Explain any four entrepreneurial competencies.
Answers
Four entrepreneurial competencies 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) 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.
(d) 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 :
Explain in detail the McClelland Theory of Motivation.
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Explain the type of business entrepreneurs.
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Explanation:
entrepreneur must have these competencies:
- Personal competencies: These competencies include creativity, determination, integrity, tenacity, emotional balance and self-criticism.
Interpersonal competencies:
- These competencies include communication, engagement/charisma, delegation, respect.