Common Competencies in Entrepreneurship

Study Notes

Decisiveness is crucial; entrepreneurs must confidently make choices.
Strong communication skills are necessary for persuasive interactions with stakeholders.
Leadership involves exhibiting charisma to inspire loyalty among employees.
Opportunity seeking allows entrepreneurs to identify and act on new business prospects early.
Proactiveness entails taking control of situations through foresight and preparation.
Risk-taking requires the courage to pursue innovative business ideas despite uncertainties.
Innovation drives continuous improvement and creativity in entrepreneurial ventures.

Innovative entrepreneurs focus on developing new ideas and products that are efficient and cost-effective.
Imitating entrepreneurs replicate existing ideas without introducing originality.
Fabian entrepreneurs are cautious about change; they follow trends only after thorough consideration.
Drone entrepreneurs resist change and prefer to rely on established systems, risking stagnation.
Social entrepreneurs aim to foster systemic change and innovation across sectors like education and health.

Entrepreneurship encompasses the creation or extraction of value, often linked to broader social impacts beyond economic gain.

Economic and dynamic activity involves creating enterprises to generate wealth while optimizing scarce resources.
Innovation emphasizes a constant search for novel concepts and solutions.
Profit potential signifies the expected financial return that justifies the risks taken for a new venture.
Risk-bearing reflects a willingness to face uncertainties associated with developing and implementing ideas.

Job creation through small ventures opens opportunities for entry-level employment, especially for youth.
New products and services enhance national income and foster economic growth by creating additional market spaces.
Innovation promotes social change by commercializing discoveries for societal benefits.
Improved productivity leads to refined production methods and efficient resource utilization.
Community development initiatives foster local economic growth and charity support from entrepreneurs.
Political and economic integration promotes inclusivity for minorities and migrants within the economy through entrepreneurial opportunities.

Entrepreneurship contributes to the establishment of new organizations, driving overall economic activity.
It enhances the standard of living, benefiting both the entrepreneur and the broader community.
Economic development is facilitated as local and societal conditions improve alongside entrepreneurial success.