What Is Enterpreneurship Skills Essay

. ENTREPRENEURIAL COMPETENCIES: An entrepreneurial competency as defined by Baum at al. (2001) is the individual characteristics such as skills, knowledge, and the abilities required to perform a specific job. These abilities determine how the entrepreneur associates with the customers and also the employees. It allows the entrepreneur to perform his business operations successfully. Entrepreneurial competencies were divided into six categories by Man and Lau (2000): commitment competencies, organizing competencies, opportunity competencies, relationship competencies, strategic competencies, and conceptual competencies. Overconfidence is a negative characteristic of competency because it has been recognized as a major factor affecting the

Entrepreneurs support economic activity and growth entrepreneurial process requires capabilities, such as skills, decision-making and business acumen technology entrepreneurs: the danger is having exclusive focus on the product or service without due consideration to whether it addresses a real market problem with customers who would be willing to pay for it.

Entrepreneurship is a when you are running your own business. We use this business to have goals and go through different challenges to create value. Why is entrepreneurship important? Entrepreneurship is important because it allows to get people to created new ideas that provide others with new jobs.

The list of skills required to become a successful entrepreneur is not definitive, as researchers can only suggest the skills they believe should be developed. William L. Smith (2007) believes that there is a particular set of seventeen skills required to become a successful entrepreneur, the skills can be divided into four categories: Technical skills, managerial skills, entrepreneurial skills and personal maturity skills. This, however, is not the only list of entrepreneurial skills available; the paper doesn’t mention possibly the most important characteristic an entrepreneur needs to have: the Need for Achievement (nAch), this concept was introduced by McClelland in 1961 and refers to a person’s need to do things better, faster and more efficiently (Nieuwenhuizen, 2008). People with a high achievement orientation tend to be careful with the use of their time, just like Austin MacPhee,founder of AM Sports Tours and AM Soccer Schools in Fife. He was aware of the fact that he had to sacrifice time but he did it nonetheless because he knew that hard work would get him where he wanted.

Entrepreneurship is the process of starting a business or other organization. The Entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure. The Main Skills for Entrepreneur are: 1.

Entrepreneurship is a journey. A lifestyle. Success comes with time, taking action and hustling your butt off.

This help leaders and managers to develop personal qualities such as creativity, risk taking and business skills ( Isaacs et al, 2007:616) . A lack of positive expectance always cause a problem in any business. (Albert & Poli, 2004:5), entrepreneurship education is an agent for the development and growth of orientated ventures.

According to (Drotskie,Niewenhuizen&Oosthuizen, 2014: 48): Entrepreneurship is defined as actions or acts that looks at opportunities and it can happen in different types of organizations like the small, medium and large organization. Entrepreneurship is very important to ensure that a country’s economy remains developed.

Researchers in the field of entrepreneurship distinguish between entrepreneurial competencies and managerial competencies (e.g. Mitchelmore & Rowley, 2013; Mitchelmore & Rowley, 2010; Nuthall, 2006; Orser & Riding, 2003; Baldwin et al., 1997; Chandler and Jansen, 1992). Some suggest that competencies to start a business are different form those that are necessary to manage the buisiness through growth. Although competence in entrepreneurship requires competncies in both areas, entrepreneurial competencies are needed to start a business while managerial skills are needed to grow the business (Man et al., 2002). Managerial competencies can be defined as “the ability to perform management functions effectively in a work related situation … are the skills in doing managerial things” (Jacobs & Pons, 1994; and Hines, 1995 as cited in Orser & Riding, 2003, p.7). Boyatzis (1982) defines managerial competencies as the characteristics differentiating superior from average and poor managerial performance (as cited in e.g., Sánchez, 2012; and Mitchelmore & Rowley, 2010).

Our world is going through an entrepreneurial revolution. A lot of research has been carried in an attempt to define entrepreneurship while more and more people are being encouraged to become entrepreneurs. The following study based on the stream of literature and researches on entrepreneurship focuses on the concept of the entrepreneur and explore his background, his characteristics and the factors that influences entrepreneurship.

A business has to develop a plan to establish a successful new venture. The ability of an entrepreneur to establish a new venture is dependent on some basic necessary skills. These skills include the ability to identify a niche in the market and to develop a product and/or service that fill the need. The success of the business usually creates the next set of challenges and problems to move to the next stage of the business venture. The business has to stay focus by using developmental tasks to have long term success.

I also got to learn about the skills and characteristics of a entrepreneur. You need lots of traits to be a entrepreneur. You need to be able to be flexible and self-reliant, be able to structure yourself is very important. You must be confident and be able to take risks, being an entrepreneur means knowing when to take action and when not too. You have to have traits like patience and creativity, a entrepreneur must be able to be resourceful and must be able to see problems when they occur. You have to be able to work

Entrepreneurship is a very common term now-a-days and it is the dream of most business graduates to start up their own firm. Many business schools are offering courses on entrepreneurship. They feed the motivation to start up one’s own business and many college graduates have done it very successfully. They choose to start up their own venture instead of working for other existing companies. There are many reasons not to start up a business and there are many reasons to fail. But the most common thing that drives the entrepreneurs is that they were all hungry for success.

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any

1. In my humble opinion, for being a successful entrepreneur you should have, without any doubts, at least a basic knowledge of the economic world; without that you can’t run a business, an enterprise or any kind of economic project. Second personal trait that an entrepreneur should have is a really strong personality, good ideas and an open mind, to be able to see everything in many different ways. Last but not least, I want to mention are romantic relationships; if an entrepreneur has some kind of romantic relationship, in my humble opinion he could not be able, totally, to run a good enterprise