Lesson 3: Skills and Core Competencies in Entrepreneurship Flashcards
- Sum of the total personality, skills, and knowledge that the entrepreneur possesses
- necessary to effectively perform their functions and responsibilities
Entrepreneurial Competencies
- any natural ability/power
- superior ability in art
Talent
- great ability of proficiency
- considered as the personal ability to do things well
Skills
Types of skills
- cognitive
- technical
- interpersonal
mental ability to learn new things, generate new ideas, and express knowledge in both oral and written forms
cognitive skills
what type of skills are the following?
ability to…
1. understand written materials
2. learn & apply new information
3. solve problems systematically
4. create new ideas
5. innovate new products and procedures or methods
cognitive skills
Focuses mainly on the practical aspect of a person rather
than his theoretical thinking.
Technical Skills
The technical skills of an entrepreneur include proficiency and ability in the following areas:
- Information technology
- Feasibility study and business plan preparation
- Technical writing skills
- Marketing
- Management and finance
Basically about the relationship and interaction of the
entrepreneur with the workers, suppliers, creditors, prospective
customers, and other members of the business community
Interpersonal Skills
What type of skills are the following?
1. Skills in verbal communication
2. Skills in non-verbal communication
3. Skills in listening
4. Skills in leading
5. Skills in negotiating
Interpersonal Skills
*Springing back in shape
*Recovering strength, spirit, etc.
quickly
Resilient
Great entrepreneurs are tasked to
discover new problems, reveal
potential niche opportunities,
refactor their original business
process and innovate. This is
contingent on being passionate
about different fields of study and
business cases outside of one’s
comfort zone.
Curiosity
Careful priority planning, defining
milestones, execution, and
iteration are all important. None of
that would lead toward progress
without the right project
management and time allocation
methodology that gets the work
done.
Time Management
Learning to decompose
a problem to its core
and reveal
opportunities for growth.
Figuring out creative
solutions.
Strategic Thinking
You need high performance
when it comes to solving a
problem.
Efficiency
Handling rejections, stress, burnouts, lack of focus, slow progress. Determination and eagerness to fight the same dragon every morning is instrumental when it comes to building a business from scratch.
Resilience
Crisp and concise communication is paramount for each interaction with clients, partners, peers,
prospect.
Communication
facilitates business opportunities, partnership deals, finding subcontractors or future employees. It expands the horizons of PR and conveys the right message on all fronts.
Networking
will make or break a business. Handling resources properly and
carefully assessing investments compared to ROI
is a solid requirement for entrepreneurs.
Finance
Building a consistent personal and business brand
tailored to the right audience.
Branding
Being comfortable doing outreach
and creating new business
opportunities. Finding the right sales
channels that convert better and
investing heavily in developing
them. Building sales funnels and
predictable revenue opportunities
for growth.
Sales
Ten skills an entrepreneur should possess
- Curiosity
- Time management
- Strategic thinking
- Efficiency
- Resilience
- Communication
- Networking
- Finance
- Branding
- Sales
6 Areas Entrepreneurial Competencies
- Opportunity Competency
- Relationship Competency
- Conceptual Competency
- Organizing Competency
- Strategic Competency
- Commitment Competency
recognizing and developing market opportunities
Opportunity Competency
