COMPETENCIES OF SUCCESSFUL
ENTREPRENEURS
• Entrepreneurial competencies refer to key characteristics possessed by successful entrepreneurs in performing entrepreneurial functions effectively.
• They listed 13 entrepreneurial competencies possessed by successful entrepreneurs.
*PERSONAL INITIATIVE
*SEIZE OPPORTUNITIES *ENDURANCE
*INFORMATION SEEKER
*HIGH WORK QUALITY
*COMMITMENT TOWARDS WORK AGREEMENT
1.PERSONAL INITIATIVE
• An entrepreneur who has strong personal initiative is able to act immediately on available opportunities and choose best strategy when he face a problem.
• Initiative allows an entrepreneur to be alert and proactive.
• Example:Does things before being asked or compelied by the situation.
2.Seize Opportunities
• Entrepreneur grabs or seize opportunities continuously to make sure thet his business sustains for a long time in the industry.
• Focuses,identifies and exploits business opportunities.
• Maximizes his thinking capacity by finding sulutions to problems faced by community.
• Examples:seize unusual opportunities to obtain financing,equipment ,land ,work space or assistance.
3.ENDURANCE
• Has to face various barriers and problems before achieving success.
• Needs to have great strength and courage within him.
• Strong enough to face problems and barriers courageously.
• He would never give up accomplishing his vision and tries to deal with barriers that block his path to achieving success.
• Faces various problems and risks.• Example: increase in the cost of raw materials
and decrease in denand for his products.
4.Information Seeker
• A successful entrepreneur is able to seek information,that is he has done some research to obtain information and received feedback from customerr in order to provide a good product or service that can gain customer satisfaction and acceptance.
• Examples:do a personal research on how to provide a product or service.
5.High Work Quality
• Places care on quality and can be seen as having the urge to sell or produce products of high quality.
• He always makes a comparison of his work quality with those of others to make sure his products are always better.
• The continuous prooduction of quality products and services will determine the customers's faithfulness ,commitment and satisfaction.
• Products of high quality will bring profitable returns to an entrepreneur as it ensures the faith of customers towards the products.
• Example: states a desire to produce or sell a top or better quality products and service.
6.COMMITMENT TOWARDS WORK AGREEMENTS
• Entrepreneur devotes total commitment to the venture.
• This commitment help the entrepreneur to recify mistakes and overcome obstacles which threaten business operation.
• His commitment to ideas and ventures determine how successful those ventures ultimately become.
• Example:makes a personal sacrifice or expands extraordinary effort to complete a job.
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