Major Entrepreneurial Competencies

2. Major Entrepreneurial Competencies

Research into what successful entrepreneurs actually do — rather than what they are supposed to be — has identified a fairly consistent set of competencies. These are usually arranged into three clusters, which makes them far easier to remember than a long unordered list. A student should be able to name the clusters and explain the competencies within each with a short example.

A. The Achievement Cluster. These competencies flow from the entrepreneur's strong need for achievement — the wish to do things well and to excel:

1. Initiative — doing things before being asked or forced to by circumstances; acting on one's own to start or expand a business.
2. Opportunity seeking and grasping — actively looking out for, and seizing, new business opportunities before others do.
3. Persistence — taking repeated action to overcome obstacles and refusing to give up in the face of difficulties.
4. Information seeking — personally gathering information about customers, suppliers, competitors and technology, rather than relying on guesswork.
5. Concern for high quality of work — the urge to meet or beat existing standards of quality and to do excellent work.
6. Commitment to the work contract — accepting personal responsibility for completing a job as promised, and doing whatever it takes to satisfy the customer.
7. Efficiency orientation — finding ways to do things faster, better and at lower cost.

B. The Planning Cluster. These competencies concern thinking ahead and organising work systematically:

8. Systematic planning — breaking a large task into smaller parts, working to a plan and a schedule, and monitoring progress against it.

9. Problem solving — identifying new and imaginative solutions to difficulties, instead of being defeated by them.

10. Goal setting — setting clear, specific and realistic short-term and long-term goals for oneself and the enterprise.

C. The Power Cluster. These competencies concern influencing and working with other people:

11. Self-confidence — a strong belief in one's own ability to complete a difficult task or meet a challenge.

12. Assertiveness — confidently telling others what they are expected to do and standing up for one's decisions.

13. Persuasion — successfully convincing customers, suppliers, financiers and employees to support the business.

14. Use of influence strategies — building and using contacts and business relationships to get things done. …