KEY CONCEPTS AND COMMON COMPETENCIES

Objective: Explain the key concepts of common competencies on entrepreneurship

“Opportunity comes from one person’s idea that influences others to take actions”

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

IN STARTING A BUSINESS, LEARNER SHOULD SEEK ENTREPRENEURIAL COMPETENCIES SUCH AS:

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.
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.
3. SELF-EFFICACY: Entrepreneurs must believe in their own ability or self confidence.
4. NEED FOR ACHIEVEMENT: Entrepreneurs must have a high need for achievement take responsibility for
outcomes.
5. AMBITION: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational
challenges.
6. WILLINGNESS TO LEARN: Entrepreneurs should have a strong willingness to learn often pursue
opportunities to acquire new skills and competencies.
7. STRONG INITIATIVE: Entrepreneurs must have a high initiative are often driven to work hard.
8. ADAPTABILITY & 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.
9. WILLINGNESS TO TAKE RISK: Not only are successful learners willing to take consequences, they can also
identify and calculate risk.
10. INTERPERSONAL SKILLS: Learner with strong interpersonal skills has skills of working well with people
from different backgrounds.

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
situations.
2. CONCEPTUAL THINKING- the entrepreneur is prepared to use new approaches and comes up with new
ideas that may enhance work.
3. RISK TAKING- the entrepreneur understands the risk taking means trying to anticipate future problems thus
solve new problems that may arise in the business organization.
4. NETWORKING/ COLLABORATION- the entrepreneur understands the networking can provide access to
information, collaboration and profits; and that careful planning and preparation help achieve desired results.
5. STRATEGIC PLANNING- the entrepreneur understands that thinking using strategies can help achieve goals
in the organization.
6. COMMERCIAL APTITIUDE- 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.
7. DECISIVENESS- the entrepreneur resolves issues as they arise in an unavoidable situation and responds
flexibly to deal with changing priorities set by the upper authorities.
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 situations.
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 satisfaction.
10. PEOPLE CENTERED- the entrepreneurs create commonality among stakeholders, see and value the best in
others.

Prepared by:
Mr. Ezekiel M. Tuscano, LPT