Core Competencies in Entrepreneurship

Lesson 3
 Objective
• Explain core competencies on
entrepreneurship.
 “ The greatest discovery of my
generation is that people can alter
their lives by altering their attitude”
- William James
 Entrepreneur
• Are individuals who are alert to profitable
opportunities for the exchange of goods
or services.
 Entrepreneurial Skills and Competencies
• The skill and competency factors are
following : Negotiating, Planning, Risk
Assessing, Purchasing, Accounting,
Recruiting, and Training, Selling, Controlling,
and Dealing with Emergencies.
 The Entrepreneur as a Missionary
• The Entrepreneur is a missionary who perceives
opportunities inherent in the exchange of goods with
great desire for profit.
• The Entrepreneur creates an environment in which
success is possible and the possibility of failure is
controllable.
 Entrepreneur is Goal Driven
• The Entrepreneur is goal driven and self-
confident as he exercise the locus of control.
• He sets high gaols and strives to attain the
projected and accomplishment.
 The Entrepreneur is a Marketing Man
• The marketing environment is identified by the
entrepreneur and thus he marshals his resources to
pursue the opportunities and makes immediate
action to exploit his personal gain.
• The needs and wants od customers are identified and
these are the propelling reason for hi, to take the
opportunity to make profit.
 The Entrepreneur Starts Small to Become Big
• Many Entrepreneurs start small scale but with their
managerial talents and persistence, they exploit the
opportunities available for their disposal.
• At the early stage, their growth orientation is for
expansion of their operation and they persistently
pursue approaches that differentiate them from
other managers.
 The making of an Entrepreneur
• The making of an Entrepreneur is a dynamic process
and an approach.
• As an approach, the Entrepreneur considers the
business opportunity as a chance to find new ways to
solve the problem rather solving immediately the
problem.
 Entrepreneurship is a Dynamic Process
• Entrepreneurship is a dynamic process of innovation
and the creation of new opportunity for the creation
of new culture.
• The small business owner Entrepreneur in the sense
is self employed and is different from an innovator
Entrepreneur.
• The real Entrepreneur is an individual with the
greatest drive for expansion and growth and has
propensity to make difference in terms of their
achievements in profit and exploitation of the
resources for growth and the business expansion.
 The factors that Develop Entrepreneurial
Activity
1. The Entrepreneur Takes the Initiative
2. Organization of Capital Resources
3. The Development of administrative Machinery
4. The Development of Entrepreneurial Autonomy
5. The Development of SWOT Analysis
 Peculiar Characteristics of Managers in Solving
Problems
1. The manager develops system and procedure that
are précised based on current practices in the
industry.
2. The manager is interested in solving organizational
problems rather than finding other avenues in the
solution of the problems.
 Peculiar Characteristics of Managers in Solving
Problems
3. The manager is interested in the refinement of
policies and procedure and tends to revise them to
solve the existing problems.
4. The managers finds ways and means to solve
problem and compliance to routine activity
 Peculiar Characteristics of Managers in Solving
Problems
5. The manager is interested in details and is sensitive
to group cohesion and extract group cooperation as a
means to group accomplishments.
 Characteristics of Innovator Entrepreneur in
Solving Problems
1. He looks at the problem on different angles and
finds means to circumvent the same.
2. He discovers the roots of the problem and develops
avenues to better solve the problem. He formulates
solutions and alternatives.
 Characteristics of Innovator Entrepreneur in
Solving Problems
3. He develops basic assumptions and hypothesis relate
to current practices and makes innovations based on
careful analysis through SWOT.
4. The innovator entrepreneur is interested in the end
results rather than the means to achieve it. He has little
tolerance for details and routine work.
 Characteristics of Innovator Entrepreneur in
Solving Problems
5. He capitalizes on people with bright ideas and talents
and gets their opinion and consensus and with little
regards for people with mediocre ideas.
 Enrichment Activity
1. Choose an Entrepreneur.
2. Tell his or her story.
3. How are you inspired by the story
4. What are the lessons that you learned from the
story.
5. What are the characteristics that seem similar to
you?