EDP Notes

It may be classified into two types:
A) PERSONAL ENTREPRENEURIAL COMPETENCIES: These are required to perform the
tasks effectively and efficiently. This includes the following:
 Initiative: It is an inner urge in an individual to do or initiate something.
 Ability to See and Act on Opportunities: Entrepreneurs look for opportunities and take
action on such opportunities.
 Persistence: It means the capacity or skill to take repeated and different actions to
overcome obstacles.
 Information Seeking: A successful entrepreneur always keeps his eyes and ear open. He
should accept new ideas which can help him in realizing his goals. He is ready to consult
experts for getting their expert advice.
 Concern for High Quality of Work: Entrepreneurial persons act to do things that meet or
beat existing standards of excellence.
 Commitment to Work: Successful entrepreneurs are prepared to make all sacrifices for
completing the commitments they have made.
 Commitment to Efficiency: Entrepreneurial persons have to look and find ways for or find
ways to do things faster or with fewer resources or at a lower cost. They should try new
methods aimed at making work easier, simpler, better and economical.
 Systematic Planning: Entrepreneurial persons should be able to develop and use the logical
step by step plans to reach goals.
 Problem Solving: Entrepreneurial persons are supposed to possess the skill of identifying
new and potentially unique ideas to reach goals. They should generate new ideas or
innovative solutions to solve problems.
 Assertiveness: They assert own competence, reliability or other personal or company’s
qualities. They also assert strong confidence in own company’s products or services.
 Persuasion: Entrepreneurs should have the ability to successfully persue others to perform
the activities effectively and efficiently.
 Use of Influence Strategies: Entrepreneurs should have the competence of using a variety
of strategies to influence others. Such entrepreneurs can develop business contacts and use
influential people to accomplish his/her own objectives.
B) VENTURE INITIATION AND SUCCESS COMPETENCIES:
An entrepreneur must also posses the competencies required for launching the enterprise and for its
survival and growth. These competencies may be further divided into two categories of
competencies:
1. ENTERPRISE LAUNCHES COMPETENCIES: These include the following:
 Competency to understand the nature of business.
 Competency to comply with Government regulations.
 Competency to deal with the business.
 Competency to finance the business.
 Competency to locate the business.
 Competency to plan the marketing strategy.
 Competency to choose the type of ownership.
 Competency to obtain technical assistance.
 Competency to develop a business plan.
 Competency to determine the potential as an entrepreneur.
2. ENTERPRISE MANAGEMENT COMPETENCIES: These include the following:
 Competency to protect the business.
 Competency to manage customer credit and collection.
 Competency to manage the finances.
 Competency to manage the business records.
 Competency to manage sales efforts.
 Competency to promote the products and services of the business.
 Competency to manage human resources.
 Competency to manage the business.