Entrepreneurship Competencies Overview

Questions and Answers

Competence is an underlying personal characteristic which leads to superior ______.

performance

Core competence is the foundation for sharpening a company's competitive ______.

edge

Common competence describes the knowledge, skills, and ______ found in most or all positions.

abilities

Career opportunities will depend on your experience, skills, finances, and ______.

flexibility Signup and view all the answers

Many aspiring entrepreneurs remain ______-employed, preferring to be the boss.

self Signup and view all the answers

Entrepreneurship can offer achievement, challenge, and ______.

learning Signup and view all the answers

One reason for becoming an entrepreneur is the desire for independence and ______.

autonomy Signup and view all the answers

Dissatisfaction with current work ______ can drive individuals to entrepreneurship.

arrangements Signup and view all the answers

Recognition and ______ are common motivations for aspiring entrepreneurs.

status Signup and view all the answers

Community and social ______ can also motivate individuals to become entrepreneurs.

motivation Signup and view all the answers

Study Notes

Competencies in Entrepreneurship

Entrepreneurs exhibit acquirable attitudes: commitment, leadership, opportunity obsession, risk-taking, motivation to excel, creativity, self-reliance, and adaptability.
Successful entrepreneurs often demonstrate competencies such as risk-seeking, assertiveness, and vision.

Nature vs. Nurture in Entrepreneurship

Debate exists around whether entrepreneurs are born or made; evidence suggests that specific techniques and habits must be cultivated.
Interpersonal and self-leadership skills are essential for entrepreneurs, though often overlooked.

Levels of Entrepreneurial Competencies

Personal Competencies: Abilities to remain secure and self-assured in varied situations; includes creativity, determination, and integrity.
Interpersonal Competencies: Skills in leading, influencing, communicating, supervising, negotiating, and motivating others; emphasizes collection and engagement.
Business Competencies: Knowledge and abilities that differentiate a company from competitors; includes business vision, financial management, and networking.

Importance of Competencies

Entrepreneurial competencies facilitate opportunity recognition, rapid adaptation to change, enhanced business performance, a strong competitive position, and organizational success.
Competence combines personality traits, skills, knowledge, and motives leading to superior performance.

Core vs. Common Competencies

Core Competence: Foundation for a company's competitive edge, guiding reputation, business growth, and strategy.
Common Competence: General knowledge, skills, and abilities applicable to most positions.

Career Opportunities in Entrepreneurship

Various career paths exist for aspiring entrepreneurs, shaped by experience, skills, finances, and future goals.
Common reasons for pursuing entrepreneurship:
- Achievement, Challenge, & Learning
- Independence & Autonomy
- Income Security and Financial Success
- Recognition and Status
- Community and Social Motivation
- Dissatisfaction with Current Work Arrangements

Description

This quiz explores the essential competencies required for successful entrepreneurship, examining the debate between nature and nurture in developing these skills. It highlights personal, interpersonal, and business competencies that aspiring entrepreneurs should focus on to enhance their effectiveness and adaptability in the business world.