ENTREPRENEURSHIPCOMPETENCY

Presented By:Ankita PalSanjana Saini

WHATIS

ENTREPRENEURSHIPCOMPETENCY?

We can break Entrepreneurship Competency into two words:

ENTREPRENEURSHIP

COMPETENCY

“▸ Thus, the term "Entrepreneurship Competency" refers to the key characteristics that should be possessed by successful or budding

entrepreneurs in order to perform entrepreneurial functions effectively. ▸ It can be defined as characteristics such as generic and specific

knowledge, motives, traits, self-images, social roles, and skills that result in venture birth, survival, and/or growth.

TYPES OF COMPETENCIES

Competencies consist of a group of attributes, some of which are applicable to all entrepreneurs, while others are occupation/industry specific. Thus, many researchers depict competency as layers that are beneficial for entrepreneurs in different industries and occupations.

Thus, the competencies can be divided into following categories:

1.Personal Entrepreneurial Competencies

2.Venture Initiation and Success Competencies

1. Personal

Entrepreneurial competencies

Personal Competency is often defined as the extent to which an individual has satisfactorily met the task requirements for their job. For example, an effective person often has a high level of personal productivity, stemming from a variety of personal factors.

Personal effectiveness competencies are particular important for entrepreneurial success, as entrepreneurs do not have a manager or supervisor to assist with the development of these abilities.

Personal Entrepreneurship Competency includes following factors that should be taken in consideration to become a successful Entrepreneur:

LEADERSHIP

DECISION MAKING

MOTIVATION

RISK TAKING

LEADERSHIP

Leadership acts as a distinct area for both Research an Practice. It raises many questions about the personal competencies of Entrepreneurial leaders that enable them to successfully lead entrepreneurial endeavors.

Although identifying entrepreneur specific capabilities has been one of the main focuses of entrepreneurship researches, our knowledge is limited about the personal leadership competencies required in entrepreneurial context.

MOTIVATION

Motivation is regarded as the inner state that energizes activities and directs or channels behavior towards the goal.

It can also be seen as a process that arouses action, sustains the activity in progress and that regulates the pattern of activity.

Motivation is not a gift of heredity but are the outcome of the individual's interaction with others or the society.

RISK TAKING

Entrepreneurship means risk. Risk can be defined as possibility of failure or loss or other adverse consequences in pursuing some activity or venture. Risk bearing and entrepreneurship are inseparable from each other.

Risk-taking behavior is not inborn. We all have an inevitable but different risk-bearing orientation based on our background, education, value-system, personality, experience, etc. Some of us have high risk-taking orientation, some others have moderate risk-taking, and yet some others have low risk- taking orientation.

Risk, as an attribute, affects entrepreneurial behavior. The risk of walking away from security and career path to create something new. The risk of taking yourself and your family into an unfamiliar storm of stress and uncertainty. The risk that you've miscalculated an opportunity, or your own internal resources as you plunge into a new venture.

DECISION MAKING

Decision Making is all about employing one’s mental processes to come up with a final choice after careful consideration of several options or alternatives. The outcome of your decision could significantly affect your work, your business, and even your life. Effective and successful decisions make profit to the company and unsuccessful ones make losses.This is why in entrepreneurship, making intelligent decisions is regarded as very important because it could mean the difference between success and failure of your endeavor.

Usually, decision making is hard. Majority of corporate decisions involve some level of dissatisfaction or conflict with another party.

WORKPLACE COMPETENCIES

2 .

Workplace competency is defined as “the application of knowledge, skills, attitudes, values, and behaviors” in the workplace. Workplace competencies develop from the synthesis of an individual’s skills, knowledge, and abilities with on the job tasks and work related experiences.Workplace competencies give employees a clear guide for what is expected of them in terms of their performance. They indicate which behaviors are valued, recognized and rewarded. 

Workplace Entrepreneurship Competency includes following factors that should be taken in consideration to become a successful Entrepreneur:

NETWORKING

PLANNING & ORGANISING

PROBLEM SOLVING &

DECISION MAKING

TEAM WORK

CONCLUSION

In recent years, the competency approach has become an increasingly popular means of studying entrepreneurship. Entrepreneurial Competencies can be

defined as underlying characteristics such as generic and specific knowledge, motives, traits, self-images, social roles, and skills which

result in venture birth, survival, and/or growth. All current research that involves entrepreneurial competencies implicitly

presumes that entrepreneurs are different from non-entrepreneurs in terms of the competencies they possess.

THANK YOU.