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Entrepreneurial Competencies

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Describe the various entrepreneurial competencies that an entrepreneur should possess. - Creativity and Innovation : Innovation and creativity are the the most important core values of entrepreneurs. While creativity guide an entrepreneur to dream about creative ideas to improve an existing product or service or solve a problem, innovation guides them to put their ideas into practical use. An entrepreneur exhibits innovation by -- Being unique and original in their solution. -- Contributing critical inputs for a new idea -- Develop or Improve the existing products or services -- Evaluating the new ideas -- Focusing on the solution even when failure occurs -- Go for a continuous search for problems in the society (so that they can resolve them) - Enterprise Launching : Entrepreneurs should possess the competency to identify the opportunities and make best use of the resources at their disposal, by launching an enterprise. This trait is what stands them apart from the crowd. - Enterprise Management : Managing an enterprise is a crucial competency that an entrepreneur should possess. The success of the enterprise depends on the the level of an entrepreneur’s expertise in enterprise management. They should be well acquainted with various functions in the management like -- Planning -- Organizing -- Staffing -- Directing -- Leadership -- Communication -- Motivation - Information seeking : The amount of information an organization has at its disposal plays a crucial role in the success of the organization. The entrepreneur should gather the information about changing trends in consumer behaviour, market demand, new technology being introduced, competitor analysis etc. This helps them in decision making process, thus driving the organization towards its goal. - Initiative : This is one of the basic competency that every entrepreneur should possess. Taking initiative in the starting point in an entrepreneurial process. The entrepreneur should be vigilant of the consumer behaviour, market dynamics, launch of new products to spot an opportunity. Once the opportunity or idea is spotted they should take the initiative to start the entrepreneurial process. Once the entrepreneurial process is started they should increase the pace to establish an enterprise. - Leadership : Many of the entrepreneurial ventures are unique and new. From the start of the enterprise to the stage where the product or service is introduced into the market, there is lot of uncertainty associated and the entire enterprise has to go through many hurdles and roadblocks. During this, it is essential to guide and motivate the team towards the goal. To achieve this the entrepreneur should possess effective leadership qualities to keep the team focused on the goal of the enterprise. As a leader, the entrepreneur should exhibit -- strong will power -- effective business acumen -- and communication skills to drive the enterprise towards the goal, during difficult times. - Persistence : Many of the entrepreneurial ventures are unique and new. So, they need a very close watch. Once the product or service is in place, it should be marketed. If the market for the new product does not exist, the entrepreneur should find new ways to create the market, for selling their product or service. During this process, they encounter many hurdles. The entrepreneur should be highly persistent in their efforts and should not give up. Thus persistence is a vital entrepreneurial competency that the entrepreneur should possess. - Persuasion and Influencing Others : While performing various entrepreneurial functions, the entrepreneur has to deal with various individuals and institutions. They should be able persuade their ideas and influence others so that other people are ready to accept their products are services. To do so they’ve to be well acquainted with the innovative features of their products or services and how their products much better than those prevailing in the market. Additional content on this topic can be found at https://eduxir.com/study-material/cbse/text-book-solutions/class-11/entrepreneurship/an-entrepreneur/

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