L2 Entrepreneurial Competencies
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Transcript of 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
AFT 101318