Entrepreneurial Competencies for a successful entrepreneur

Generally, a competency is an underlying characteristic of a person which leads to his/her superior performance in a job. Thus, entrepreneurial competencies are the underlying characteristics of an entrepreneur which result in superior entrepreneurial performance.

An entrepreneur is a person who creates something new and assumes the risks and rewards associated with that innovation. There are some major competencies that lead to superior entrepreneurial performance. These are as follows:

(1) Initiative: It is an entrepreneur who initiates a business activity.

(2) Looking for opportunities: Entrepreneur always looks for an opportunity and takes appropriate actions accordingly.

(3) Persistence: He follows the Japanese proverb “Fall seven times; stand up eight”. He makes repeated efforts to overcome harriers.

(4) Information seeker: Entrepreneur always searches for information from various researchers and consulting experts.

(5) Quality Conscious: An entrepreneur always tries to beat the existing standard of quality.

(6) Committed to working: Entrepreneur does every sacrifice to get the task completed.

(7) Efficiency seeker: Entrepreneur always tries to get the task completed within minimum costs and time.

(8) Problem Planning: Entrepreneur always tries to develop realistic and proper plans and then executes carefully to accomplish the task.

(9) Problem solver: Entrepreneur always tries to find out ways and means to tide over the difficult times.

(10) Self-confidence: Entrepreneur has a strong belief in his strengths and abilities.

(11) Assertive: Entrepreneur is always assertive.

(12) Persuasive: Entrepreneur is able to successfully persuade others to do what he actually wants from them.

(13) Efficient monitors: Entrepreneur personally supervises the work so that it is done as per the desired standard.

(14) Employees’ well-wisher: Entrepreneur has great concern and also takes the necessary steps to improve the welfare of the employees.

(15) Effective strategists: Entrepreneur introduces the most effective strategies to affect employees to achieve the enterprise goal.