explain the following Entrepreneurial competencies :
a) systematic planning
b) leadership
c) persistence
Answers
Explanation:
Persistence:
(a) It is the ability of an entrepreneur to continue with the course of action despite obstacles and difficulties.
(b) He must persist with behavioural skills even when the failure is visible as a quality successful entrepreneurs are determined and persistent in their march towards excellence.
(c) He always create a need for goods and services in the market forenterprise. For example: (i) In India when mixers was introduced, numbers of users/customers were less but today, we find it to be an essential appliance of kitchen accessories.
(d) When Mahima Mehra brought out her product – Haathi Chaap, she had experimented on various other material before using elephant dung to manufacture handmade paper.
2. Leadership: An entrepreneur should also be an effective leader who should be able to guide and motivate his/her entire team. Whenever a company faces problem it is the will power and effective business acumen and communication skills which oversees the success of the corporation.
3. Systematic planning: An entrepreneur with a systematic and well defined plan has always more chances of success. Before commencing actual operation, he is required to develop. Every entrepreneur has limited resources in terms of time, finance and manpower. They invest their life’s saving and total energy in creating entrepreneurial ventures and cannot afford to lose or waste these. Before putting the whole enterprise into operation, he is required to develop a detailed blueprint of activities including all necessary information regarding the objectives of the business, legal, financial and administrative aspect, likely obstacles. It provides a blueprint for building new enterprise.