Entrepreneurship is a catchword in this era of globalized economy.

It
is a foundation and catalyst for economic growth and innovation
across nations (Edralin, D. M., 2016).

Common Elements of Entrepreneurship (Edralin, D. M., 2016):

 Innovation
 Opportunity seeking and exploitation
 Resource mobilizing
 Encountering risks and uncertainties
 Economic and personal rewards

Roles of Entrepreneurship and Entrepreneurs in Economic Develop-

ment and Society (Edralin, D. M., 2016):

 Creates employment
 Develops new markets
 Introduces innovation
 Generates new sources of materials
 Stimulates investment interest in the new business ventures
being created
 Improves the quality of life
 Serves as role models
 Brings social benefits to the people
 Utilizes and mobilizes indigenous resources
 Provides more alternatives for consumers

Entrepreneurs are found everywhere around the globe and they are a
distinct group of business people who contribute to the development of
the society. They are the founder and creator of the enterprise who
make use of the opportunities that abound to start or grow business,
knowing that there are risks involved in such undertaking (Edralin, D.
M., 2016).

Are entrepreneurs born or made?

This question has long been debated with little agreement. However,
as cited by Longenecker, J.G., et.al. (2016), Stephen Spinelli and
Robert Adams described entrepreneurs as having and exhibiting
“desirable and acquirable attitudes and behaviors” such as
commitment and determination, leadership, opportunity obsession,
risk-takers, motivation to excel, creativity, self-reliance, and
adaptability. According to (www.ideasforleaders .com), competencies
such as risk seeking, assertiveness and vision are considered typical
of a successful entrepreneur. But these are innate predispositions or
aspects of temperament; by using them as yardstick, it is wrongly
concluded that only certain types of people make good entrepreneurs
or are capable of worthwhile innovations.

Is there such a thing as a ‘natural-born entrepreneur’?

Accordingly there is not. Specific techniques and habits must be

practiced and developed by all would-be entrepreneurs. Aside from
business competencies, entrepreneurs need interpersonal and self-
leadership skills too; however, these are often overlooked.
Entrepreneurial behavior‟ can be learned and developed (www.ideas-
forleaders.com).

The question is not who entrepreneurs are, but what they do, and
more important than business skills can be other competencies that
provide a foundation for those business skills (www.ideasfor-
leaders.com).

Furthermore, according to www.ideasforleaders.com, there are three

levels of competencies, which all entrepreneurs need:

1. Personal competencies – These are your abilities to ground

yourself so that you are secure and self-assured in whatever situation
you may find yourself (www.free-management-ebooks.com).
Ex. creativity, determination, integrity, self-criticism.

2. Interpersonal competencies – These are your ability to lead,

influence, communicate, supervise, negotiate, and control people at all
levels. It is the ability to get along with people and motivate people to
perform jobs. Entrepreneurs must effectively manage people
(baseread.com).

Ex. communication, engagement, delegation

3. Business competencies – These are set of particular abilities and

knowledge that sets a company apart from its competitors
(yourbusiness.azcentral.com). It also refers to the key characteristics
that successful entrepreneurs should have in order to be successful
(www.mustangbols.com).
Ex. business vision, financial management, networking

Core vs. Common Competencies in Entrepreneurship

Competencies in entrepreneurship play a leading role in making

entrepreneurs successful (baseread.com).

Entrepreneurial competencies facilitate opportunity recognition, help

adapt rapidly to changes, enhances business performance, strengthen
the firm’s competitive position and stir the achievement of
organizational success. It is the sum total of the personality, skills and
knowledge that the entrepreneur possesses, which are necessary to
effectively perform their functions and responsibilities (Edralin, D. M.,
2016).

Competence is an underlying personal characteristic which leads to

superior performance. It is a combination of knowledge, skills,
attitudes, and motives (baseread.com).

Core competence is the foundation for sharpening a company's

competitive edge and it guides brand reputation, business growth, and
marketing strategy (www.thebalancesmb.com).

Common competence is one that describes the knowledge, skills and

abilities found in most or all position (www.ifpm.nifc.gov).

Examples of Core and Common Competencies in Entrepreneurship

Core Competencies
1. Organizing and Planning
2. Cash flow management
3. Personnel management
4. Operations and distribution
5. Customer Relations
6. Bookkeeping/Accounting
7. Promotions and Advertising
8. Resources Management
9. Financial Management
10. Information Management
Common Competencies
1. Analytical and critical thinking
2. Decision making
3. Leadership
4. Communication
5. Computer Literacy
6. Human Relations
7. Managing Change
8. Creative Thinking
9. Time Management
10. Conflict Management

Job Opportunities for Entrepreneurship as a Career

If you’re an aspiring entrepreneur, there are different career paths you

can take to turn your dream into a reality. Which path you choose will
 depend on your experience, skills, finances, and flexibility, as well as
your goals for the future (Doyle, A., 2020).
Career opportunities you might pursue according to Michalowicz
(2011) as cited by Edralin, D. M., 2016):
Entrepreneurship Career Op-
portunities for the Academic
Track
 Business Consultant
 Sales
 Research and development
 Not-for-profit fundraiser
 Teacher
 Talent recruiter
 Business reporter
 New venture creation
 Career in existing entrepreneurial
ventures
Entrepreneurship Career
Opportunities for the TECH-VOC
Track
Fine Arts
 Artist
 Graphic designer
 Photographer
 Art gallery manger
 Film director
Fashion Designing
 Designer wear production
 Fashion marketing, planning and
concept management
 Fashion media design management
 Fashion accessory design, quality
control, and promotion brands
 Costume designer
 Fashion consultant and personal
stylist
 Technical designer and graphic
designer
 Fashion coordinator
Sports
 Health club manager
 Strength, wellness or conditioning
coach
 Fitness program or event planning
manager
 Professional or amateur team
manager
 Sports facility manger
 Corporate fitness director
 Rehabilitation center director
 Nutrition center manager
Other TECHVOC Track
 Cook/Chef
 Automotive mechanic
 Electrician
 Electronic Technician
 Technical support specialist
 Tool keeper and technician
 Network support Associate
 Mechanical technologist
Note: Most would-be entrepreneurs, however, remain self -employed,
preferring to be the boss.

Reasons why many would like to become an entrepreneur

(www.scu.edu):

1. Achievement, Challenge, & Learning

2. Independence & Autonomy – you can set your own goals, pick
their own partners, and face the consequences of your decisions.

3. Income Security and Financial Success

4. Recognition and Status

5. Family

6. Dissatisfaction with Current Work Arrangements

7. Community and Social Motivation