What are Entrepreneurial Competencies required for superior performance in Business?

What are Entrepreneurial Competencies required for superior performance in Business?

Ans:   Entrepreneurial Competencies

According to a recent study, it was found out that possession of certain competencies or abilities result in superior performance. An entrepreneur may possess certain competencies and at the same time it is possible to develop these through training, experience and guidance. Various competencies required for superior performance were identified during the study and are as under:

1.      Initiative: It is an inner urge in an individual to do or initiate something. There is popular saying ‘Well begun is half done.’ It is the entrepreneur who takes or initiates the first move towards setting up of an enterprise. Most of the innovators have got this urge to do something different. Entrepreneur basically is an innovator who carries out new combinations to initiate and accelerate the process of economic development.

2.      Looking for Opportunity: An entrepreneur is always on the look out or searching for opportunity and is ready to exploit it in the best interests of the organisation.

3.      Persistence: An entrepreneur is never disheartened by failures. He believes in the Japanese proverb ‘Fall seven times, stand up eight.’ He follows Try-Try Again for overcoming the obstacles that come in the way of achieving goals.

4.      Information Seeker: A successful entrepreneur always keep his eyes and ear open and is receptive to new ideas which can help him in realising his goals. He is ready to consult expert for getting their expert advise.

5.      Quality Consciousness: Successful entrepreneur do not believe in moderate or average performance. They set high quality standards for themselves and then put in their best for achieving these standards. They believe in excellence, which is reflected in everything they do.

6.      Commitment to Work: Successful entrepreneurs are prepared to make all sacrifices for honouring the commitments they have made. Whatever they commit, they take it as a moral binding for honouring their commitments, irrespective of the costs involved.

7.      Commitment to Efficiency: Top performers are always keen to devise new methods aimed at promoting efficiency. They are keen to evolve and try new methods aimed at making working easier, simpler, better and economical.

8.      Proper Planning: Successful entrepreneurs develop or evolve future course of action keeping in mind the goals to be realised. They believe in developing relevant and realistic plans and ensure proper execution of the same in their pursuit of attaining their goals.

9.      Problem Solver: Successful entrepreneurs take problem as a challenge and put in their best for finding out the most appropriate solution for the same. They will first of all understand the problem and then evolve appropriate strategy for overcoming the problem.

10.    Self Confidence: Top performers are not cowed down by difficulties as they believe in their own abilities and strengths. They have full faith on their knowledge, skill and competence and are not worried about future uncertainties.

11.    Assertive: An assertive person knows what to say, when to say, how to say and whom to say. He believes in his abilities and ensures that others fall in line with his thinking, aimed at promoting the interests of the organisation.

12.    Persuasive: A successful entrepreneur through his sound arguments and logical reasoning is in a position to convince others to do the works the way he wants them to do. It is not physical but intellectual force he will use for convincing others.