The Bright Side Of Entrepreneur Qualities
Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision making competence and leadership competence as catalysts to entrepreneurship success and national development. We will be duelling on our discussion more on these entrepreneurial competences to view how they individually contribute to successful entrepreneurship, business success and national development.
As said earlier in the beginning, entrepreneurship and entrepreneurship success play strategic roles in financial growth, financial transformation and development of the society. These roles are noticeable in the numbers of jobs created, the level of wealth generated as well as the rate of indigenous entrepreneurship promoted in several countries across the world.
There isn't any doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and financial development through provision of monetary resources directly or else through various agencies and under different conditions, this fact prompt one to ask a question of high concern.
How come there still high rate of business failure across the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures may be said to be and also are largely associated with lack of entrepreneurial competence.
Most of the businesses failed unknowingly even before you'll find started because of lack of one of the required competence; project evaluation and management. This won't therefore; make it surprising while entrepreneurship competence has often been identified as the missing link for successful entrepreneurship, business failure and consequently crawling national development as well as in some instances stalled economy. What then is entrepreneurship competence?
Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning by which it's employed within read this blog article from community.usa.canon.com writing with simplicity, it will be very crucial to first and foremost comprehend what entrepreneurship is.
Entrepreneurship might be defined as the process through which something totally new and valuable is created over the dedication and effort of someone who takes on financial, psychological, and social risks and seeks personal satisfaction and monetary rewards (Hisrich & Peters 1986).
Critical assessment of the above two definitions summarized the concept of entrepreneurship by stressing creation processes and satisfaction of targeted activities. Entrepreneurship as defined above is just not necessarily limited by the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most importantly, the ability to plan, manage projects and also to turn ideas into action to be able to achieve set objectives for successful entrepreneurship. Yet, it takes tact, art and competency to achieve winning edge success.
Entrepreneurship success is a multidimensional phenomenon. It includes multiple criteria of financial characters like profit maximization, revenue maximization, dividend maximization as in the matter of shareholders etc., and non-financial characters for example larger share of market, customer satisfaction, perpetual enterprise existence etc. To succeed in any of the following sections, you have to be competent in his/her chosen area of enterprise.
Entrepreneur competence can therefore be defined as the cluster of related knowledge, attitudes, and skills which an entrepreneur must acquire or possess to achieve an outstanding performance and optimize the business objective(s) amidst several constraints. Every job/role has a skill and competency requirement. Every profession like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an allotted entrepreneurial job successfully.
Entrepreneurship competence constitutes a cluster of related knowledge, attitudes, and skills, which a person acquires and uses together, to produce outstanding performance in almost any given place of entrepreneurial responsibility. Some of these competences could be general and some peculiar to the chosen areas of enterprise. We may describe competences to mean abilities and skills, for a teacher or possibly a performing artist, one example is it is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or even an artist, it's the creativity and skill in the chosen craft.
