Question

Write short answer of the following.
Discuss the various competencies of entrepreneurship

Answer 1

Introduction: -In simple terms, competence is an underlying characteristic of a person which led to his or her effective or superior performance in a job. The term 'competence' refers to a combination of knowledge, skills, motive, attitude, and habits. Every role or function requires some particular competencies.

The entrepreneur has to have certain competencies or abilities to have superior results. He may possess certain competencies that can be developed through training, guidance, and experience.

Following are the important competencies of an entrepreneur:

1. Initiative: -An entrepreneur is a person who takes the initiative or starts something first to set up an enterprise. The initiative is an inner urge (advice) of a person to do something. People who are innovators usually have the quality of taking initiative. Entrepreneurs take the initiative to carry out new combinations and innovate something new in the process of economic development.
2. Sound Knowledge: -An entrepreneur always wants to receive new information which can help him update his knowledge and help him in realizing his goals. He also refers to different markets, takes expert advice and does researches to gain complete to bring his ideas into reality.
3. Proper Planner: -An entrepreneur believes in following a perfect plan to execute his ideas. He develops the future courses of action keeping in mind the goals to be achieved. They believe in a realistic planning and ensure proper execution of the same. This helps them in achieving success.
4. Efficiency: -An entrepreneur always has high efficiency in whatever act he does. He believes in hard work to attain efficiency. They are ready to try and involve new methods to make the working pattern easier, simpler, better and economical.
5. Opportunity seeker: -The entrepreneurs regularly keep studying the market and business environment. They observe and wait for the best opportunity for their enterprise or organization in the market. They grab the best opportunities available for their organization.
6. Self-confidence: -The successful entrepreneurs have complete confidence over their knowledge, skills, abilities, strengths, and competencies. They show great persistence in difficult situations and future uncertainties.
7. Positive attitude: -An entrepreneur always thinks positively even in failure times. He is never disheartened (discouraged) by failures. He believes in 'Try and try until you succeed' formula. He takes any failures as a new experience and lesson.
8. Persuasive: -An entrepreneur is in a position to convince his superior and subordinates to get the work done according to his ideas by sound arguments and logical reasoning. He uses his intelligences to convince others the way he want them to do things for him.
9. Quality consciousness: -Entrepreneur who wishes to succeed believes in quality performances. They do not compromise with moderate or average performance. As they want to be the best, they set high quality standards for themselves. They put in all efforts to achieve excellence for their organization.
10. Problem solver: -Any problem is taken up as a new challenge and the best strategy is found out to solve the problems. The entrepreneur puts in the best for finding out the most appropriate solution for the same. He must have an intense desire to complete a task or solve a problem.