Entrepreneurs Competencies

July 19, 2011 in Entrepreneurship, Starting up by Nicolas Rouhana

There are lots of talks and articles about entrepreneurs, that they are born and not made, they love to take risks, they have left school, are lonely heros, have garage, are poor, will travel, are only in hi-tech because this is where the money is, etc etc.

The success of a venture depends on ‑ inherent viability of the project, the way the project is planned, implemented and managed. As far as the planning, implementation and management of an enterprise are concerned, it is the entrepreneur who carries out most of the functions. It is he/she who acts as a driving force behind the performance of these tasks. And, in order to carry them out efficiently, the entrepreneur needs to have certain knowledge, skills and appropriate personality profile. All these put together could be termed as ‘competencies’.

Research studies analyzed entrepreneurs who had performed, and a set of 13  competencies of the top performers were identified and validated.

1. Initiative:   When he/she takes action that goes beyond job requirement or the demands of the situation. When he/she does things before being asked or forced to by circumstance, and acts to take the business into new areas, products or services.

2.Seeing and acting on Opportunities: Looks for and takes action on opportunities, either business or personal growth or seizes unusual opportunities to obtain finance, equipment, land, work space or assistance.

3. Persistence: Takes repeated action to overcome obstacles that get in the way of reaching goals.

4. Information Seeking: Takes action on his own to get information to help reach objectives or clarify and solve problems.

5. Concern for High Quality of Work: Acts to do things that meet or beat existing standards for excellence.

6.Commitment to Work Contract: Places the highest priority on getting a job completed. Makes a personal sacrifice or extends extraordinary effort to complete a job.

7. Efficiency Orientation: Finds ways to do things faster or with fewer resources or at a lower cost.

8.Systematic Planning: Develops and uses logical step‑by‑step plans to reach goals.

9.Problem‑solving: Identifies new and potentially unique ideas to reach goals. Switches to an alternative strategy to reach a goal generate new ideas or innovative solutions.

10. Self‑confidence:  Has a strong belief in self and own abilities. Expresses confidence in own ability to complete a task or meet a challenge. He/she sticks with own judgment in the face of opposition or early lack of success, or does something, which he/she finds risky.

11.Assertiveness: Confronts problems with others directly, tells others what they have to do and disciplines those failing to perform as expected.

12.Persuasion: Successfully persuades others. An entrepreneur is said to be persuasive when he/she can convince someone to buy a product or service, to provide financing or to do something that he would like from that person.

13.Use of Influence Strategies: Use of varieties of strategies to influence others. Such an entrepreneur acts to develop business contacts, uses influential people to accomplish his/her own objectives, limits the information given to others and uses strategies to influence others.

So, now you know what are these competencies and how important they are for you as potential entrepreneurs.  So if any of them need to be developed, start the process now and success is yours.

You can alternatively join Berytech’s Programs for entrepreneurs and you will receive a self-rating questionnaire to score your above competencies!