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Entrepreneurial Competencies in Business

Updated on February 6, 2010

 

Entrepreneurial Competencies

There are ten entrepreneurial competencies that a would-be entrepreneur should possess:

1.  Organizing ability

An entrepreneur should be wise enough in choosing the people with whom he will work. He must choose people who possess skills that are needed for the improvement and success of the business.

2.  Problem-solving ability

An entrepreneur should be rational rather than emotional in handling obstacles. He is also firm enough when making decisions without hurting others.

3. Ability to absorb setbacks and recovery

Analysis in absorbing setbacks and recovery of the business are important competencies of the entrepreneur. Accepting and analyzing the difficulties encountered help in the improvement and success of the business.

 

4. Human relations ability

Personality factors such as emotional stability, personal rela­tions, sociability, consideration, and tactfulness are important con­tributors to the entrepreneur manager's success in small business. One of the most important facets of human relations is one's ability to put himself in someone else's place and know how the other person feels. This is the ability to practice empathy.

An entrepreneur must maintain good relations with his custom­ers if he is to establish a relationship that will encourage them to continue to patronize his business. They can be given personal consideration to fit their specific needs. It is because of them that business is producing products continuously. An entrepreneur should be able to handle customer complaints directly. He must train his employees to maintain good customer relations. He must develop and maintain harmonious working relationships with his employees to make them perform their jobs at a high level of efficiency. This relationship will give him opportunity to gain greater understanding of their needs and wants. Problems can be worked out on a face-to-face basis. One problem is income that sometimes can not sustain employ­ees' needs. If it is possible, give them benefits, allowances, and the like. In this way, employees will cooperate to form an effective work team.

 

5. Communications ability

An entrepreneur should have an ability to communicate effec­tively both orally and in writing. Communication also means that both the sender and the receiver understand and are understood.

The employee who tells his boss what he thinks his boss wants to hear rather than what he considers to be bad news is not really communicating. Lack of communication can result from different ways of doing things. To one person, belonging to a certain organiza­tion may mean social acceptance. To another person, it may mean conformity for the sake of conformity. Words also have different meanings for different individuals.

Effective written communication is much more difficult to achieve than effective oral communication. For example, the teacher might walk into his class and in a pleasant voice, with a smile, say, "This class can go jump in the lake." Very few students would be offended, although they might be puzzled. On the other hand, if the instructor wrote the same message on the blackboard and left it for the class to read, he would probably receive a wide range of reactions, from anger to amusement.

The small business manager who can effectively communicate with customers, employees, suppliers, and creditors will be more likely to succeed than the manager who can not. For example, a business firm may have a good customer who has forgotten to make a payment on time. It sends out a form letter that says, "We have not received your monthly payment; please remit at once." The business firm intends only to remind the customer, however, the customer may take it as a dun and an implication that he is not meeting his debts. Some individuals may be offended enough to stop trading with the business, and the firm would never know why.

6.    Ability to make sound decisions and to take full respon­sibility for decisions made

An entrepreneur is the leader, the boss. All those under him are dependent on the decisions he makes. Thus, he should have a sound judgment which will be fair to all.

7.     Persistence and patience to wait until the business really becomes successful

Failure in running a business is not an obstacle for entrepre­neurs. It will instead be a challenge to their abilities to handle it. Searching for the best way to succeed is a necessary skill for them.

8.    Technical knowledge on how to operate the business

A basic knowledge in handling a business is necessary for entrepreneurs in order to be able to organize and manage a business.

9.    Sense of independence and self-confidence

An entrepreneur should have trust in himself and in his work. His sound judgment, self-confidence, and independence in his job will enable him to succeed.

10.    Good health and enthusiasm

An entrepreneur who is physically as well as mentally fit would have a good chance of success. He will be able to grapple with the problems in the business.

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    • profile image

      Dr Paz H Diaz 

      4 years ago

      REQUEST FOR PERMISSION TO QUOTE YOUR ARTICLE

      Hello!

      I wish to ask for your kind permission for me quote from your article:

      There are ten entrepreneurial competencies that a would-be entrepreneur should possess https://hubpages.com/business/Entrepreneurial-Comp...

      for a book that I am writing on entrepreneurship for Filipino college students. The book is being commissioned by the Small Enterprises Research and Development Foundation (SERDEF), which collaborates with the University of the Philippines Institute for Small Scale Industries. Your article will be very useful in the chapter on opportunity identification for entrepreneurs.

      I promise to give you full credit and acknowledge you properly in the book.

      I am Dr Paz H Diaz, the Board Secretary of SERDEF. You can verify this from the website of the Small Enterprises Research and Development Foundation (SERDEF).

      Thank you so much for your kind attention and willingness to give me your permission.

      Dr Paz H Diaz

    • profile image

      nelson masonga 

      4 years ago

      Thanks for supporting entrepreneur

    • profile image

      joseph 

      7 years ago

      ambot

    working

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