Entrepreneurs and Entrepreneurial Competencies

Question 1

“What is emerging today is a class of professional entrepreneurs who rely more upon their brains than their guts and who have been trained to use both methods and technology to analyze the business environment.”

Answer 1

Dollinger

Question 2

it is someone who brings resources, labor, materials, and other assets into combinations that make their value greater than before

Answer 2

economist’s point of view

Question 3

entrepreneur

Answer 3

typically driven by certain forces such as the need to obtain or attain something, to experiment, accomplish, or perhaps to escape the authority of others

Question 4

someonewho identifies opportunities, plans, mobilizes resources, manages, and assumes the risks or a business to have a positive impact on society”

Answer 4

management perspective

Question 5

entrepreneurial era

Answer 5

21st century

Question 6

GEM stands for…

Answer 6

Global Entrepreneurship Monitor

Question 7

Entrepreneurs are “doing everything possible to get the odds in their favor, and they often avoid taking unnecessary risks.” (Examples of this includ, creditors giving discounted interest rates, and suppliers offering special terms of payment for the raw materials. These could all help to lessen the risks entrepreneurs have to face in managing the business.)

Answer 7

Calculated Risk Taker/Calculated risk-taking

Question 8

is the unwavering dedication to work for the common good of the society through one’s business. (Examples of this include a willingness to use one’s own savings, sacrificing family time, and working long hours, and traveling to different places to acquire needed resources.)

Answer 8

Commitment

Question 9

is the taking of steps to know how well they doing and how they might improve their performance. (One example is by constantly asking for comments, reactions, and suggestions from their employees and customers, then using this feedback to improve their product or services.)

Answer 9

Feedback-seeker

Question 10

is the determination to succeed by overcoming obstacles and setbacks. Often, entrepreneurs will not easily give up when problems come their way. They will try to see opportunities even in times of crisis and look for options for the business to succeed.
(Examples of this include borrowing money from other sources to augment capital; looking for and training employees when there is an exodus of people to work abroad; and asking for the help of the government to give more support to small businesses.)

Answer 10

Perseverance

Question 11

Drive to achieve is the internal desire to pursue and attain challenging goals. Entrepreneurs examine the situation, plan how to achieve their goal given the conditions, and then push ahead.
(Examples of this include assessing their business performance regularly based on set standards; analyzing how one’s competitors are doing in the market; and planning strategically to sustain the business)

Answer 11

Achievement Oriented

Question 12

is the belief that together with other people, things can be done in the business. Entrepreneurs seldom waver in their convictions.
(An example of this is having a positive belief and allowing those around them to help during a crisis or nonprofitable period for the business.)

Answer 12

Self-confidence

Question 13

is a constant awareness of opportunities that exist in everyday life. Entrepreneurs begin with the opportunities they see and utilize these opportunities. (Examples of this include studying the change in consumer preferences to improve an existing product/service or introduce a new one importing more of the needed raw materials when the government provides more tax incentives to import raw materials; and availing of additional capital when interest rates for loans from banks are low and there are no other sources accessible.)

Answer 13

Opportunity Oriented

Question 14

is the ability to come up with something different or unique every time. This can be in terms of a new product, service, process, market, or technology. This trait is often related to creativity or thinking- out-of-the-box in any given situation to look for an opportunity for business. “(Examples include the development of new models of iPod/mobile, Phones, home delivery of products from supermarkets/drugstores, online buying of many products (books, clothes, jewelry, food); introduction of online services (class enrolment, payment of bills, deposit/withdrawal of accounts); and ethnic cuisines prepared in attractive ways by restaurants.)

Answer 14

Innovativeness

Question 15

is their willingness to put themselves in situations where they are personally responsible for the success or failure of the business operation. This is the essence of being accountable for whatever is done by subordinates. (Examples of this include taking on the blame for mistakes of the employees; admitting to customers that there is an error that was done and that this will be corrected; and standing up for what is right for ethical issues that will put the company in a dilemma.)

Answer 15

Responsibility

Question 16

Tolerance for failure is using it as a learning experience. Serious setbacks and disappointment become an integral part of the learning process. Entrepreneurs are realistic enough to expect such difficulties, so they do not become disappointed, discouraged, or depressed by a setback or failure. (Examples of this include confronting the source of their problems like employees or suppliers; not repeating the same mistake in the production of a product; and admitting to the customer that there is a need to improve their services so that the same or similar complaints are avoided in the future)

Answer 16

Resilient

Question 17

At the start, the entrepreneur determines what they have, like knowledge, skills, resources, and people they know. Then, chooses from possible outcomes.

For example, an entrepreneur would like to open an “ethnic boutique shop” Instead of assuming there is an existing market and invest one’s own money, the entrepreneur would convince a financier to invest the needed money to start the business. Another course of action is to invite friends and relatives and show what unique ethnic boutique items you intend to sell. If there is a good response, the entrepreneur can just go direct or online selling instead of having a store to minimize the overhead cost of the rent. A third option is to convince

boutique shops in different locations to carry and sell ethnic items. This initial thinking process enables the entrepreneur to realize several possible outcomes to even change the original goal.

Answer 17

Actuate Self-Assessment and Choose Course of Action

Question 18

This thinking process enables the entrepreneur to reject, comprehend, and control one’s learning and intellectual ability. It means that based on what the entrepreneur observes, feels, and interprets about what is happening in the environment, he or she will come up with a number of decision models centered on reasonable solutions and acting on the situation.

For example, an entrepreneur has several businesses in mind, like going into farming of vegetables and poultry, snack bar, bookshop, and dress shop.

Answer 18

Generate Multiple Decision Models

Question 19

Business failure is very common among entrepreneurial firms. There are many causes of failure, such as lack of experience in doing business, inability to attract new funding, lack of new product development effort, entry into a new market without a plan, alliance with a former competitor, lack of supply of needed raw materials, family conflict over the management of the business, resignation of skilled workers, and many more. But among these reasons, the most common is insufficient experience.

Answer 19

Learn from Failure

Question 20

They facilitate opportunity recognition, help
adapt rapidly to changes, enhance business performance, strengthen the firm’s competitive composition, and, ultimately, stir the achievement of organizational success. This implies that if enterprises are led by competent entrepreneurs, their performance will inevitably be higher.

______ are the sum total of the personality, skills, and knowledge that the entrepreneur possesses, which are necessary to effectively perform their functions and responsibilities. As reported by Lau, Man, and Chan (1999),

________ are considered a higher-level characteristic encompassing personality traits, skills, and knowledge, and, therefore, can be seen as the ability of the entrepreneur to perform a job role successfully.

Answer 20

Entrepreneurial competencies

Question 21

Competencies related to recognizing and developing market opportunities through various means.

Answer 21

• Opportunity competencies

Question 22

Competencies related to person-to-person or individual-to-group-based interactions, e.g., building a context of cooperation and trust, using contacts and connections, persuasive ability, communication, and interpersonal skills.

Answer 22

• Relationship competencies

Question 23

Competencies related to different conceptual abilities, which are reflected in the behaviors of the entrepreneur, e.g., decision skills, absorbing and understanding complex information, and risk-taking, and innovativeness.

Answer 23

• Conceptual Competencies

Question 24

Competencies related to setting, evaluating, and implementing to strategies of the firm

Answer 24

• Strategic competencies

Question 25

Competencies that drive the entrepreneur to move ahead with the business.

Answer 25

• Commitment competencies

Question 26

Competencies related to the organization of different internal and external human, physical, financial and technological resources, including team-building, leading employees, training, and controlling.

Answer 26

• Organizing competencies

Question 27

this involves the use of a standard six-step process to arrive at a decision, these are:
* Identify the problem
* Gather data
* Analyze data
* Formulate alternative solution
* Select the best alternative
* Implement the decision

Answer 27

1. Rational/Scientific method in decision-making

Question 28

this pertains to the use of “gut feel” to arrive at a decision. There are those who believe that entrepreneurs have a “sixth sense” that enables them to make quick decisions even in the absence of complete information or without a deliberate search for data. But sometimes, this tendency of the entrepreneurs to make fast decision approaches results in missed opportunities, disappointments, or business failure.

Answer 28

2. Use of intuition in decision-making

Question 29

this suggests that entrepreneurs’ current moods influence judgments or decisions by influencing the ease with which information consistent with positive (e.g. happy) or negative (e.g. angry) moods can be brought to mind

Answer 29

3. Affect infusion

Question 30

this refers to the entrepreneurs’ self-serving bias. This bias is actually related to (1) a strong tendency on the part of most entrepreneurs to attribute positive outcomes to internal causes (e.g. their own skill, talent,

Answer 30

4. Attribution style

Question 31

this is understood as an “afterthought in decision-making in which the procedures followed to perform the task are discussed, and various alternatives that could have been followed are considered.” Entrepreneurs are less likely to engage in counterfactual thinking, especially in situations where they have experienced negative outcomes such as missed opportunities, a big volume of rejects from buyers, a high resignation rate of workers, family conflict, and bankruptcy

Answer 31

5. Counterfactual thinking

Question 32

this refers to the tendency of the entrepreneurs to think that they know more than what they really know when they make the decision.

Answer 32

6. Over-confidence

Question 33

this is the combination of “analytical and conceptual thinking, where the entrepreneurs look for facts and data before they make decisions. They want to know exactly how things are, and they tend to retain many facts and details. They are task-oriented and accurate, and they thrive on complex problems if they can find a
clear and rational solution.

Answer 33

7. Knowing style

Question 34

“the entrepreneurs’ competencies can be divided into functional, behavioral, and cross-functional groups,” said who?

Answer 34

According to Camuffo, Gerli, and Gubitta (2012)

Question 35

The _______ should do what the customer wants or needs it to do

Answer 35

product

Question 36

The product should be sold at a ______ that the target audience deems to be good value-for-money.

Answer 36

price

Question 37

The product should be available where the customer expects to find it, e.g. in supermarkets, at boutiques, or online

Answer 37

Place

Question 38

The product should be promoted to the appropriate audience via appropriate channels, using advertising methods that resonate with that audience

Answer 38

Promotion

Question 39

The final P refers to the physical context and paraphernalia (such as receipts, “thanks for ordering” cards, confirmation emails, and PDF invoices) that come along with the product.

Answer 39

Physical Evidence

Question 40

The team involved in the delivery of the project should possess the skills and qualities needed to ensure its success

Answer 40

People

Question 41

The processes involved in a product’s delivery will significantly affect the customer’s experience, level of satisfaction, and lifetime value to your business

Answer 41

Process