ENTREPRENEURSHIP CORE COMPETENCIES
Personal competencies: creativity, determination, integrity,
tenacity, emotional balance and self-criticism.
Interpersonal competencies: communication,
engagement/charisma, delegation, respect.
Business competencies: business vision, resource management,
networking, negotiating skills.
Risk assumption - Ability to tolerate ambiguity and uncertain
situations and make sound decisions in this situation, while being
able to control own emotions.
Autonomy / self-determination - Capacity for making
independent decisions based on a clear understanding of the
possibilities and the responsibility that it entails. allows an
entrepreneur to dream of an impossible vision and make it a
reality.
Search and analysis of information - Ability to find and share
useful business information for problem-solving using the full
potential of the company.
Quality of work - Ability to work intensively and tenaciously to
achieve the objectives, seeking continuous improvement
Communication - Ability to listen, ask questions, express ideas
and concepts effectively. Effective communication can help to
foster a good working relationship between you and your staff,
which can in turn improve morale and efficiency.
Self- confidence Ability to address new challenges with an
attitude of confidence in their own possibilities, decisions or
views. Entrepreneurs who are very confident are better poised to
start and succeed in a new business. Because of their self-efficacy,
they feel that they are able to succeed. This makes them willing
to put in the risk for a new business. Succeeding in that business
then builds even more self-confidence.
Develop social networks/ generation of support networks -
Ability to create and maintain a network of contacts with agents
that are or will be useful in achieving the goals. Social networks
stimulate business growth by reducing transaction costs, creating
business opportunities, and generating knowledge spillovers.
Dynamism - Ability to work hard and continuously in changing
situations, with many different partners. Stronger dynamism is
related to higher rates of productivity growth, as unproductive
firms leave and more productive firms enter or grow.
Change management - Ability to adapt to different contexts,
situations, people and media quickly and appropriately. Change
management drives the successful adoption and usage of change
within the business.
Initiative - Willingness to take action, create opportunities and
improve outcomes without an external requirement.
Innovation - Ability to produce an original, unexpected and
appropriate (timely, useful) new work according to the needs of
the context.
Integrity - Ability to act in accordance with what is said or
considered important. A company that is displaying integrity is
more likely to produce higher quality products and services.
Leadership - Ability to guide the action of human groups in a
certain direction by creating an atmosphere of energy and
commitment, setting goals, following up these goals and giving
feedback that integrates the views of others.
Self-control - Ability to regulate themselves and know their own
limitations. Provides power to stick to your decisions.
Results orientation - Ability to promote, guide and select
behavior in order to achieve the goals. Improve effectiveness and
efficiency of working in order to achieve better productivity of all
the resources including time.
Social mobility - Ability to raise or lower position in the scale of
economic well-being.
Negotiation - Ability to lead or control a discussion creating an
environment for collaboration and making lasting commitments
to strengthen the relationship. help you build better
relationships. deliver lasting, quality solutions—rather than poor
short-term solutions that do not satisfy the needs of either party.
help you avoid future problems and conflicts.
Troubleshooting - Ability to flexibly assume boundary situations
and overcome them and ability to handle contradictions. helps
identify the symptoms, eliminate the potential cause of the
problem, and require confirmation that the solution restores the
product or process to its working state.
Responsibility - Ability to maintain consistency between actions,
behaviours and words, taking responsibility for their own
mistakes. Only if we recognize our responsibility for the acts and
consequences, we will have the ability to improve, move forward,
and achieve success.
Teamwork - Ability to actively participate in the achievement of a
common goal, subordinating personal interests to team
objectives. When work is divvied up among members of a team,
it gets done faster, making the overall business operate more
efficiently.
Innovative Entrepreneur: These are the ones who invent the new
ideas, new products, new production methods or processes,
discover potential markets and reorganize the company’s
structure. These are the industry leaders and contributes
significantly towards the economic development of the country.
The innovative entrepreneurs have an unusual foresight to
recognize the demand for goods and services. They are always
ready to take a risk because they enjoy the excitement of a
challenge, and every challenge has some risk associated with it.
Ratan Tata is said to be an innovative entrepreneur, who
launched the Tata Nano car at a considerably low cost.
Imitating Entrepreneurs: The imitating entrepreneurs are those
who immediately copy the new inventions made by the
innovative entrepreneurs. These do not make any innovations by
themselves; they just imitate the technology, processes, methods
pioneered by others. These entrepreneurs are found in the places
where there is a lack of resources or industrial base due to which
no new innovations could be made. Thus, they are suitable for the
underdeveloped regions where they can imitate the
combinations of inventions already well established in the
developed regions, in order to bring a boom in their industry.
Fabian Entrepreneurs: These are entrepreneurs that are very
careful in their approaches and cautious in adopting any changes.
They are not prone to sudden decisions and try to shy away from
any innovations or change that doesn't fit their narrative. These
types of entrepreneurs are skeptical about the changes to be
made in the organization. They do not initiate any inventions but
follow only after they are satisfied with its success rate. They wait
for some time before the innovation becomes well tested by
others and do not result in a huge loss due to its failure.
Drone Entrepreneurs: These are entrepreneurs who do not like a
change. They are considered as 'old school'. They want to do
business in their own traditional or orthodox methods of
production and systems. Such people attach pride and tradition
to even outdated methods of doing business. These
entrepreneurs are reluctant to change since they are very
conservative and do not want to make any changes in the
organization. They are happy with their present mode of business
and do not want to change even if they are suffering the losses.
ENTREPRENEURSHIP CAREER OPPORTUNITIES
- Small Business Owners and Franchise Managers
- New Venture Developers
- E-Commerce Entrepreneurs
- Sales Managers, Marketing Managers and Sales
Representatives
- "Work at Home" Business Owners or “One-Person
Firms”
- Business Consultants
- Commercial Bankers
- Business Reporters and Recruiters
- Fundraisers and Development Officers
- Positions in Research and Development
- Career Services
Mid-level Management for an Entrepreneurship Degree Holder
At big companies, the C-level folks develop ideas, the ground
force does the work and mid-level management converts the idea
into execution. Graduates with entrepreneurial degrees are well-
suited for this opportunity.
Business Consultant
The Fortune 500 is ripe with business consultants. They need
people who can go to a client site, identify problems and fix them.
That is what an entrepreneur does, and that is why this job is
perfect for you. You have the training to help identify things that
others may not pick up on and the training to know how to fix
them.
Sales
Someone who works in sales or runs the department needs to
know how businesses run. They need to know how to represent
a company, manage accounts and follow up on leads.
Research and Development
To work in R&D, you need to understand business concepts,
procedures and practices. With all of the training and education
someone has received learning about entrepreneurship, they are
well prepared for this type of position.
Not-for-Profit Fundraiser
Being able to raise funds requires understanding the importance
of business and networking relationships. It is a great place for
someone with this type of degree because you will have
experience in studying advanced concepts that can be used to
your advantage on the job.
Teacher
Now here me out on this one. I am not suggesting that you go
teach entrepreneurship. I suggest you teach a core competency
(e.g., math, history, literature, etc.), but teach students the
entrepreneurial side. Teach them the benefits of math to
business, history to innovation, and literature to persuasive
advertising.
Recruiter
Having had courses that cover operations management,
leadership and a variety of others, you most likely have a
keen sense of what type of person is needed to fulfill a
position. Companies who use recruiters rely upon someone
being not just people savvy, but having an in-depth business
sense as well.
Business Reporter
If you can write articles, or pick up a quick class to learn it,
you are in a prime position to take the lead on covering a
local business beat. You will understand the field and
concepts and can use your knowledge to make the business
section that much more interesting and telling.
Management analyst
Management analysts are responsible for developing and
implementing various procedures and systems to improve a
company's management and operations. They may develop
manuals, perform studies, collect data and introduce new ways of
performing tasks to increase productivity within a workplace. This
job provides ample experience in management, which is crucial
for most entrepreneurs.
Sales manager
Primary duties: Sales managers oversee sales teams and provide
guidance to ensure the team meets their sales goals. A sales
manager may also help set sales goals, analyze sales data and
trends and delegate various sales tasks, such as assigning out
certain sales territories to team members. A position as a sales
manager provides experience in generating sales, setting and
achieving goals and managing a team.
Marketing manager
Marketing managers develop and oversee the execution of
marketing strategies for brands and businesses. These
professionals are primarily concerned with how they can
implement marketing tactics to attract new clients and retain
current customers. Entrepreneurs often have to develop strong
marketing strategies to advertise their businesses, so a job as a
marketing manager is a great way to gain experience in
professional marketing.
Financial advisor
Financial advisors provide guidance to people who want to invest
and grow their finances. They assess their clients' financial needs
and make decisions on their behalf to help them meet financial
goals. A job as a financial advisor can equip aspiring
entrepreneurs with communication, problem-solving and
financial management skills.
Public relations manager
Public relations (PR) managers oversee a company's public image.
They may do this by managing how the company is portrayed to
the public, communicating with media and completing other
tasks that involve promoting a positive view of the business.
Experience in a PR position can provide entrepreneurs with
insight into how to manage the public image of their own
company in the future.