At

the end of the session, students should be able to:

Identify the key competencies and characteristics

of successful entrepreneurs

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term entrepreneurial competencies refers to the key characteristics that should be possessed by successful entrepreneurs in order to perform entrepreneurial functions effectively

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scientific research conducted by a research team (McBer & Co.) headed by Chief Psychologist, David C. McLelland from Harvard University. A cross cultural study in three countries, India (Asia), Malawi (Africa) and Ecuador (Latin America) Respondents were successful entrepreneurs The outcome was a set of 13 competencies which are common to all successful entrepreneurs
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Initiative 02. Sees and acts on opportunities 03. Persistence 04. Information seeking 05. Concern for high quality of work 06.Commitment to work contract

07.

Efficiency orientation 08. Systematic planning 09. Problem solving 10. Self-confidence 11. Assertiveness 12. Persuasion 13. Use of influence strategies
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entrepreneur should be able to take actions that go beyond his job requirements and to act faster. He is always ahead of others and able to lead the business or industry. Examples:
Does things before being asked or compelled by

the situation Acts to extend the business into new areas, products or services
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entrepreneur always search for and takes action on opportunities Examples:

Sees and acts on new business opportunities Seizes unusual opportunities to obtain financing,

equipment, land, workspace or assistance

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entrepreneur is able to make repeated efforts or to take different actions to overcome an obstacle that gets in the way of reaching his/her goals. Examples:
Takes repeated or different course of action to

overcome a problem or obstacle Never give-up easily

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entrepreneur is able to take action on how to get information in order to help the business to achieve its objectives or to solve business problems Examples:
Conduct personal research on a product or service Consults experts or relevant authorities to get relevant

information Personally undertakes market research, analysis or investigation Uses contacts or information networks to obtain useful information
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entrepreneur acts to do things that meet a certain standard of excellence which gives him greater satisfaction Examples:
States a desire to produce or sell a top or better

quality product or service Compares own work or own companys work favorably to that of competitors High quality would ensure repeated purchase from existing customers and also an opportunity to get new customers

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entrepreneur places the highest priority on getting a job completed according to the deadline. Examples:
Makes personal sacrifices or expends extra ordinary

effort to complete a job Accepts full responsibility for problems in completing a job for customers Expresses a concern for satisfying the customer

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successful entrepreneur always finds ways to do things faster, using fewer resources, and keep cost low. Examples:
Looks for or finds ways to do things faster or at lesser

cost Uses information or business management tools to improve efficiency Expresses concern about costs vs. benefits derives from any improvement, change or course of action
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entrepreneur develops and uses logical, stepby-step plans to reach his/her business goals Examples:
Plans by breaking a large task down into smaller tasks

Develops alternative plans which anticipate obstacles

Evaluate among available alternatives Takes a logical and systematic approach in the

planning activities

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successful entrepreneur identifies new and potentially unique solution to solve business problems which could affect the business objectives. Examples:
Switches to an alternative strategy to overcome

problems Always generates new ideas or innovative solutions

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successful entrepreneur has a strong belief in oneself and own abilities. Examples:
Expresses confidence in own ability to complete a

task or meet a challenge Sticks with own judgment in the face of opposition or lack of success

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entrepreneur confronts problems and issues with others directly. Examples:

Confronts problems with others directly Tells subordinates what is expected of them Reprimands or disciplines those who failed to

perform as expected

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entrepreneur should be able to persuade or influence others for mobilizing resources, obtaining inputs, organizing productions and selling of his products or services. Examples:
Convince someone to buy a product Convince someone to provide financing Asserts own competence, reliability or other personal

or company qualities (testimony) Asserts strong confidence in own companys products or services
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entrepreneur is able to make use of influential people to reach his business goals. Examples:
Acts to develop business contacts

Uses influential people as agents to accomplish own

objectives (getting contracts) Selectively limits the information given to others Uses permissible strategy to influence or persuade others

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