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ENTREP 3RD QUARTER > Lesson 3: Skills and Core Competencies in Entrepreneurship > Flashcards

Lesson 3: Skills and Core Competencies in Entrepreneurship Flashcards

1
Q
  • Sum of the total personality, skills, and knowledge that the entrepreneur possesses
  • necessary to effectively perform their functions and responsibilities
A

Entrepreneurial Competencies

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2
Q
  • any natural ability/power
  • superior ability in art
A

Talent

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3
Q
  • great ability of proficiency
  • considered as the personal ability to do things well
A

Skills

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4
Q

Types of skills

A
  • cognitive
  • technical
  • interpersonal
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5
Q

mental ability to learn new things, generate new ideas, and express knowledge in both oral and written forms

A

cognitive skills

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6
Q

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

A

cognitive skills

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7
Q

Focuses mainly on the practical aspect of a person rather
than his theoretical thinking.

A

Technical Skills

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8
Q

The technical skills of an entrepreneur include proficiency and ability in the following areas:

A
  1. Information technology
  2. Feasibility study and business plan preparation
  3. Technical writing skills
  4. Marketing
  5. Management and finance
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9
Q

Basically about the relationship and interaction of the
entrepreneur with the workers, suppliers, creditors, prospective
customers, and other members of the business community

A

Interpersonal Skills

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10
Q

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

A

Interpersonal Skills

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11
Q

*Springing back in shape
*Recovering strength, spirit, etc.
quickly

A

Resilient

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12
Q

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.

A

Curiosity

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13
Q

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.

A

Time Management

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14
Q

Learning to decompose
a problem to its core
and reveal
opportunities for growth.
Figuring out creative
solutions.

A

Strategic Thinking

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15
Q

You need high performance
when it comes to solving a
problem.

A

Efficiency

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16
Q

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.

A

Resilience

17
Q

Crisp and concise communication is paramount for each interaction with clients, partners, peers,
prospect.

A

Communication

18
Q

facilitates business opportunities, partnership deals, finding subcontractors or future employees. It expands the horizons of PR and conveys the right message on all fronts.

A

Networking

19
Q

will make or break a business. Handling resources properly and
carefully assessing investments compared to ROI
is a solid requirement for entrepreneurs.

A

Finance

20
Q

Building a consistent personal and business brand
tailored to the right audience.

A

Branding

21
Q

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.

A

Sales

22
Q

Ten skills an entrepreneur should possess

A
  1. Curiosity
  2. Time management
  3. Strategic thinking
  4. Efficiency
  5. Resilience
  6. Communication
  7. Networking
  8. Finance
  9. Branding
  10. Sales
23
Q

6 Areas Entrepreneurial Competencies

A
  1. Opportunity Competency
  2. Relationship Competency
  3. Conceptual Competency
  4. Organizing Competency
  5. Strategic Competency
  6. Commitment Competency
24
Q

recognizing and developing market opportunities

A

Opportunity Competency

25
Q

Person to person or individual to group based interactions

A

Relationship competency

26
Q

abilities are reflected in the behaviors of the entrepreneur

A

Conceptual Competency

27
Q

organization of different resources

A

organizing competency

28
Q

setting, evaluating and implementing the strategies

A

Strategic competency

29
Q

drive the entrepreneur to move ahead with the business

A

Commitment Competency

30
Q

Career opportunities for entrepreneurship graduates

A
  • mid-level management
  • business consultant
  • sales
  • research and development
  • management analyst
  • teacher
  • recruiter
  • business reporter
31
Q

At big companies, the C-level folks
develop ideas, the ground force
does the work, and mid-level
management converts the idea into
execution. Graduates with
entrepreneurial degrees are well
suited for this opportunity.

A

Mid-level management

32
Q
  • Business today need consultants who can go to a client
    site, identify problems and fix them. That is what an
    entrepreneur does, and that is why this is a perfect
    opportunity.
  • Entrepreneurship graduates are trained to help identify
    things that others may not pick up. They are also trained
    to know how to fix them.
A

Business Consultant

33
Q

Entrepreneurship graduates can work in sales or run the department of any businesses. It is requirement for Entrepreneurship graduates to knowhow to represent a company, manage accounts, and follow up on
leads.

A

Sales

34
Q

A good qualification to work in
R&D is a training and education
on understanding of business
concepts, procedures, and
practices and entrepreneurship.

A

Research and Development

35
Q

Analyzes and evaluate
operating procedure and
make recommendation
based on their findings.

A

Management Analyst

36
Q

Those with entrepreneurship degree are qualified to teach the applied subject in Senior High School and teach students the entrepreneurial skills. They can also
teach the benefits of math to business, history to innovation, and literature to persuasive advertising.

A

Teacher

37
Q

College graduates who had courses that cover operations management, leadership and a variety of others, and those with entrepreneurship degree, most likely have a keen sense of what type of person is needed to fill up a position. Companies who use recruiters rely upon someone who is not just people-savvy, but also, one who has an in-depth business sense as well.

A

Recruiter

38
Q
  • Entrepreneurship graduates can write articles, or pick up a quick class to learn how to write article. They can take a prime position to take the lead in covering a local business beat.
  • Understanding the field and concepts of business can be used to make the business
    section much more interesting and appealing.
A

Business Reporter

ENTREP 3RD QUARTER (9 decks)

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