Entrepreneurial Competency PDF

Entrepreneurial Competency © Kalasalingam Academy of Research and Education Learning Objectives At the end of this session, you will be able to: Entrepreneurial Competency Entrepreneurial Motivation EDP Entrepreneurial competency A competence is a underlying chara...

Entrepreneurial Competency © Kalasalingam Academy of Research and Education Learning Objectives At the end of this session, you will be able to: Entrepreneurial Competency Entrepreneurial Motivation EDP Entrepreneurial competency A competence is a underlying characteristics of a person which led to his or her effective or superior performance in a job The term “Competence” refers to the combination of knowledge. Skills.motive,attitude and habits. Every Role requires some particular competencies Entrepreneurial Competency Initiative Seeking and acting on opportunities Persistence Information Seeking Concerns for high quality of work Commitment to work contract Efficiency Orientation Systematic planning Problem Solving Self Confidence Persuasion Use of influence Strategies Assertiveness Monitoring Concern for other’s Welfare Entrepreneurial Competency Competency Identification and Recognition Competency Assessment Competency Mapping Ability to do/ Will to do No Ability to do/ Will to do Ability to do/ No will to do No ability to do/ No will to do Development intervention Entrepreneurial Motivation Entrepreneurial motivation is the process that activates and motivates the entrepreneur to exert higher level of efforts for the achievement of his/her entrepreneurial goals. Entrepreneurial motivation refers to the forces or drive within an entrepreneur that affect the direction, intensity, and persistence of his/her voluntary behaviour as entrepreneur Factors for Entrepreneurial Motivation Internal Factors Desire to do something new Become Independent Achieve what one wants to have in life Be recognized for one’s contribution One’s educational background One’s Occupational background and experience in the relevant field Factors for Entrepreneurial Motivation External Factors Government assistance and support Availability of labor and raw material Encouragement from big business houses Promising demand for the product Entrepreneurship Development Programme EDP is a programme mean to develop entrepreneurial abilities among the people. It refers to inculcation, development and polishing of entrepreneurial skills into a person needed to establish and successfully run the enterprise. Entrepreneurship development Institute of India (EDII) and National Institute of Entrepreneurship and small business Development (NIESBD) play an important role in training the prospective entrepreneurs EDP emphasizes more on operational aspects than academic training to meet the specific need of participants. EDP trains the participants to set up an enterprise and tailors its techniques and strategies depending on the environment in which he operates the business Objectives of EDP Understand the need of entrepreneurial discipline To let the entrepreneur set or reset the objectives of his business and work individually and along with his group Analyze the environment set up relating to small industry and business Develop passion for integrity and honesty Develop and strengthen the entrepreneurial quality Understand procedure of small scale industries Develop wide vision about the business Develop passion for integrity and honesty To analyze active investment of finance To understand rules,process,procedure and regulations for running the enterprise To enhance managerial capacities of the entrepreneurs Phases of EDP Pre-Training Phase Training Phase Evaluation phase Pre-Training Phase This stage of EDP includes: Identification and selection of prospective entrepreneurs through various procedures like conducting psychological test, thematic aptitude test and interviews Arrangements of necessary equipment's and sources to organize the programme Formation of various committees for the smooth conduct of training programme Pre-survey of potential entrepreneurial opportunities Devising the course content for the programme Training Phase At this stage, Prospective entrepreneurs are provided with the necessary training to run the enterprise successfully. During the training phase, efforts are made to change the behaviour and attitude of the entrepreneurs. Focus is on development of need for the high achievement or motivation to take initiatives and become a successful entrepreneur. This phase aims at answering questions like what are his basic traits what kind of competencies situations, what kind of knowledge and skills trainees possess. During this phase, trainees are also exposed to the practical situations and completed many task which are required to set up an enterprise Evaluation Phase Whether the underlying objectives of the EDP are achieved or not? This evaluation is done at this phase of entrepreneurial development programme. At this phase, assessment is done about the entrepreneurial orientation of the participants. It is evaluated that how far prospective entrepreneurs are ready to start their own enterprise. During the follow-up Process, review of various components of EDPs is done. These components include: pre-training components, course contents of programme, satisfaction of entrepreneurs and post-training behaviour of prospective entrepreneurs Challenges of EDP Low motivation level of trainers as well as trainee during the training Lack of commitment, dedication, determination and sincerity in conduct of EDPs and low level of involvement and lack of active participation of trainees Proper planning and non-conducive environment of entrepreneurial development programme Lack of coordination between the organiser and supportive agencies like banks and other institutions Poor implementation of planning Pre-decided course contents and lack of adaptive training methods Lack of monitoring and proper evaluation of feedback Lack of after training assessment of prospective entrepreneurs and non- consideration of entrepreneurs feedback  Evaluation of EDP: Evaluation of EDP assesses the efficacy, degree of success, and the contribution of entrepreneurship development programs in India. It delineates the factors contributing to the success or failure of such programs, and evaluates the role of support agencies with reference to the promotion of first generation entrepreneurs through FDPs It was observed that one of every four trainees actually started his/her enterprise after undergoing entrepreneurial training  Qualitative Evaluation of EDP: Evaluating the FDP is to assess their effectiveness in developing ‘need for achievement’ among the entrepreneurs. This also called the ‘qualitative evaluation of EDPs Activity level of the respondents New Enterprise established Total Investment made Investments in fixed assets made Number of people employed Number of jobs created Increase in profit Increase in sales Quality of product/service improved Quicker repayment of loans Summary In this session, you have learned about: Entrepreneurship Motivations EDP Objectives of EDP Challenges EDP