CORE COMPETENCIES

IN ENTREPRENEURSHIP

GROUP FRIENDS FRIES….

Entrepreneurship
Entrepreneurship is the
process of designing,
launching, and running a new
business which is often initially
a small business. The people
who create these business are
called entrepreneurs.
Initiative
 The entrepreneur should be able to take
actions that go beyond his job
requirements and to act faster. He/she is
always ahead of others and able to lead
the business or industry.
 Examples:

• Does things before being asked or

compelled by the situation.
• Acts to extend the business into new
areas, products or services.
Sees and acts on opportunities
 Entrepreneur grabs opportunities continuously
to make sure that his business sustains for a
long time in the industry.
 Maximizes his thinking capacity by finding
solutions to problems faces by community.
 Examples:
• Sees and acts on new business opportunities

• Seizes unusual opportunities to obtain

financing, equipment, land, workspace or
assistance.
Persistence
 An entrepreneur is able to make repeated
efforts or to take different actions to
overcome an obstacles that gets in the
way of reaching his/her goals.
 Examples:

• Takes repeated or different course of

action to overcome a problem or
obstacle.
• Never give-up easily.
Information seeking
 An entrepreneur is able to take action on how to
get information in order to help the business to
achieve its objectives or to solve business
problems.
 Examples:
• Conduct personal research on a product or
service.
• Consults experts or relevant authorities to get
relevant information.
• Uses contacts or information networks to
obtain useful information.
Concern for high quality of work

 An entrepreneur acts to do things that

meet a certain standard of excellence
which gives him greater satisfaction.
 Examples:

• States a desire to produce or sell a top

or better quality product or service.
• High quality would ensure repeated
purchase from existing customers and
also an opportunity to get new
customers.
Commitment to work contract
 An entrepreneur places the highest priority
on getting a job completed according to
the deadline.
 Examples:

• Makes personal sacrifices or expends

extra ordinary effort to complete a job.
• Accepts full responsibility for problems
in completing a job for customers.
• Expresses a concern for satisfying the
customer.
Efficiency orientation
 A successful entrepreneur always find a
ways to do things faster, using fewer
resources, and keep cost low.
 Examples:

• Looks for or finds ways to do things

faster or at lesser cost.
• Uses information or business
management tools to improve efficiency.
• Expresses concern about a cost vs.
benefit derives from any improvement,
change or course of action.
Systematic planning
 An entrepreneur develops and uses logical,
step-by-step plans to reach his/her business
goals.
 Examples:
• Plans by breaking a large task down into
smaller tasks.
• Develops alternative plans which anticipate
obstacles.
• Evaluate among available alternatives.

• Takes a logical and systematic approach in

the planning activities.
Problem solving
 A successful entrepreneur identifies
new and potentially unique solution to
solve business problems which could
affect the business objectives.
 Examples:

• Switches to an alternative strategy

to overcome problems.
• Always generates new ideas or
innovative solutions.
Self-confidence
 A successful entrepreneur has a
strong belief in oneself and own
abilities.
 Examples:

• Expresses confidence in own ability to

complete a task or meet a challenge.
• Sticks with own judgement in the face of
opposition or lack of success.
Assertiveness
 An entrepreneur confronts problems
and issues with others directly.
 Examples:

• Confronts problems with others

directly.
• Tells subordinates what is expected
of them.
• Reprimands or disciplines those
who failed to perform as expected.
Persuasion
 An entrepreneur should be able to persuade
or influence others for mobilizing resources,
obtaining inputs, organizing productions and
selling of his products or services.
 Examples:
• Convince someone to buy a product.
• Convince someone to provide financing.
• Asserts own competence, reliability or
other personal or company qualities
(testimony).
• Asserts strong confidence in own
company’s products or services.
Use of influence strategies
 An entrepreneur is able to make use of
influential people to reach his business goals.
 Examples:
• Acts to develop business contacts.

• Uses influential people as agents to

accomplish own objectives (getting contracts).
• Selectively limits the information given to
others.
• Uses permissible strategy to influence or
persuade others.
ENTREPRENEURIAL SKILLS
& COMPETENCIES
Entrepreneurial Competencies
 The term “ENTREPRENEURIAL
COMPETENCIES” refers to the key
characteristics that should be possessed by
successful entrepreneurs in order to perform
entrepreneurial functions effectively.
 This can be defined as underlying
characteristics such as generic and specific
knowledge, motives, traits, self-images, social
roles, and skills which result in venture birth,
survival, and/or growth.
1. Personal Entrepreneurial
Competencies(PECs)

Refers to the important

characteristics that should be
possessed by an individual in
order to perform
entrepreneurial function
effectively.
Personal Competencies
Ex:
 Creativity

 Determination

 Integrity

 Tenacity

 Emotional balance

 Self-criticism
2. Interpersonal Competencies

The skills dealing with how a

person interacts with others, are
crucial to the profession of a care
giver.
Also known as social
competencies, refers to the ability
to interact positively and get along
well with others.
Interpersonal Competencies
Ex.
Communication

Engagement/Charisma

Delegation

Respect
3.Business Competencies

Relate to their Road

Business environment in
which accounting
professionals work.
Business Competencies
Ex:
Business vision

Resource Management

Networking skills
Entrepreneurial Skills
Skills for an entrepreneur
to process/having the
knowledge and ability to do
something specific. It is
easier to develop than
characteristics.
1. Group Skills

Work and learn

together, task force,
and project teams.
2. Technical Skills

Technological
writing, managing,
and organizing
3. Business Management

Decision making and

analytical conceptual
skills.
4. Personal Entrepreneurial Skills

Risk, innovative, visionary,

persistent, manage and
change.