Competencies of successful entrepreneurs

COMPETENCIES OF SUCCESSFUL

ENTREPRENEURS

• Entrepreneurial competencies refer to key characteristics possessed by successful entrepreneurs in performing entrepreneurial functions effectively.

• They listed 13 entrepreneurial competencies possessed by successful entrepreneurs.

*PERSONAL INITIATIVE

*SEIZE OPPORTUNITIES *ENDURANCE

*INFORMATION SEEKER

*HIGH WORK QUALITY

*COMMITMENT TOWARDS WORK AGREEMENT

1.PERSONAL INITIATIVE

• An entrepreneur who has strong personal initiative is able to act immediately on available opportunities and choose best strategy when he face a problem.

• Initiative allows an entrepreneur to be alert and proactive.

• Example:Does things before being asked or compelied by the situation.

2.Seize Opportunities

• Entrepreneur grabs or seize opportunities continuously to make sure thet his business sustains for a long time in the industry.

• Focuses,identifies and exploits business opportunities.

• Maximizes his thinking capacity by finding sulutions to problems faced by community.

• Examples:seize unusual opportunities to obtain financing,equipment ,land ,work space or assistance.

3.ENDURANCE

• Has to face various barriers and problems before achieving success.

• Needs to have great strength and courage within him.

• Strong enough to face problems and barriers courageously.

• He would never give up accomplishing his vision and tries to deal with barriers that block his path to achieving success.

• Faces various problems and risks.• Example: increase in the cost of raw materials

and decrease in denand for his products.

4.Information Seeker

• A successful entrepreneur is able to seek information,that is he has done some research to obtain information and received feedback from customerr in order to provide a good product or service that can gain customer satisfaction and acceptance.

• Examples:do a personal research on how to provide a product or service.

5.High Work Quality

• Places care on quality and can be seen as having the urge to sell or produce products of high quality.

• He always makes a comparison of his work quality with those of others to make sure his products are always better.

• The continuous prooduction of quality products and services will determine the customers's faithfulness ,commitment and satisfaction.

• Products of high quality will bring profitable returns to an entrepreneur as it ensures the faith of customers towards the products.

• Example: states a desire to produce or sell a top or better quality products and service.

6.COMMITMENT TOWARDS WORK AGREEMENTS

• Entrepreneur devotes total commitment to the venture.

• This commitment help the entrepreneur to recify mistakes and overcome obstacles which threaten business operation.

• His commitment to ideas and ventures determine how successful those ventures ultimately become.

• Example:makes a personal sacrifice or expands extraordinary effort to complete a job.