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Week 2

This document discusses skills and core competencies in entrepreneurship. It identifies three main types of entrepreneurial skills: cognitive skills like problem-solving, technical skills in areas like IT and marketing, and interpersonal skills like communication and negotiation. To succeed, entrepreneurs must understand concepts and principles, develop character traits, and acquire these skills. Their combination of all these factors defines their core competency and competitive advantage. The document aims to teach students to identify necessary skills, discuss the importance of core competency, describe skills needed for entrepreneurship, and explain the concept and value of entrepreneurial competency.

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Zsazsa
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664 views

Week 2

This document discusses skills and core competencies in entrepreneurship. It identifies three main types of entrepreneurial skills: cognitive skills like problem-solving, technical skills in areas like IT and marketing, and interpersonal skills like communication and negotiation. To succeed, entrepreneurs must understand concepts and principles, develop character traits, and acquire these skills. Their combination of all these factors defines their core competency and competitive advantage. The document aims to teach students to identify necessary skills, discuss the importance of core competency, describe skills needed for entrepreneurship, and explain the concept and value of entrepreneurial competency.

Uploaded by

Zsazsa
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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NORTHWESTERN UNIVERSITY

Basic Education Department


Junior and Senior High School

LESSON 4: SKILLS AND CORE COMPETENCIES IN ENTREPRENEURSHIP

At the end of this lesson, the students should be able to:

1. Identify the entrepreneurial skills and


2. Discuss the concept of core competencies in the practice of
entrepreneurship

The character traits common among successful entrepreneurs are the


distinguishing attributes that differentiate the entrepreneur from owners of
ordinary small businesses. They compose the image of a successful
entrepreneur in the business community. Successful entrepreneurs have
already provided and laid out the clear blueprints for you to follow. It should be
your prime goal to internalize those entrepreneurial characteristics.

However, possessing these character traits is not enough to finish the


entrepreneurial journey. It is only an initial step. Remember that the field of
entrepreneurship, is a practice not a theory. In other words, you have to
practice entrepreneurship correctly. To do so, you need the required skills to
help you deliver and carry out with great ease the principles of
entrepreneurship.

ENTREPRENEURIAL SKILLS

Without the required skills, a person can hardly succeed in a particular business
endeavor, perform the assigned specialized tasks, or even truly become a
successful entrepreneur. Hence, skills play a significant role in the practice of
entrepreneurship.

Skills are considered as the personal abilities to do things well. They come
from the totality of the knowledge, practice or experience and aptitude of a
person.

Skills are acquired and developed by a person through constant and correct
practice. They connote dexterity, excellence and expertise in the performance
of particular tasks. They are clear manifestations of the abilities of a person to
carry out complex tasks.

ENTREPRENEURSHIP
Module 1 Page 28
NORTHWESTERN UNIVERSITY
Basic Education Department
Junior and Senior High School

What kind of skills should be acquired and developed in a deliberate and


systematic fashion by a person who has an intense desire of becoming a
successful entrepreneur?

The answer is simple - entrepreneurial skills. These refer to the set of cognitive,
technical, and interpersonal skills required in the practice of entrepreneurship.

Cognitive Skills

This refer to the mental ability of the entrepreneur to learn new things,
generate new ideas, and express knowledge in both oral and written forms.
The human brain is responsible for the development of cognitive skills, which
are essential in making systematic and effective plans and monitoring them.

Cognitive skills of an entrepreneur include the following:


1. Ability to understand written materials
2. Ability to learn and apply new information
3. Ability to solve problems systematically
4. Ability to create new ideas
5. Ability to innovate new products and procedures or methods.

Not all types of cognitive skills of an entrepreneur, except for that of


problem-solving skills, are discussed in this lesson. These problem-solving skills
can help the entrepreneur in making decisions quickly, which is essential in the
competitive world of business.

Problem-solving Skills

Problems are common in the life of an entrepreneur as he.she manages the


day-by-day operations of the business venture. These problems can be big or
small, ordinary or unusual, and repetitive or non-repetitive.

Whatever the nature, type or size of the business problem, the entrepreneur
must face it, solve it, and make a decision. In making a business decision, the
entrepreneur adopts the scientific approach instead of making an intuitive
decision.

The scientific approach in solving a business problems involve:


1. Defining the real problem,
2. Gathering information about the problem,
3. Formulating alternative solutions,
4. Evaluating alternative solutions,
ENTREPRENEURSHIP
Module 1 Page 29
NORTHWESTERN UNIVERSITY
Basic Education Department
Junior and Senior High School

5. Selecting and implementing the optimal solution, and


6. Evaluating the decision

Technical Skills

In this age of advanced computer and information technology, entrepreneurs


must be fully equipped with the right technical skills. The result or final output
of cognitive skills may not be very effective unless put into reality through the
application of technical skills. Technical skills are not only significant in
entrepreneurship but also in other fields. For entrepreneurs, these skills relate
to their knowledge and proficiency in a specialized field like computer
technology, accounting, marketing, operations research, engineering, medical
fields, or other related technical fields.

In the absence of the technical skills, the output of the cognitive skills may not
carry any significant value. Without the technical skills, an idea will remain to be
an idea and a business opportunity will remain to be a business opportunity.

At present, those wanting to be overseas Filipino workers must first develop


their technical skills and earn a certificate from the Technical Education and
Skills Development Authority (TESDA) that will attest to their proficiency and
skills in their particular fields of specialization. The technical skills focus mainly
on the mechanical or practical aspect of a person rather than his/her abstract
or theoretical thinking. The technical skills are the external replica of a person’s
cognitive skills.

The technical skills of an entrepreneur include proficiency and ability, among


others, in the following areas:

1. Information technology
2. Feasibility study and business plan preparation
3. Technical writing skills
4. Marketing
5. Management and finance

Interpersonal Skills

These are basically about the relationship and interaction of the entrepreneur
with the workers, suppliers, creditors, prospective customers, and other
members of the business community.

ENTREPRENEURSHIP
Module 1 Page 30
NORTHWESTERN UNIVERSITY
Basic Education Department
Junior and Senior High School

The interpersonal skills of an entrepreneur may include, among others, the


following:

1. Skills in verbal communication


2. Skills in non-verbal communication
3. Skills in listening
4. Skills in leading
5. Skills in negotiating

They must be developed and enhanced to equip the entrepreneur in

1. Saying what he.she wants to say and how he/she says it;
2. Working with his/her workers and employees;
3. Relating, negotiating, and dealing with his.her customers, suppliers, and
creditors; and
4. Communicating his/her ideas, beliefs, values, and opinions to the people
he/she works with.

To become a successful entrepreneur must fully understand and apply the


concepts and principles of entrepreneurship. He/she must possess and
internalize the character traits that are common among successful
entrepreneurs.

CORE COMPETENCIES

A person who aspires to become a successful entrepreneur must fully


understand and apply the concepts and principles of entrepreneurship. He/She
must possess and internalize the character traits that are common among
successful entrepreneurs.

The entrepreneurial core competency is defined as the combination of


entrepreneurial concepts and principles, entrepreneurial character traits and
entrepreneurial skills that provide and become the ultimate source of
competitive advantage of the entrepreneur.

Competitive advantage refers to the strategic position and condition of the


entrepreneurial venture that

1. Provides the necessary attributes to outperform competitors,


2. Distinguishes the venture from competitors,
3. Achieves superior performance in the industry and
4. Produces a product or develops production methods that can hardly be
ENTREPRENEURSHIP
Module 1 Page 31
NORTHWESTERN UNIVERSITY
Basic Education Department
Junior and Senior High School

copied by competitors.

The competitive advantage generally establishes the solid foundation of


sustainability of the entrepreneurial venture in the heart of the competition.

TOTAL PERSPECTIVE OF SUCCESSFUL ENTREPRENEUR

A successful entrepreneur overcomes all obstacles and problems in


entrepreneurship.

To ensure victory as a future entrepreneur, you must

1. Understand fully the concepts and principles of entrepreneurship;


2. Internalize and live out the character traits that are common among
successful entrepreneurs; and
3. Acquire, develop, sharpen and focus your entrepreneurial skills.

Doing all of these will define your core competencies, and provide and establish
your competitive advantage in the business world.

ENTREPRENEURSHIP
Module 1 Page 32
NORTHWESTERN UNIVERSITY
Basic Education Department
Junior and Senior High School

Do the following tasks:

A. Enumerate the skills and identify their sources.

B. Describe the significance of core competency.

C. Describe the skills that must be acquired and developed in the practice of
entrepreneurship.

D. Explain the concept of entrepreneurial competency and its importance in


the practice of entrepreneurship.

ENTREPRENEURSHIP
Module 1 Page 33
NORTHWESTERN UNIVERSITY
Basic Education Department
Junior and Senior High School

Identify your present cognitive skills and those that you wish yo acquire and
develop and list them down in a table. Follow the format below. Afterwards,
share with the class and how you are going to enhance your present skills and
how you are going to acquire the others.

My present Cognitive skills that I want to acquire


cognitive/technical/interpersonal skills and developed

ENTREPRENEURSHIP
Module 1 Page 34

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