Importance Of Entrepreneurial Skills Development

Entrepreneurship Skills Development

Learning Objectives

After studying this module, you should be able to

 Distinguish between entrepreneurial skills and managerial skills

 Identify the core competencies characteristic of a successful entrepreneur

 Define ‘internal’ and ‘external’ locus of control

 Identify the skills related to the core entrepreneurial competencies

 Discuss the role of creativity and innovation in successful entrepreneurship

 Explain entrepreneurial skills development steps

1.0 INTRODUCTION Research has shown that people can change certain aspects of their behavior and characteristics previously perceived as genetic. They have a chance to act and respond to their environment, benefiting from new opportunities and

Note: It is important to realize that training in entrepreneurship skills alone without management skills may not yield optimal results. One has to be well-equipped with both set of skills.

1.1 An Overview of Entrepreneurial Skills

There are several skills associated with the three core entrepreneurial competencies. These skills are more characteristic of successful than average entrepreneurs. Table 1 summarizes the three entrepreneurial competences and the corresponding skills.

Table 1: Entrepreneurial Competencies and Skills

Achievement Orientation

Efficiency Orientation Seeks faster and cost effective ways of doing things

Systemic planning Breaks down tasks and goals, anticipates problems and obstacles and evaluates options

Aggressive for opportunities Takes advantage of unusual opportunities for investment, obtains funding and other assets

Concern for quality work Desires to produce and sell high quality products

Pro-activeness

Assertiveness Confronts issues with others to directly, tell them what they have do

Initiative Is self-motivated, doing things before being asked or

They thrive by being fast and efficient in what they do. They are good at overcoming challenges and have a desire to produce high quality work. People with high achievement orientation behave exhibit the qualities of successful business entrepreneurs. They are keen on how they spend their time and maximize the likelihood of achieving success by setting achievable goals. They are very persistent and determined in pursuing their goals and rely on feedback as a means of evaluating their progress. They assume personal responsibility for problems and seek effective solutions, feeling a great sense of achievement after completing a task. They do not like tasks whose outcome depends on circumstances beyond their control. They are self-assertive, self-confident and flexible in their approach to tasks.

1.1.2 Pro-activeness

Successful entrepreneurs take initiative to handle situations before they become problems. They do not wait and react when it is too late but instead work towards ways of preventing such problems from occurring. They are good at handling interpersonal conflicts by being assertive.

1.1.3 Commitment to