Entrepreneur Competencies

Entrepreneurial
Competencies
BY: ASHUTOSH A. PATIL (06) &
VISHAL V. KAMATH (40)

What is Entrepreneurial
Competencies?
Competency is an underlined characteristic of a person which
leads to his superior performance on the job.
Therefore the characteristics possessed by the entrepreneur which
leads to his superior performance on the job are called
Entrepreneurial competencies.
A job competency is a good combination of characteristics such
as Knowledge, Skills, Motives etc.

The components of Competencies
1) Knowledge: Means the collection and retention of
information in once mind.

2) Skills: it is the ability to demonstrate a system and
sequence of behavior that are functionally related to
attaining a performance goal.(Skills translate
knowledge into action)

3) Motive: its an urge to achieve once goal.
Competencies are of two kinds
1) Hard skills: it refers to those skills which are
acquired through academics education or work
experience.
2) Soft skills: these are generally inherent in a
person or developed by him.
E.g. Communication skills
Both these skills are necessary to perform a
task efficiently
Major Entrepreneurial Competencies of
a successful entrepreneur
oInitiative
oSeeking & acting on
opportunities
oInformation seeker
oQuality conscious
oCommitment to
work

oProblem solving
Define the problem
Gather information
Identify the sources of
solution
Evaluate the
alternatives
Select the best option
Take action

1. 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
become a leader in the field of business.

Examples
Does things before being asked or compelled by the situation.
Acts to extend the business into new areas, products or services

2. Sees and acts on opportunities
An entrepreneur always looks for and takes action on
opportunities.

Examples
Sees and acts on new business opportunities
Seizes unusual opportunities to obtain financing,
equipment, land, work space or assistance
Entrepreneurial Competencies
McClelland and McBer (1985)
3. Persistence
An entrepreneur is able to make repeated efforts or to take different
actions to overcome an obstacle that get in the way of reaching goals.

Examples
Takes repeated or different actions to overcome an obstacle
Takes action in the face of a significant obstacle

4. Information Seeking
An entrepreneur is able to take action on how to seek information to help
achieve business objectives or clarify business problems.
Examples
Does personal research on how to provide a product or service
Consults experts or experienced persons to get relevant
information
Seeks information or asks questions to clarify a client's or a
supplier's need
Personally undertakes market research, analysis or investigation
Uses contacts or information networks to obtain useful information
5. Concern for High Quality of Work
An entrepreneur acts to do things that meet certain standards of excellence
which gives him greater satisfaction.

Examples
States a desire to produce or sell a top or better quality product or
service
Compares own work or own company's work favorably to that of
others

6. Commitment to Work Contract
An entrepreneur places the highest priority on getting a job completed.

Examples
Makes personal sacrifice or expends extraordinary effort to
complete a job
Accepts full responsibility for problems in completing a job for
customers
Pitches in with workers or works in their place to get the job done
Expresses a concern for satisfying the customer
7. Efficiency Orientation
A successful entrepreneur always finds ways to do things faster or with
fewer resources or at a lower cost.

Examples
Looks for or finds ways to do things faster or at less cost
Uses information or business tools to improve efficiency
Expresses concern about costs vs. benefits of some improvement,
change, or course of action

8. Systematic Planning
An entrepreneur develops and uses logical, step-by-step plans to reach
goals.

Examples
Plans by breaking a large task down into sub-tasks
Develops plans that anticipate obstacles
Evaluate alternatives
Takes a logical and systematic approach to activities
9. Problem Solving
Successful entrepreneur identifies new and potentially unique ideas to
achieve his goals.

Example
Switches to an alternative strategy to reach a goal
Generates new ideas or innovative solutions

10.Self-Confidence
A successful entrepreneur has a strong belief in self 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 early lack
of success
11.Assertiveness
An entrepreneur confronts problems and issues with others directly.

Examples
Confronts problems with others directly
Tells others what they have to do
Reprimands or disciplines those failing to perform as expected

12.Persuasion
An entrepreneur can successfully persuade or influence others for
mobilizing resources, obtaining inputs, organizing productions and selling
his products or services.

Examples
Convinces someone to buy a product or service
Convinces someone to provide financing
Convinces someone to do something else that he would like that
person to do
Asserts own competence, reliability, or other personal or company
qualities
13.Use of Influence Strategies
An entrepreneur is able to make use of influential
people to reach his business goals.

Examples
Acts to develop business contracts
Uses influential people as agents to accomplish own
objectives
Selectively limits the information given to others
Uses a strategy to influence or persuade others

Process of developing
Entrepreneurial Competencies
o Competency recognition
o Self assessment
o Competency application
o Feedback

Thank you

Entrepreneur Competencies

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