Entrepreneurial Behavior and Core Competencies Flashcards
To equip the students with the behavior and knowledge of how entrepreneurs succeed in their field To understand the essential skills, competencies, and behavior of an entrepreneur (88 cards)
What is an entrepreneur?
An individual who takes the initiative to bundle resources in innovative ways and is willing to bear the risk and uncertainty to act.
What is an entrepreneur?
An individual who gathers resources to create an economic activity while bearing the different types of social and economic risks.
What is Entrepreneurship?
It is the process of creating something new with the value of devoting necessary time and effort; And assuming the accompanying financial, psychic, and social of monetary and personal satisfaction and independence.
What is Entrepreneurship?
It refers to the process of setting up and successfully managing a business idea, creating monetary value, and helping the business grow.
What involves being an entrepreneur today?
It involves the creation process, requires devotion of time and effort, requires the assumption of necessary risks, and involves the rewards of being an entrepreneur.
What is competency?
The key abilities and skills needed by employees to do their jobs well.
What does a competitive employee offer?
More productive, Better value to the workplace
What is the relevance of competency evaluation?
It is becoming one of the most popular ways to analyze skill gaps in the workforce and devise methods of filling the gaps.
Who must possess most of the entrepreneurial competencies?
Business owners and Startup Founders
What are the essential qualities of a successful entrepreneur?
Initiative
Looking for opportunities
Persistent
Commitment to work
Systematic planning
Problem-solving
Information seeking
Self-confidence
Concern for quality products
What does it mean to be initiative?
The entrepreneur must initiate any business activity. It is the entrepreneur who takes actions that go beyond job requirements or the demands of the situation. he does things before being tasked, asked, or forced by the events.
What does it mean to look for opportunities?
A successful entrepreneur is one who always is on the lookout for and takes action on opportunities. He must be always ready to exploit it to maximizing the interest of the organization.
What does it mean to be persistent?
An entrepreneur should take repeated actions to overcome the obstacles that get in the way of reaching goals. He should never be disheartened by failures.
What is the Japanese proverb that the entrepreneur must believe?
Fall seven times, stand up eight.
What does it mean to be committed to work?
Entrepreneurs make every sacrifice to get the task completed. They put the highest priority on accomplishing their objective and concern for satisfying their customers.
What does it mean to plan systematically?
Entrepreneurs develop and use logical, step-by-step, realistic, and proper plans to achieve their goals.
What does it mean to have problem solving skills?
They always try to find ways and means to overcome the problems that come their way and also identify new and potentially unique ideas to achieve their targets.
What does it mean to have information seeking quality?
An entrepreneur is always in search of new ideas and information from various sources to help reach objectives or clarify problems. He consults experts for business and technical advice, personally undertakes research, analysis, and investigation to get information in realizing his goals.
What does it mean to be self-confident?
They must have a strong belief in themselves and their abilities. They have full faith and confidence in their knowledge, skills, and competency to complete a task or meet a challenge, and are not cowed down by difficult situations at all times.
What does it mean when entrepreneurs concern for quality products ?
Successful entrepreneurs always believe in high quality standards of their products with reasonable prices. They believe in excellence, act to do things that meet or beat existing excellent standards.
What are the competencies of an innovator?
Creativity
Critical thinking
Collaboration
Adaptability
What is creativity?
The ability to think outside the box and generate original ideas, connecting seemingly unrelated concepts and envision a new possibilities crucial for problem-solving and developing innovative solutions.
What is critical thinking?
Involves analyzing situations, evaluating information, and making informed decisions. Innovators must assess the feasibility of their ideas, identify potential challenges, and determine the best course of action to bring innovations to life.
What is collaboration?
Requires teamwork and the ability to work with others well. Must communicate effectively, share ideas, leverage diverse perspectives to enhance creativity and drive projects forward, building a stronger network and partnership.
