Entrepreneurial competencies

Entrepreneurship An entrepreneur has to have certain cultivated and inherent qualities in him or her in order to make a success of his or her venture. Not any person can be a successful businessman or woman. Hard work and determination to win have made many successful business people to reach their aspired goals.

Entrepreneurial competencies

Due to these reasons speed of performance is required on the part of the entrepreneur. Please Entrepreneurial competencies Here to send in your suggestions. What is the difference between creativity and innovation?

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Creativity is the ability to bring something new into existence. Innovation is the process of doing new things or Entrepreneurial competencies new new ideas or new process or new products or new services into reality.

Creativity is pre-requisite for innovation. Innovation is a process that transforms creative ideass into useful realities. A creative individual may just have a vision but may not have the necessary resources or the drive to convert the idea into action. An innovator may have the right ability to transform the ideas into products and services, but may suffer from shortage of creative thoughts and ideas.

A good entrepreneur combines the quality of a creative individual and an innovator — Justify the statement. The entrepreneur may not have new and creative ideas.

Entrepreneurial competencies

He might only use the creative ideas and innovative products and services to meet the challenges of a situation. He might take advantage of the utility of an idea or a product to create wealth.

He uses the ideas and services only to solve the problems on the hand to achieve the objective. Competency in creativity and innovation are sometimes basic traits of certain individuals and help in achieving the goals.

Thus we can say that a good entrepreneur combines the quality of a good entrepreneur and an innovator. What are the areas involving risk in creating and managing an enterprise? The following are the areas involving risk in creating and managing an enterprise. The design of the product or service and its acceptability.

The variance in consumer expectations. The speed of change in the types and patterns of the products and services. The finance flow in the market. The performance of tools and equipment. The social and political climate for sustainability of the products.

In taking and managing a risk, the entrepreneur does not behave like a gambler — Do you agree? While venturing into new ideas and services, the entrepreneur treads into areas of uncertainty.

Thus the entrepreneur is exposed to risk. Hence risk taking and risk management are important aspects of entrepreneurial competencies. There are several areas and elements which throw potential challenge to the entrepreneur.

Entrepreneurial competencies

Therefore, he has to take crucial risk-prone decisions in the process of discharging his responsibilities. However, unlike gamblers, an entrepreneur takes a calculated and perceived decision in the light of the facts and circumstances available at his disposal.

So, we can say that, in taking and managing a risk, the entrepreneur does not behave like a gambler. What are the general practices an entrepreneur should adopt to acquire the skills of risk management? The following are the general practices an entrepreneur should adopt to acquire the skills of risk management.

Analysis of various policies, programs and situations Identification of roadblocks in the road map of the enterprise Consideration of alternatives Plan of action for alternatives Crisis management Possibility of the new ideas or services being hijacked by other powerful individuals or systems.

What are the standard problem solving competencies required for an enterprise? The following are the standard problem solving competencies required for an enterprise. Acquiring the necessary mindset which will help to understand that the problems are part of the process and start working on the problems in the context of the process to which the problems belong to.

Basic understanding of the phenomenon that normally problems are always caused. Clear understanding of the fact that every problem has a solution and one must seek for the solution.© Sandy Blaha, David Rippe 2 The Five Leadership Competencies Success is based on one’s ability to see the future and act decisively upon it.

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Purpose – Entrepreneurial competencies are seen as important to business growth and success. The purpose of this paper is therefore to undertake a literature review of research on entrepreneurial competence in order to: provide an integrated account of contributions relating to entrepreneurial competencies by different authors working in .

EXAMPLE WORKPLACE COMPETENCIES ADAPTABILITY Changes behavioural style or method of approach when necessary to achieve a goal; adjusts style as appropriate to the needs of the situation.

Responds to change with a positive attitude and a willingness to learn. Use our free questionnaire to measure your entrepreneurial potential and see if you have what it takes to run your own business.

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