Entrepreneurial Competency

Entrepreneurial competency is nothing but one of two behavioral alternatives; underlying the desire to undertake innovations and to change the status quo. The other is managerial behavior. Entrepreneurial behavior embraces innovation, is motivated to seek changes and draws satisfaction from institutional changes.
 
Entrepreneurial competency can be injected and developed in human minds through proper education and training. To develop the entrepreneurial competencies the first most significant part is to understand the concept of this competency. I.e. understanding the entrepreneurial behavior and identifying the set of competencies required to effectively behave like an entrepreneur. The Entrepreneurial competencies are: Behavioral Competencies, Enterprise launching competencies, Enterprise Managing competencies. 
 
Behavioral Competencies is about the behavior of the person Exhibited while performing various tasks of his functions, some of the important behavioral competencies are as follows:
  • Initiative
  • Systematic planning
  • Creativity and innovation
  • Risk taking and Risk Management
  • Problem solving
  • Persistence
  • Quality performance
  • Information management
Enterprise launching Competency is the ability to understand the business and be able to draw a business plan, to develop marketing strategy, to finance the business, ability to obtain technical assistance etc. 
 
Enterprise Managing Competency is the ability to manage business i.e. manage human resources, promote the business, keep business records, manage the sales effort
 
After the identification of the set of competencies required to improve the entrepreneurial competencies, it is important to do the assessment of it. This means to see the competencies that you already possess and compare it against the required set of competencies. This is done to make sure the alignment of the process as well as the knowledge of the gaps in order to effectively behave like an entrepreneur.
 
Once you are gone through the assessment process and figure out the gaps, it is critical to apply those set of behaviors in real life situation. Regular practice of an activity brings perfection in the field. Therefore, there is a need to make an effort towards exhibiting all the competencies deliberately and consciously all the time even in the simplest activities that one performs. One should keep comparing to the competencies that one possess to the required set of competencies. In case of any gaps then an earnest attempt is to be made to find out the reasons thereof, so that necessary corrective measures can be taken for the same.
The introspection to find out how one’s behavior and skills are perceived or have been rewarding plays a critical role. To find out the strengths and weakness of one’s new competence. Taking feedback on the same can be the best practice to improve.
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