L2 Entrepreneurial Competencies

7/29/2019 L2 Entrepreneurial Competencies

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At the end of the session, students should

be able to: Identify the key competencies and characteristics

of successful entrepreneurs

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The term entrepreneurial competencies

refers to the key characteristics that should

be possessed by successful entrepreneurs

in order to perform entrepreneurial

functions effectively

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A scientific research conducted by a researchteam (McBer & Co.) headed by ChiefPsychologist, David C. McLelland from Harvard

University.A cross cultural study in three countries, India(Asia), Malawi (Africa) and Ecuador (Latin

America)Respondents were successful entrepreneurs The outcome was a set of 13 competencies

which are common to all successfulentrepreneurs

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01. Initiative 02. Sees and acts on

opportunities

03. Persistence 04. Informationseeking

05. Concern for highquality of work

06.Commitment towork contract

07. Efficiency

orientation

08. Systematic

planning 09. Problem solving

10. Self-confidence

11. Assertiveness

12. Persuasion 13. Use of influence

strategies

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The entrepreneur should be able to takeactions that go beyond his jobrequirements and to act faster. He is

always ahead of others and able to leadthe business or industry.

Examples: Does things before being asked or compelled by

the situation Acts to extend the business into new areas,products or services

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An entrepreneur always search for and

takes action on opportunities

Examples: Sees and acts on new business opportunities

Seizes unusual opportunities to obtain financing,

equipment, land, workspace or assistance

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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

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An entrepreneur is able to take action on how toget information in order to help the business toachieve its objectives or to solve businessproblems

Examples: Conduct personal research on a product or service

Consults experts or relevant authorities to get relevantinformation

Personally undertakes market research, analysis orinvestigation

Uses contacts or information networks to obtain usefulinformation

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An entrepreneur acts to do things that meet acertain standard of excellence which gives himgreater satisfaction

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

quality product or service

Compares own work or own companys work favorablyto that of competitors

High quality would ensure repeated purchase fromexisting customers and also an opportunity to get newcustomers

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An entrepreneur places the highest priority on

getting a job completed according to the

deadline.

Examples: Makes personal sacrifices or expends extra ordinary

effort to complete a job

Accepts full responsibility for problems in completing a

job for customers Expresses a concern for satisfying the customer

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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

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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 tasks Develops alternative plans which anticipate obstacles

Evaluate among available alternatives

Takes a logical and systematic approach in the

planning activities

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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 to overcome

problems Always generates new ideas or innovative

solutions

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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 challenge

Sticks with own judgment in the face of opposition

or lack of success

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An entrepreneur confronts problems and

issues with others directly.

Examples: Confronts problems with others directly

Tells subordinates what is expected of them

Reprimands or disciplines those who failed to

perform as expected

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An entrepreneur should be able to persuade orinfluence others for mobilizing resources,obtaining inputs, organizing productions andselling 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 companys products

or services

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An entrepreneur is able to make use of influential

people to reach his business goals.

Examples:

Acts to develop business contacts Uses influential people as agents to accomplish own

objectives (getting contracts)

Selectively limits the information given to others

Uses permissible strategy to influence or persuadeothers

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Documents

L2 Entrepreneurial Competencies