3. Competencies of Entrepreneur

Chapter 1: Entrepreneurship 1Copyright 2003 Prentice Hall Publishing Company

Entrepreneurs: competencies

Entrepreneurs: competencies


Entrepreneurial competencies :Entrepreneurial competencies :Major clustersMajor clusters

AchievementAchievement Thinking and problem solvingThinking and problem solving Personal maturityPersonal maturity Influencing Influencing Directing and controllingDirecting and controlling Concern for othersConcern for others


Entrepreneurial competenciesEntrepreneurial competencies

Achievement clusterAchievement cluster• InitiativeInitiative• Seeing & acting on opportunitiesSeeing & acting on opportunities• PersistencePersistence• Information seekingInformation seeking• Concern for high quality of workConcern for high quality of work• Commitment to work contractCommitment to work contract• Efficiency orientationEfficiency orientation

Source: Yanjelovich Partners and Pitney Bowes.

Problem solving• Identifying and applying new and potentially unique ideas to reach the goals• Identifying the objective or the root-cause of the problem.• Developing a strategy keeping in view the objectives, resources and constraints.• Keeping an alternate strategy to reach goal in adverse situations, if needed.• Generating new ideas or innovative solutions


Personal maturity-Confidence Having a strong belief in self and own abilities.• Expressing confidence in own ability to complete a task or meet a challenge.• Sticking with own judgement in the face of opposition or early lack of success• Doing something for which chances of success are not very fair.


Assertiveness

• Confronting problems and issues with others directly.• Keeping issues politely but firmly.• Telling others clearly what they have to do.• Reprimanding or disciplining those who fail to perform as expected, however close they may be.


PERSUASIONPERSUASION

• Convincing othersConvincing others• To workTo work• To financeTo finance• To buy productsTo buy products


Use of influence strategiesUse of influence strategies

Using a variety of strategies to influence others Using a variety of strategies to influence others successfully.successfully.

Taking actions to develop business contacts.Taking actions to develop business contacts. Using influential people as agents to get Using influential people as agents to get

accomplished own objectives.accomplished own objectives. Selectively limiting the information to be given to Selectively limiting the information to be given to

others.others. Using others authority and resources of others to Using others authority and resources of others to

influence or persuade others.influence or persuade others.


MONITORINGMONITORING* Ensuring smooth progress of project or work• Developing or using procedures to ensure that work is completed or it is of high standard and quality• Personally supervising all aspects of the project• Developing a system through which all aspects of work could be properly and timely. monitored.


Concern for others welfareConcern for others welfare

• Having a concern and taking suitable actions to improve the welfare of others • Taking actions to improve the welfare of the society at large.• Taking actions in response to employees specific needs and concerns.• Reflecting due concern for the welfare of employees and their families.


Starting your own business-constitution-registrationa) income-tax( PAN )b) SSI registrationc) Sales tax numberd) Import export code.e) Pollution control certi.Aquiring resources.a) Landb) Manpowerc) Utilities.


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3. Competencies of Entrepreneur

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