Every role has a skill and competency requirement. For a teacher or a performing artist, for example, it is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill in the chosen craft. Talking about entrepreneurship, you need to have a knack for spotting business opportunities and creativity and innovation in developing and delivering a product or service.
It is hoped that after reading this module you will actually see the potential of a career in entrepreneurship, and experience a desire to start a venture of your own. At the same time there might be certain inhibitions in your mind whether such a task is feasible, practical and sustainable. For every task one needs certain competencies. In this module you would learn in detail about the entrepreneurial competencies. Whereas competencies reinforce a person’s perception of feasibility of a career option, there also has to be the will and urge, a ‘perception of the desirability.’ Is it not impossible that entrepreneurship has a key role to play in economic development, yet there are very few who ever think of it as a career option? And, it is not that they may be lacking in skills. What one often finds is the lack of motivation! Competencies equip you with the knowledge of how to do (‘know-how’) of entrepreneurial behavior and motivation provides answers to why to do (‘know-why’) of entrepreneurial behavior. You would also be learning about why people opt for entrepreneurship. The question of ‘why entrepreneurship’ is also linked to reward expectations, be these financial, social status or psychological satisfaction. In case of entrepreneurship, successful performance of the venture itself becomes a reward for the entrepreneur.
After reading the lesson you would be able to:
• Describe the entrepreneurial competencies and evaluate how you fare on these. • Describe what motivates an entrepreneur and develop your motivation to be an entrepreneur • Develop a measure of entrepreneurial performance
• Distinguish between financial and non-financial rewards of entrepreneurship
As noted in the introduction, every career draws on the competencies of an individual. Some of these competencies may be general and some peculiar to the chosen career. You may understand competencies to mean abilities and skills. However, we would cease from calling these as personality traits as such a conceptualization only reinforces the mistaken belief that entrepreneurs are born rather than made. We believe that recognition of these competencies as abilities and skills makes entrepreneurship as a teachable and learnable behavior. In this module we orient you towards a set of entrepreneurial competencies developed by entrepreneurial researchers. These competencies were identified by a thorough research procedure based on critical analysis of the case studies of the successful entrepreneurs. We also annex a questionnaire that you can use to evaluate your score on each of these competencies. We would also suggest how you might improve on your scores.
Acting out of choice rather than compulsion; taking the lead rather than waiting for others to start.
Sees and Acts on Opportunities
A mind set where one is trained to look for business opportunities from everyday experiences.
A ‘never say die’ attitude; not giving up easily; striving Information seeking continuously until success is achieved.
Knowing who knows, consulting experts, reading relevant material and an overall openness to ideas and information.
Concern for High Quality of Work
Attention to details and observance of established standards and norms.
Commitment to Work Contract
Taking personal pains to complete a task as scheduled.