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Key Concept

The document discusses the competencies that entrepreneurs need to succeed. It argues that entrepreneurship can be learned by anyone by developing three levels of competencies: personal, interpersonal, and business. Some of the most important competencies mentioned are creativity, determination, communication skills, business vision, and networking abilities. The document recommends that aspiring entrepreneurs practice applying business knowledge and developing habits through experience to become successful entrepreneurs.

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Jellane Señora
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605 views23 pages

Key Concept

The document discusses the competencies that entrepreneurs need to succeed. It argues that entrepreneurship can be learned by anyone by developing three levels of competencies: personal, interpersonal, and business. Some of the most important competencies mentioned are creativity, determination, communication skills, business vision, and networking abilities. The document recommends that aspiring entrepreneurs practice applying business knowledge and developing habits through experience to become successful entrepreneurs.

Uploaded by

Jellane Señora
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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KEY CONCEPT

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


According to this Idea there is not. Specific techniques and
habits must be practiced and developed by all would-be
entrepreneurs. And as well as business competencies,
entrepreneurs need interpersonal and self-leadership skills
too; however, these are often overlooked. Read on for
advice on how to build and put these skills into practice.
There are three levels of competencies, which
all entrepreneurs need:
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.
Previous research has also highlighted
other competencies that make up the
‘ingredients’ of a successful entrepreneur,
including initiative, ambition and even
luck.
BUSINESS
APPLICATION
Though the key take away from this Idea is that
entrepreneurship can be learn by anyone, it’s not
something that can simply learn in a classroom.
Even once key business knowledge has been
acquired, the entrepreneur still has to learn how
to use it in practice - something that can only be
done through practice. In this respect, ‘leaning by
doing’ is useful. Other tips include the following:
Have a clear understanding of industry
evolution, knowledge of the effects of
globalization, techniques for developing
markets, etc. Some training in an academic
environment (e.g. business schools) may help
with this, particularly where case
methods/working groups are used to teach.
Practice developing your interpersonal
competencies. Certain skills, such as
communication, delegating and
respecting others can only be acquired
through practice and developing ‘habits
of character’.
Habits of character may not strictly be
related to business but are to do with the
kind of person the entrepreneur is and
what he/she does. These are
indispensable, alongside ‘technical
habits’ and ‘skills’.
The only way to acquire the habits
essential for entrepreneurs is by acting in
a way consistent with them. Only then do
these habits become the ‘driving force’ of
successful entrepreneurial ventures.
Through practice, aspiring entrepreneurs
can apply key business knowledge using
their competencies to gain essential
habits. With enough practice, these habits
become the ‘driving force’ of successful
entrepreneurial ventures.
The following are some of the most
crucial competencies for entrepreneurs:
Creativity & Innovation:  At the most
basic stage of this competency, the
entrepreneur expresses a willingness to
do things differently. At a more advanced
level, the entrepreneur is able to create
new ideas, solutions, and approaches to
ongoing challenges.
Entrepreneurs who have the highest level
of this competency continually support
others in generating new and innovative
approaches, either by providing funding,
building on new ideas, recognizing
innovation, and more.
Fostering Learning and
Development: Communicating what
behaviors constitute success will help
empower employees to see how their jobs can
contribute to the overall well-being of your
business. At a basic level, entrepreneurs with
this competency share their knowledge and
expertise to support learning and development.
As they advance, entrepreneurs
encourage others to take responsibility
for managing their own learning, and
eventually develop strategies to promote
continuous learning and development.
Business Perspective:  At a basic level,
entrepreneurs are able to articulate how their own
responsibilities, activities, and decisions relate to the
success of the business. For a mid-level
demonstration of this competency, an entrepreneur
must make decisions that clearly support the business
strategy, and at an advanced level must develop ideas
to position the organization for long-term success.
Using Information Technology:  Entrepreneurs must
be competent in the use of basic computer hardware
(e.g. printers, copiers, PCs) and software (e.g.
spreadsheets, word processing). A successful
entrepreneur can easily communicate and prepare
documents electronically without assistance. At the
most basic level this just involves using IT tools, while
at an advanced level the entrepreneur must evaluate
the effectiveness of information technology systems.
This is by no means a comprehensive list of
entrepreneurial competencies, but by evaluating
their aptitude based on competencies like these,
aspiring entrepreneurs can determine their
readiness to tackle starting a business. If you’d
like to know more about leadership roles and
their corresponding competencies, 

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