Key Concepts and Common Competencies

Lesson 2
 Objective
• Explain the key concepts and
common competencies on
entrepreneurship.
“ Opportunity comes from one
person’s idea that influences
others to take action”
 ENTREPRENEURSHIP
• Is a science of converting processed ideas into a
remarkable business venture.
• Is also a capacity for innovation, investment and
expansion in new market, products and
techniques.
• This definition implies that an enterprise is at
work whenever an individual takes the risks and
invest resources to make something unique or
something new, designs a new way of making
something that already exists, or creates new
market.
ENTREPRENEURIAL COMPETENCIES
1. Locus Of Control. 7. Willingness to learn
2. Specific goal setting 8. Strong Initiative
3. Self- efficacy 9. Adaptability & Flexibility
4. Layers of competency 10. Willingness to take
5. Need for achievement risks
6. Ambition 11. Interpersonal skill
 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.
 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.
 Self- efficacy
• Entrepreneurs must believe in their own ability or
self- confidence.
• Will persevere even in the face of setbacks, will
take negative feedback more positively and use
feedback to improve their performance.
 Layers of competency
• Entrepreneurs should know the group of
attributes, some of which are applicable to all
entrepreneur, while others are occupation
/industry specific.
 Need for achievement
• Entrepreneurs must have a high need for
achievement take responsibility for
outcomes.
• Engage in activities that have a moderate
degree on consequences and require skill
and effort.
 Ambition
• Entrepreneurs must be motivated, persistent,
and persevere even in the face of situational
challenges.
• They are patient and persistent, passionate
and gaol driven.
 Willingness to learn
• Entrepreneurs should have a strong
willingness to learn often pursue
opportunities to acquire new skills and
competencies.
 Strong Initiative
• Entrepreneurs must have high initiative are
often driven to work hard.
• They frequently work independently to
achieve task master, regardless of the extra
effort necessary to do so.
 Adaptability & Flexibility
• Entrepreneurs must learn how to be a highly
flexible and adaptable often deal very well
with a unique ability to choose actions even
without all necessary information.
 Willingness to take risks
• Not only willing to take consequences ,can
also identify and calculate risk.
 Interpersonal skill
• Not only willing to take consequences ,can
also identify and calculate risk.
 Entrepreneurial Skills Needed in Order to Achieve
objectives and Goals of the Organization.
1. Networking/ 5. Planning
Collaboration 6. Business Principles
2. Creative / critical 7. Computer Competency
thinking 8. Workplace
3. Organizing Competencies
4. Checking, Examining, 9. High-growth, High-
& Recording value entrepreneurship
 Entrepreneurial Skills Needed in Order to Achieve
objectives and Goals of the Organization.
10. Innovation & Creation
11. Marketing
12. Business Operations
13. Risk Assessment & Management
14. Financial Management
15. Problem Solving & Decision Making
 10 Competencies for Entrepreneurial Success

1. Integrity 6. Commercial Aptitude

2. Conceptual Thinking 7. Decisiveness
3. Risk Taking 8. Optimism
4. Networking / 9. Customer Relation
Collaboration Service
5. Strategic Thinking 10. People Centered
 Exercises
1. Write down at least 10 qualities that you posses as
business students.
2. Among those qualities, rank them with 1 as the
highest or strongest quality and 10 as the lowest or
weakest quality.
3. What are the entrepreneurial competencies that
you need to have to become a successful
entrepreneur?