic set of Skills any leader needs to successfully interact and communicate with their team. They include:

• Active listening

• Teamwork

• Responsibility

• Dependability

• Patience

• Flexibility

• Motivation

• Empathy

an entrepreneur must be firm in making decisions

Decisive

an entrepreneur must have a convincing power

Communicator

an entrepreneur must have the charisma to be obeyed by his employees

Leader

an entrepreneur must have the ability to be the first to see business chances

Opportunity seeker

controlling a situation by making things to happen or by preparing for possible future problems

Proactive

they have the courage to pursue what is their business ideas

Risk Taker

the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business

Innovative

Decisive

Communicator

Leader

Opportunity seeker

Proactive

Risk Taker

Innovative

Common Competencies of an Entrepreneur