Entrepreneurial Competencies Identified By The Entrepreneurship Development Institute of India (EDI)

Entrepreneurial Competencies

Entrepreneurial Competencies

Thinking Like an Entrepreneur
On a trip down south, at Nagpur you marvel at the size of the oranges and the price at which they are available. You buy in dozens and consume these merrily en route. This is consumer’s mindset. On the contrary, an entrepreneurially thinking individual, he may buy and enjoy the oranges as well, would also start thinking what if I arrange for their transportation and sale at my place… if volume-weight factor and perishability is the constraint how about packaged orange juice… where would the technology come from, Italy? Would Indians like to consume packaged juices when by the roadside they can get fresh juice? .. Exports? Which are the countries that could serve as the potential market? What would be their quality expectations?

Entrepreneurial Competencies Identified By The (EDI)
(i) Initiative- acting out of choice rather than compulsion, taking the lead rather than waiting for others to start.
(ii) Sees and Acts on Opportunities- A mindset where one is trained to look for business opportunities from everyday experiences. Recall ‘oranges’ example.
(iii) Persistence- A ‘never say die’ attitude, not giving up easily, striving Information seeking continuously until success is achieved.
(iv) Knowing- Knowing who knows, consulting experts, reading relevant material and an overall openness to ideas and information.
(v) Concern for High Quality of Work- Attention to details and observance of established standards and norms.
(vi) Commitment to Work Contract- Taking personal pains to complete a task as scheduled.
(vii) Efficiency Orientation- Concern for conservation of time, money and effort.
(viii) Systematic Planning- Breaking up the complex whole into parts, close examination of the parts and inferring about the whole; e.g. simultaneously attending to production, marketing and financial aspects (parts) of the overall business strategy (the whole).
(ix) Problem solving-Observing the symptoms, diagnosing and curing.
(x) Self-confidence- Not being afraid of the risks associated with business and relying on one’s capabilities to successfully manage these.
(xi) Assertiveness- Conveying emphatically one’s vision and convincing others of its value.
(xii) Persuasion- Eliciting support of others in the venture.
(xiii) Use of Influence Strategies- Providing leadership.
(xiv) Monitoring- Ensuring the progress of the venture as planned.
(xv) Concern for Employee Welfare- Believing in employee well being as the key to competitiveness and success and initiating programmes of employee welfare.

From “ENTREPRENEURIAL COMPETENCIES, MOTIVATION, PERFORMANCE AND REWARDS” By Dr. Jyotsna Sethi and Dr Anand Saxena

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