Entrepreneurship Core Competencies and Types

Flashcards about entrepreneurship and core competencies

Sharp eye for opportunities

Having a talent for recognizing and assessing an opportunity

Sociable

Relationship management is the key to employee and customer retention

Decisive

Always make decisions about their business based on scientific calculations backed up by experience and technical knowledge

Balanced

Should have a balance between the analytical and the creative side.

Innovative

Do not stop improving and thinking of new and worthwhile ideas that can add value

Innovative Entrepreneurs

Always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.

Imitating Entrepreneurs

Don't create new things but only follow the ideas of other entrepreneurs.

Fabian Entrepreneurs

Skeptical about changes to be made in the organization. They don't initiate but follow only after they are satisfied.

Drone Entrepreneurs

They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.

Know your product or service

You must believe in the product or service that you will offer to your customer.

Analyze the market potentials

The wider the market potential, the more chances of growth and success. Analyze customers' profiles as to their buying habits, income, and social status.

Determine the marketing strategy

Continuous supply determines product growth. Customers must have access to the product when they need it.

Know the competitors

In launching a product with existing competitors, you must know their strengths and weaknesses.