Entrepreneurial Competencies Quiz

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Questions and Answers

What is the capacity for innovation, investment, and expansion in new markets, products, and techniques called in entrepreneurship?

  • Locus of control
  • Entrepreneurial competencies (correct)
  • Specific goal setting
  • Self-efficacy

Which entrepreneurial competency involves the belief in one's own ability or self-confidence?

  • Ambition
  • Willingness to learn
  • Need for achievement
  • Self-efficacy (correct)

What does an entrepreneur with a high need for achievement do?

  • Believes in their own ability
  • Takes responsibility for outcomes (correct)
  • Pursues opportunities to acquire new skills
  • Sets specific goals

Which entrepreneurial competency involves being motivated, persistent, and persevering even in the face of situational challenges?

<p>Strong initiative (B)</p> Signup and view all the answers

What is the science of converting processed ideas into a remarkable business venture called?

<p>Entrepreneurship (C)</p> Signup and view all the answers

Which entrepreneurial competency involves having a strong willingness to learn and often pursuing opportunities to acquire new skills and competencies?

<p>Willingness to learn (D)</p> Signup and view all the answers

What is the Entrepreneurial Core Competency defined as?

<p>A combination of entrepreneurial concepts, principles, and skills (C)</p> Signup and view all the answers

Which characteristic describes an entrepreneur's ability to choose actions even without all necessary information?

<p>Adaptability &amp; Flexibility (C)</p> Signup and view all the answers

What does 'willingness to take risk' refer to in the context of entrepreneurship?

<p>Identifying and calculating risk (C)</p> Signup and view all the answers

What character trait involves working well with people from different backgrounds?

<p>Interpersonal Skills (A)</p> Signup and view all the answers

Which skill involves keeping oneself updated with developments in the locality and seeking out best practices?

<p>Commercial Aptitude (C)</p> Signup and view all the answers

What does 'decisiveness' involve in entrepreneurship?

<p>Resolving issues as they arise (C)</p> Signup and view all the answers

Which character trait involves persisting in pursuing goals despite hindrances and problems?

<p>Optimism (B)</p> Signup and view all the answers

What does 'strategic planning' help achieve in an organization?

<p>Achieving goals in the organization (A)</p> Signup and view all the answers

What does 'networking/collaboration' provide access to in entrepreneurship?

<p>$\text{Information, collaboration, and profits}$ (A)</p> Signup and view all the answers

What is conceptual thinking prepared to use, according to the text?

<p>Innovative approaches and new ideas (C)</p> Signup and view all the answers

Entrepreneurs must learn how to be highly ______ and adaptable

<p>flexible</p> Signup and view all the answers

Entrepreneurs often deal very well with a unique ability to choose actions even without all necessary ______

<p>information</p> Signup and view all the answers

Successful learners are willing to take ______

<p>risk</p> Signup and view all the answers

Learners with strong interpersonal skills work well with people from different ______

<p>backgrounds</p> Signup and view all the answers

An entrepreneur has a positive sense of values and personal beliefs, creating ______ in making business decisions

<p>influence</p> Signup and view all the answers

The entrepreneur is prepared to use new approaches and comes up with new ideas that may enhance ______

<p>work</p> Signup and view all the answers

The entrepreneur understands that thinking using strategies can help achieve goals in the ______

<p>organization</p> Signup and view all the answers

The entrepreneur keeps himself updated with developments in the locality; seeks out best practice; and identifies and determines opportunities that are not common to ______

<p>others</p> Signup and view all the answers

The entrepreneur persists in pursuing goals despite hindrances and problems; performs in the hope of success rather than fear of failures; and manages difficult ______

<p>situations</p> Signup and view all the answers

Competitive advantage refers to the strategic position and ______

<p>condition</p> Signup and view all the answers

Entrepreneurship is a science of converting processed ideas into a remarkable business venture. It is also a capacity for innovation, investment, and expansion in new markets, products, and techniques. In starting a business, learner should seek entrepreneurial competencies such as: 1. Locus of control: Entrepreneur must know how to determine the state to which a person agreed that their actions can directly affect a situation, or that they can control a result. 2. Specific goal setting: Entrepreneurs should be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation. 3. Self-efficacy: Entrepreneurs must believe in their own ability or self confidence. 4. Need for achievement: Entrepreneurs must have a high need for achievement take responsibility for outcomes. 5. Ambition: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges. 6. ______: Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies. 7. Strong initiative: Entrepreneurs must have a high intative are often driven to work hard. 8.

<p>Willingness to take risk</p> Signup and view all the answers

Entrepreneurship is a science of converting processed ideas into a remarkable business venture. It is also a capacity for innovation, investment, and expansion in new markets, products, and techniques. In starting a business, learner should seek entrepreneurial competencies such as: 1. Locus of control: Entrepreneur must know how to determine the state to which a person agreed that their actions can directly affect a situation, or that they can control a result. 2. Specific goal setting: Entrepreneurs should be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation. 3. Self-efficacy: Entrepreneurs must believe in their own ability or self confidence. 4. Need for achievement: Entrepreneurs must have a high need for achievement take responsibility for outcomes. 5. Ambition: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges. 6. Willingness to learn: Entrepreneurs should have a strong ______ often pursue opportunities to acquire new skills and competencies. 7. Strong initiative: Entrepreneurs must have a high intative are often driven to work hard. 8.

<p>Initiative</p> Signup and view all the answers

Entrepreneurship is a science of converting processed ideas into a remarkable business venture. It is also a capacity for innovation, investment, and expansion in new markets, products, and techniques. In starting a business, learner should seek entrepreneurial competencies such as: 1. Locus of control: Entrepreneur must know how to determine the state to which a person agreed that their actions can directly affect a situation, or that they can control a result. 2. Specific goal setting: Entrepreneurs should be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation. 3. Self-efficacy: Entrepreneurs must believe in their own ability or self confidence. 4. Need for achievement: Entrepreneurs must have a high need for achievement take responsibility for outcomes. 5. Ambition: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges. 6. Willingness to learn: Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new ______ and competencies. 7. Strong initiative: Entrepreneurs must have a high intative are often driven to work hard. 8.

<p>Skills</p> Signup and view all the answers

Entrepreneurship is a science of converting processed ideas into a remarkable business venture. It is also a capacity for innovation, investment, and expansion in new markets, products, and techniques. In starting a business, learner should seek entrepreneurial competencies such as: 1. Locus of control: Entrepreneur must know how to determine the state to which a person agreed that their actions can directly affect a situation, or that they can control a result. 2. Specific goal setting: Entrepreneurs should be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation. 3. Self-efficacy: Entrepreneurs must believe in their own ability or ______. 4. Need for achievement: Entrepreneurs must have a high need for achievement take responsibility for outcomes. 5. Ambition: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges. 6. Willingness to learn: Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies. 7. Strong initiative: Entrepreneurs must have a high intative are often driven to work hard. 8.

<p>Self confidence</p> Signup and view all the answers

Entrepreneurship is a science of converting processed ideas into a remarkable business venture. It is also a capacity for innovation, investment, and expansion in new markets, products, and techniques. In starting a business, learner should seek entrepreneurial competencies such as: 1. Locus of control: Entrepreneur must know how to determine the state to which a person agreed that their actions can directly affect a situation, or that they can control a result. 2. Specific goal setting: Entrepreneurs should be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation. 3. Self-efficacy: Entrepreneurs must believe in their own ability or self confidence. 4. Need for achievement: Entrepreneurs must have a high ______ take responsibility for outcomes. 5. Ambition: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges. 6. Willingness to learn: Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies. 7. Strong initiative: Entrepreneurs must have a high intative are often driven to work hard. 8.

<p>Responsibility</p> Signup and view all the answers

Entrepreneurship is a science of converting processed ideas into a remarkable business venture. It is also a capacity for innovation, investment, and expansion in new markets, products, and techniques. In starting a business, learner should seek entrepreneurial competencies such as: 1. Locus of control: Entrepreneur must know how to determine the state to which a person agreed that their actions can directly affect a situation, or that they can control a result. 2. Specific goal setting: Entrepreneurs should be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation. 3. ______: Entrepreneurs must believe in their own ability or self confidence. 4. Need for achievement: Entrepreneurs must have a high need for achievement take responsibility for outcomes. 5. Ambition: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges. 6. Willingness to learn: Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies. 7. Strong initiative: Entrepreneurs must have a high intative are often driven to work hard. 8.

<p>Self-efficacy</p> Signup and view all the answers

Flashcards

Locus of control

The ability to determine how much your actions impact a situation.

Specific goal setting

The ability to set focused and measurable business growth objectives.

Self-efficacy

Confidence in your own capabilities.

Need for achievement

A strong desire to achieve challenging goals and take responsibility for outcomes.

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Ambition

Motivation, persistence, and perseverance in the face of challenges.

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Willingness to learn

Eagerness to learn new skills and acquire competencies.

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Strong initiative

A strong drive to work hard and take action.

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Decisiveness

Making decisions effectively, even when information is incomplete.

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Risk-taking

Willingness to take calculated risks to achieve business objectives.

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Strategic planning

Thinking strategically to achieve organizational goals.

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Networking/collaboration

Building relationships for resources, information, and support.

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Conceptual thinking

Using innovative approaches to solve problems.

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Flexibility

Being adaptable and responsive to change.

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Interpersonal skills

Working well with people from diverse backgrounds.

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Positive values

Guiding business decisions with a positive sense of values and personal beliefs.

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Competitive advantage

An attribute that allows a company to outperform its rivals.

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Study Notes

Entrepreneurial Competencies

  • Entrepreneurship is a science of converting processed ideas into a remarkable business venture, and it is also a capacity for innovation, investment, and expansion in new markets, products, and techniques.

Key Competencies

  • Locus of control: The ability to determine the state to which a person's actions can directly affect a situation, or that they can control a result.
  • Specific goal setting: Entrepreneurs should be motivated to set goals, particularly business growth objectives, which have been found to increase firm growth and performance.
  • Self-efficacy: The belief in one's own ability or self-confidence.
  • Need for achievement: Entrepreneurs must have a high need for achievement, taking responsibility for outcomes.
  • Ambition: Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges.
  • Willingness to learn: Entrepreneurs should have a strong willingness to learn, often pursuing opportunities to acquire new skills and competencies.
  • Strong initiative: Entrepreneurs must have a high initiative, often driven to work hard.

Entrepreneurial Characteristics

  • Decisiveness: The ability to make decisions even without all necessary information.
  • Risk-taking: The willingness to take risks in the pursuit of business goals.
  • Strategic planning: The ability to think strategically, helping to achieve goals in the organization.
  • Networking/collaboration: Provides access to resources, information, and support.
  • Conceptual thinking: The ability to think creatively, using innovative approaches to solve problems.
  • Flexibility: The ability to be highly adaptable and responsive to change.
  • Interpersonal skills: The ability to work well with people from different backgrounds.
  • Positive values: The ability to create confidence in making business decisions, guided by a positive sense of values and personal beliefs.
  • Competitive advantage: The strategic position and ability to differentiate oneself from competitors.

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