A

PRESENTATION
ON:
ENTREPRENEUR
COMPETENCIES
REQUIRED FOR
ENTREPRENEURSHIP

Common characteristics associated with

achievement oriented entrepreneurs
1. Drive to achieve
Internally driven self starter with strong desire to:
i. To compete with others
ii. To excel with self imposed standard
iii. To pursue and attain challenging goal

2. Calculated risk taking

i.

High achiever tend to take moderated or calculated risk

ii. Examining the situation and determine how to increase the

chance of winning a business situation
iii. They make their effort to get the odds in their favor

3. Internal locus of control

i. They belief that success or failure is determined by their own
effort.
ii. They belief in themselves
iii.They do not belief that success or failure of their ventures were
determined by fate or luck
iv.This behavior is consistent with self confidence and desire to take
personal responsibility

4. Tolerance for failure

i. High achievers take failure as a learning experience.
ii. Do not easily become disappointed, distress or discouraged by
any setback or difficulties faced in the midst of business
competition.

5. Seeking Feedback
i.

They have strong desire to actively seek and use feed back to
know how well they are doing and how to improve their
performance.

ii.

Most successful entrepreneurs are quick learners.

6. Integrity and reliability

i.

Integrity and reliability help to build and sustain trust and

confidence.

ii.

This helps to endure the relationship between entrepreneurs,

partners, customers, suppliers and stakeholders.

Competence motivation
Besides the three social motives, a successful entrepreneur should
also have the competence motivation
1.Competence motivation Is a drive to do high quality work.
2.Competence motivated entrepreneur
seek mastery in job or tasks that they are undertaking,
develop problem solving skill and
strive to be innovative
3.In general they tend to perform good work because the inner
satisfaction they feel and esteem they gain from others due to
their competence.

ENTREPRENEURIAL
COMPETENCIES

Theterm"ENTREPRENEURIALCOMPETENCIES"refers
tothekeycharacteristicsthatshouldbepossessedby
successfulentrepreneursinordertoperform
entrepreneurialfunctionseffectively.

Entrepreneurial Competencies

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

3. Persistence
Anentrepreneurisabletomakerepeatedeffortsortotakedifferentactions
toovercomeanobstaclethatgetinthewayofreachinggoals.
Examples
Takes repeated or different actions to overcome an obstacle
Takes action in the face of a significant obstacle
4. Information Seeking
Anentrepreneurisabletotakeactiononhowtoseekinformationtohelp
achievebusinessobjectivesorclarifybusinessproblems.
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

Anentrepreneuractstodothingsthatmeetcertainstandardsof
excellencewhichgiveshimgreatersatisfaction.
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
Anentrepreneurplacesthehighestpriorityongettingajobcompleted.
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
Asuccessfulentrepreneuralwaysfindswaystodothingsfasterorwithfewer
resourcesoratalowercost.
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
Anentrepreneurdevelopsanduseslogical,step-by-stepplanstoreachgoals.

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
Successfulentrepreneuridentifiesnewandpotentiallyuniqueideasto
achievehisgoals.

Example
Switches to an alternative strategy to reach a goal
Generates new ideas or innovative solutions
10.Self-Confidence

Asuccessfulentrepreneurhasastrongbeliefinselfandownabilities.
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
Anentrepreneurconfrontsproblemsandissueswithothersdirectly.
Examples

Confronts problems with others directly

Tells others what they have to do

Reprimands or disciplines those failing to perform as expected

12.Persuasion

Anentrepreneurcansuccessfullypersuadeorinfluenceothersfor
mobilizingresources,obtaininginputs,organizingproductionsandselling
hisproductsorservices.
Examples

Convinces someone to buy a product or service

Convinces someone to do something else that he would like that

person to do

Asserts own competence, reliability, or other personal or company

qualities

Asserts strong confidence in own company's products or services

13.Use of Influence Strategies

Anentrepreneurisabletomakeuseofinfluentialpeopleto
makereachhisbusinessgoals.
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

ENT/ETR300 FUNDAMENTALS OF ENTREPRENEURSHIP

ENTREPRENEURIAL MOTIVATION & COMPETENCY

06/14/16

15

ENT/ETR300 FUNDAMENTALS OF ENTREPRENEURSHIP

ENTREPRENEURIAL MOTIVATION & COMPETENCY

06/14/16

16