PERSONAL

ENTREPRENEURIAL
COMPETENCIES
There are three cluster of personal
entrepreneurial competencies that an
entrepreneur should possess. And have many
interdependent characteristics that help them
succeed.
1. Achievement cluster:
A successful entrepreneur should have the ability to evaluate business
opportunities, gather necessary resources, and initiate proper action.

Opportunity seeker:
One of the requirements in entrepreneurship is the capacity to look for
business opportunity

Risk –takers:
Is defined as the probability of loss.
Persistence:
A successful entrepreneur takes different actions toovercome
obstacles.
Commitment :
Entrepreneurs do all the tasks at the right time and work with excellence.
2. Planning cluster:
The entrepreneur must be flexible and imaginative.
Good planners:
the entrepreneur lays out plans carefully follows up progress reports, and gets feedbacks to achieve
set goals.
Good decision makers:
by being innovative and creative
6 Distinct Phases of Making Decisions
1. Identify the problem
2. Gather data about the problem
3. Analyze the data
4. Formulate alternative solution
5. Select the best solution
6. Implement the solution
Goal oriented: entrepreneurs must set clear and specific short- term goals.
The objectives of the business must be realistic and attainable. Goals should be
SMART
S-specific
M-measurable
A-attainable
R-results-based
T-time-bound
3. Power cluster: entrepreneurs are people with ideas and initiative, as well as
goals and skills to lead and manage the business
Leadership: to keep going despite setbacks is the hallmark of all successful
entrepreneurs and leaders
a) High self-esteem: leaders have a high sense of their self-worth.
b) Achiever: leaders always feel the need to achieve
c) optimistic: a leader has a boundless font of optimism that never seems to end.
d) Courageous : one must have the guts to build a business from scratch
e) Values dignity: entrepreneurs treat their workers with respect.
f) hardworking: successful entrepreneurs always attribute their success to hard
work.