Entrepreneurial Competencies

A competency may be defined as underlying characteristics of a person which results in effective performance of a job. It may be include such motives, traits.skills.aspects of ones selfimage or a body of knowledge which one uses in the practical life. Only knowledge can not ensure success. Success depends upon the ability or skills of using the acquired knowledge for achieving desired results. Skills refer to practical application or use of the knowledge. Thus, performance depends upon both knowledge and skills. The personality of the person making use of knowledge and skills important in this context. Personality represents the, whole person, concept. It includes perception, learning and motivation.

Elements of Entrepreneurial Competencies

Knowledge Skills Motives and traits

KNOWLEDGE
Innovation is possible only through knowledge. In simple words, knowledge means collection of information and retention of facts an individual store in some parts of his brain. Creative process provides imagination, germinates ideas, nurtures them and develops them successfully But innovation is the development process which translates an idea into an application. It requires persistence in analytical working out the details of product design or service, and to develop marketing, obtain finances and plans operations.

SKILLS Skill is ability to demonstrate a system and sequence of behaviours that are functionally related to attaining a goal. An Entrepreneur is required to have certain skills which are as follows:

Anticipatory
environment.

Skills-foresight

into

constantly

changing

Visioning Skills-inducing a group to act in accordance with the

leaders purposes or the shared purposes of larger group. Value Congruence Skills-the need to be in touch with employees economic,safety,psychological,spiritual,swxual,aesthetic and physical needs in order to engage people on the basis of shared motives, values and goals. Empowerment Skills-the willingness to share power and to do so effectively. Self Understanding Skills-introspective or self knowledge skills as well as framework within which leaders understand both their needs and goals and those of their employees. MOTIVES AND TRAITS Motives deals with current concern for a goal, state or condition appearing in fantasy which drives, directs and select behaviour of Individual. In simple words, motive represents thoughts related to a particular goals or state. Trait may be defined as a disposition or characteristic way in which a person responds to a set of stimuli. Such responses represent intelligence, enthusiasm, strength, bravery, integrity and self-confidence. An entrepreneur provides leadership to his enterprise and so he must possess the leadership traits. He/She should be Adaptable to situations faced Alert to social environment Ambitious and achievement oriented

Assertive Co-operative Decision maker Dependable Dominant Energetic Self-confident Tolerant of stress Willing to assume responsibility. TYPES OF ENTREPRENEURIAL COMPETENCIES

Behavioural competencies
Initiative Creativity and innovation Risk-taking and risk management Problem solving and decision-making Persistence-----faith of the Entrepreneur to the system with confident. Quality of work performance Information seeking Systematic planning Persuasion competency-mobilizes the resources ENTERPRISE LAUNCHING COMPETENCIES Opportunities exist in the environment but not all of us are sensitive.Similarly, resources are available to all the members of the society. Besides economic insight for sensing opportunities in the area, prospective entrepreneurs may have to develop the capability of selecting a suitable project, formulating project reports, arranging the plant machinery etc. They should also identify and avail the facilities and resources needed to launch their enterprise.

ENTERPRISE MANAGEMENT COMPETENCIES

Various managerial functions such as purchasing, production, marketing, finance, industrial relations, personnel management, growth and development etc.are crucial for the entrepreneurs. Their efficient performance is an important determinant of the success and sustenance of an enterprise. Management skills of potential entrepreneurs also raise their result expectancy.