How entrepreneurs think Flashcards
how does entrepreneurs think?
they think differently from non-entrepreneurs
who noted that “the ability to rapidly serve, act, and mobilize, even under uncertain conditions”?
Hisrich, Peters, and Shepherd
three ways entrepreneurs often think:
1.Actuate self-assessment and choose course action
2.Generate multiple Decision Models
3.Learn from failure
At the start, the entrepreneur determines what they have, like, knowledge, skills, resources, and people they know.
Actuate self- assessment and choose course action
this thinking process enables the entrepreneur to reflect, comprehend and control one’s learning and intellectual ability
generate multiple decision models
a very common thing among entrepreneurial firms
Learn from Failure
They facilitate opportunity recognition, help adapt rapidly to changes, enhance business performance, strengthen the firm’s competitive position, and, ultimately, stir the achievement of organizational success.
ENTREPRENEURIAL COMPETENCIES
abilities to ground yourself so that you are secure and self-assured in whatever situation you may find yourself.
Personal Competencies
ability to lead, influence, communicate, supervise, negotiate, and control people at all levels.
Interpersonal competencies
set of particular abilities and knowledge that sets a company apart from its competitors.
Business Competencies
_________in entrepreneurship play a leading role in making entrepreneurs successful.
Competencies
is an underlying personal characteristic which leads to superior performance. It is a combination of knowledge, skills, attitudes, and motives.
Competence
the foundation for sharpening a company’s competitive edge and it guides brand reputation, business growth, and marketing strategy.
Core Competence
is one that describes the knowledge, skills and abilities found in most or all position
Common Competence
What are the examples of common competencies?
- Analytical and critical thinking
- Decision making
- Leadership
- Communication
- Computer Literacy
- Human Relations
- Managing Change
- Creative Thinking
- Time Management
- Conflict Management
Examples of Core Competencies
- Organizing and Planning
- Cash flow management
- Personnel management
- Operations and distribution
- Customer Relations
- Bookkeeping/Accounting
- Promotions and Advertising
- Resources Management
- Financial Management
- Information Management
Six Competency Areas:
Opportunity Competencies
Relationship Competencies
Conceptual Competencies
Organizing Competencies
Strategic Competencies
Commitment Competencies
Competencies that drive the entrepreneur to move ahead with the business.
Commitment Competencies
Competencies related to the organization of different internal and external human, physical, financial and technological resources, including team-building, leading employees, training, and controlling.
Organizing Competencies
Competencies related to setting, evaluating and implementing the strategies of the firm.
Strategic Competencies
-Competencies related to person-to-person or individual-to-group-based interactions.
Relationship Competencies
-Competencies related recognizing and developing market opportunities through various means.
Opportunity Competencies
Competencies related to different conceptual abilities, which are reflected in the behavior of the entrepreneur
Conceptual Competencies
