Empirical evidence suggests that the competencies for entrepreneurial success are many and varied: however, overall, there are probably 10 that appear most regularly:
10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS:
1. Integrity - the entrepreneur has a clear sense of values and beliefs that underpin the creative and business decisions that they make; and that influence the actions they take, particularly when in difficult or challenging circumstances
2. Conceptual Thinking - the entrepreneur is prepared to use fresh approaches; comes up with crazy ideas that may just work, leading to radical change or significant improvements; and takes time to listen to new ideas without pre-judgement
3. Risk taking - the entrepreneur understands that risk taking means trying something new, and possibly better, in the sense of stretching beyond what has been done in the past; and that the constant challenge is to learn how to assess choices responsibly, weighing the possible outcomes against his/her values and responsibilities
4. Networking - the entrepreneur understands that networking is a key business activity which can provide access to information, expertise, collaboration and sales; and that careful planning and preparation helps achieve desired results
5. Strategic Thinking - the entrepreneur understands and values the planning process, thinking and planning over a significant timescale; recognises external trends and opportunities; and is able to think through any complex implications for the business
6. Commercial Aptitude - the entrepreneur keeps up to date with developments in the sector; seeks out best practice; and identifies and seizes opportunities that are not obvious to others
7. Decisiveness - the entrepreneur resolves issues as they arise; does not get bogged down in analysis during decision making; and responds flexibly to deal with changing priorities
8. Optimism - the entrepreneur persists in pursuing goals despite obstacles and setbacks; operates from hope of success rather than from fear of failure; and sees setbacks as due to manageable circumstance rather than a personal flaw
9. Customer Sensitivity - the entrepreneur builds trust and long term relationships with customers; generates an expectation of high level of customer service; and regularly exceeds customer expectation
10. People Focus - the entrepreneur creates common purpose with colleagues through shared vision and values; walks the talk; sees and values the best in others; builds the total capability of the immediate and wider team; and always considers the principles of inclusiveness in planning and dealing with others
11.persistance - taking repeated actions to overcome the obstacles.
An entrepreneur is understood to be a person who starts a business or other commercial venture by connecting capital and labour - that is, money and people. For example, an entrepreneur might have ten dollars and a kid - and start a lemonade stand. They could have ten dollars and no kid and start their own stand, or borrow ten dollars and start it with their own labor. In any case, they have connected the money to start with people to start it. Their job, then, is to make that connection.
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