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Key Concepts and Common Competencies

The document discusses several competencies needed for entrepreneurial success. These include having an internal locus of control, setting specific goals, self-efficacy, adaptability and flexibility, willingness to take risks, and interpersonal skills. It also outlines 10 core competencies: integrity, conceptual thinking, risk-taking, networking/collaboration, strategic thinking, commercial aptitude, decisiveness, optimism, customer relations, and being people-centered. Entrepreneurship involves turning ideas into business ventures through innovation, investment, and expanding into new markets and technologies. Personal entrepreneurial competencies refer to attributes that enable successful entrepreneurship.

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Jasmine Balbin
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109 views28 pages

Key Concepts and Common Competencies

The document discusses several competencies needed for entrepreneurial success. These include having an internal locus of control, setting specific goals, self-efficacy, adaptability and flexibility, willingness to take risks, and interpersonal skills. It also outlines 10 core competencies: integrity, conceptual thinking, risk-taking, networking/collaboration, strategic thinking, commercial aptitude, decisiveness, optimism, customer relations, and being people-centered. Entrepreneurship involves turning ideas into business ventures through innovation, investment, and expanding into new markets and technologies. Personal entrepreneurial competencies refer to attributes that enable successful entrepreneurship.

Uploaded by

Jasmine Balbin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Key Concepts

and Common
Competencies
Entrepreneurship

• is a science of converting
processed ideas into a
remarkable business venture.
• is also a capacity for innovation,
investment and expansion in
new market, products, and
techniques.
COMPETENCIES

This can be considered as


the capability, capacity, and
ability of the learner in handling
situation in various areas in
business operations such in
marketing, management,
production or technical and
financial.
Competencies
1. Locus of Control
- Entrepreneur must know how to
determine the state to which a
person agreed that their actions
can directly affect a situation, or
that they can control a result.
Competencies

2. Specific Goal Setting


- Entrepreneurs should be
motivated to set goals, particularly
business growth objectives, have
been found to increase firm
growth resulted in the firm
performance and innovation.
Competencies

3. Self-Efficacy
- Entrepreneurs must believe
in their own ability or self-
confidence.
Competencies
4. Layers of Competency
- Entrepreneurs should know
the group of attributes, some
of which are applicable to all
entrepreneurs, while others
are occupation/industry
specific.
Competencies

5. Need for Achievement


- Entrepreneurs must have a
high need for achievement
take responsibility for
outcomes.
Competencies
6. Ambition
- Entrepreneurs must be
motivated, persistent, and
persevere even in the face of
situational challenges.
Competencies

7. Willingness to Learn
- Entrepreneurs should have a
strong willingness to learn
often pursue opportunities to
acquire new skills and
competencies.
Competencies

8. Strong Initiative
- Entrepreneurs must have a
high initiative are often
driven to work hard.
Competencies
9. Adaptability and Flexibility
- Entrepreneurs must learn how
to be a highly flexible and
adaptable often deal very well
with a unique ability to choose
actions even without all
necessary information.
Competencies
10. Willingness to take risks
- Not only are successful
learners willing to take
consequences, they can also
identify and calculate risk.
Competencies

11. Interpersonal Skills


- learner with strong
interpersonal skills has skills
working well with people
from different backgrounds.
10 COMPETENCIES
FOR
ENTREPRENEURIAL
SUCCESS
WHAT IS PERSONAL
ENTREPRENEURIAL
COMPETENCY?
PECs
• Entrepreneurial competencies have
been identified as a specific group of
competencies relevant to the exercise
of successful entrepreneurship. Such
entrepreneurship is often associated
with the development of small and new
businesses (e.g. Colombo and Grilli,
2005; Nuthall, 2006),
10 Competencies for
Entrepreneurial Success
1. Integrity
- An entrepreneur has a positive
sense of values and personal beliefs,
creating in making business
decisions, influencing in making the
desired actions they will take,
particularly when in difficult or
challenging.
10 Competencies for
Entrepreneurial Success
2. Conceptual Thinking
- The entrepreneur is prepared to
use new approaches and comes up
with new ideas that may enhance
work. It will lead to radical change
and significant improvements. It also
takes time to listen to new ideas
without pre-judgement.
10 Competencies for
Entrepreneurial Success
3. Risk taking
- The entrepreneur understands
that risk taking means trying to
anticipate future problems thus
solve new problems that may
arise in the business
organization.
10 Competencies for
Entrepreneurial Success
4. Networking/Collaboration
- The entrepreneur understands
that networking can provide
access to information,
collaboration, and profits; and
that careful planning and
preparation help achieve
desired results.
10 Competencies for
Entrepreneurial Success
5.Strategic Thinking
- the entrepreneur understands
that thinking using strategies can
help achieve goals in the
organization. Strategy means
ways to accomplish something in
relevance to the aims and
objectives.
10 Competencies for
Entrepreneurial Success
6. Commercial Aptitude
- the entrepreneur keeps himself
updated with developments in
the locality; seeks out best
practice; and identifies and
determines opportunities that are
not common to others.
10 Competencies for
Entrepreneurial Success
7. Decisiveness
- the entrepreneur resolves
issues as they arise in an
unavoidable situation and
responds flexibility to deal with
changing priorities set by the
upper authorities.
10 Competencies for
Entrepreneurial Success
8. Optimism
- the entrepreneur persists in
pursuing goals despite
hindrances and problems;
performs in the hope of success
rather than fear of failures; and
manages difficult situation.
10 Competencies for
Entrepreneurial Success
9. Customer Relation Service
- the entrepreneur develops and
builds trust and long-term
relationships with customers;
collates an expectation of high
level of customer service; and
maintains regularly exceeds
customer expectation.
10 Competencies for
Entrepreneurial Success
10. People-Centered
- the entrepreneur create
commonality among stakeholders,
see and value the best on others.
They build the total capability of the
people involved. They always
consider the principles of
inclusiveness in planning and dealing
with others.
QUESTIONS?

• What are the Key Concepts of


Entrepreneurship?
• Give 1 Personal Entrepreneurial
Competency needed to become a
successful entrepreneur.
• What are the competencies needed in
entrepreneurship?

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