ENTREPRENEURIAL COMPETENCIES

The term entrepreneurial competencies refers to the key characteristics that should be possessed by successful entrepreneurs in order to perform entrepreneurial functions effectively

KNOWLEDGE

SKILL

MOTIVE

ENTREPRENEURAL COMPETENCIES

Initiative

Sees and acts on opportunities

Persistence

Information seeking

Concern for high quality of work

Commitment to work contract

Efficiency orientation

Systematic planning

Problem solving

Self-confidence

Assertiveness

Persuasion

Use of influence strategies

INITIATIVE The entrepreneur should be able to take

actions that go beyond his job requirements and to act faster. He is always ahead of others and able to lead the business or industry.

Examples: Does things before being asked or compelled

by the situation Acts to extend the business into newareas, products or se

Sees and acts on opportunities

An entrepreneur always search for and takes action on opportunities

Examples:Sees and acts on new

businessopportunitiesSeizes unusual opportunities toobtain financing, equipment, land,workspace or assistance

PERSISTENCE

An entrepreneur is able to make repeated efforts or to take different actions to overcome an obstacle that gets in the way of reaching his/her goals.

Examples:Takes repeated or different course of action to

overcome a problem or obstacle Never give-up easily 

INFORMATION SEEKING An entrepreneur is able to take action on how to get

information in order to help the business to achieve its objectives or to solve business problems

Examples: Conduct personal research on a product or

serviceConsults experts or relevant authorities to get relevant informationPersonally undertakes market research, analysis or investigationUses contacts or information networks to obtainuseful information

CONCERN FOR HIGH QUALITY OF WORK An entrepreneur acts to do things that meet a

certain standard of excellence which gives him greater satisfaction

Examples:States a desire to produce or sell a top or better

quality product or serviceCompares own work or own company’s work favorably to that of competitorsHigh quality would ensure repeated purchasefrom existing customers and also anopportunity to get new customers

COMMITMENT TO WORK CONTRACT An entrepreneur places the highest priority

on getting a job completed according to the deadline.

Examples:Makes personal sacrifices or expends

extraordinary effort to complete a jobAccepts full responsibility for problems incompleting a job for customersExpresses a concern for satisfying thecustomer

EFFICIENCY ORIENTATION A successful entrepreneur always finds ways

to do things faster, using fewer resources, and keep cost low.

Examples: Looks for or finds ways to do things faster or

at lesser cost Uses information or business management tools to improve efficiency Expresses concern about costs vs. benefits derives from any improvement, change or course of action

SYSTEMATIC PLANNING An entrepreneur develops and uses logical ,

step-by-step plans to reach his/her business goals

Examples: Plans by breaking a large task down into

smaller tasksDevelops alternative plans which anticipateobstaclesEvaluate among available alternativesTakes a logical and systematic approach in the planning activities

PROBLEM SOLVING A successful entrepreneur identifies new and

potentially unique solution to solve business problems which could affect the business objectives.

Examples: Switches to an alternative strategy

toovercome problems Always generates new ideas or innovative solutions

SELF CONFIDENCE A successful entrepreneur has a strong belief

in oneself and own abilities.

Examples:Expresses confidence in own ability to

complete a task or meet a challengeSticks with own judgment in the face

of opposition or lack of success

ASSERTIVENESS An entrepreneur confronts problems and

issues with others directly.

Examples: Confronts problems with others directly Tells subordinates what is expected of themReprimands or disciplines those who failed

to perform as expected

PERSUASION An entrepreneur should be able to persuade or

influence others for mobilizing resources, obtaining inputs, organizing productions and selling of his products or services.

Examples: Convince someone to buy a product Convince

someone to provide financing Asserts own competence, reliability or other  personal or company qualities (testimony) Asserts strong confidence in own company’s products or service

USE OF INFLUENTIAL STRATEGIESAn entrepreneur is able to make use of influential

people to reach his business goals.

Examples:  Acts to develop business contactsUses influential people as agents to accomplish own

objectives (getting contracts)Selectively limits the information given to others Uses permissible strategy to influence or persuade

others

MAJOR CONTRIBUTORS IN ENTREPRENEURAL COMPETENCIESHOOD & YOUNG(1993)

They focused on 4 primary areas which are as follows-

Content Skills and behaviour Mentality Personality

CHANDLER &JANSEN(1992)

According to them , the founder must assume the following three roles----

Entrepreneurial role Managerial role Technical-Functional role

FIVE COMPETENCY AREAS-------Human and conceptual competenciesAbility to recognise oppurtunitiesDrive to see venture through

accomplishmentsTechnical-functional competenciesPolitical competencies

Firm performa

nce

Entrepreneural

competencies

Competitive scope

Organisational

capabilities

SME model with respect to entrepreneural competencies

CONCLUSIONA pertinent starting point in conceptualizing

entrepreneurial competencies is to first define competence. A competence is simply the ability, which an individual requires to do assigned job. In the words of Woodruffe (1990) competence is “A work related concept which refers to areas of work at which the person is competent”. Therefore, competent employees or individuals are those who meet their performance expectations