Question

Competencies is a set of defined behaviours."" State the types of competencies required by an entrepreneur? Explain.

Answer 1

Answer:

May be this attachment will help u

Answer 2

The types of competencies required by an entrepreneur are as follows :  

(a) Persistence :  

Creating demand in the market for the product /service is one of the main requirements for the success of the business venture and this calls for great determination on the part of the entrepreneur. Roadblocks in his endeavor should not deter the entrepreneur.  

(b) Leadership :  

An entrepreneur should also have leadership qualities, so that he/she is able to guide and motivate his/ her team in times of distress. It is the will power and communication skills of a leader which oversees the success of a corporation, whenever a business faces any problem.

(c) Innovation and creativity :

Creativity is the talent to see new methods of doing things and Innovativeness is the talent to make it work in practice.  So, creativity without innovativeness is of no use and both are interrelated as one leads to the other.

Innovativeness in an entrepreneur can be seen through conducting trials with new ideas, finding new use for existing methods or equipment, etc.

For e.g - People generally found it inconvenient to carry hair oils bottles while traveling.  

So companies came out with a creative idea of packing hair oils in small sachets and then innovatively implemented this idea.

So, this helped them to generate additional profits with the help of implementing a creative problem.

(d) Basic Competencies:  

These Competencies are acquired by an entrepreneur for the efficient running of a business. Some of the competencies are already existing but not been utilized in the entrepreneur, which need to be known and nurtured and some of these are obtained through training and practice.

(e) Initiative :  

It is the most fundamental competency required in an entrepreneur. This is the competency of the entrepreneur relating to start something new. An entrepreneur should do a lot of research on society,  the commercial trends, the product types, and consumer demand.

Hope this answer will help you.

 

Here are some more questions from this chapter :  

Differentiate between an entrepreneur and an employee.

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Explain Maslow’s Theory of Motivation.

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