Developing Core Entrepreneurial Competencies for Success

Defining the Entrepreneur and Core Competencies

Who are entrepreneurs? What are their main skills?

Operational Definition of an Entrepreneur

Entrepreneurs are independent individuals, intensely committed and determined to persevere, who work very hard. They are confident optimists who strive for integrity. They burn with the competitive desire to excel and use failure as a learning tool.

Three Key Entrepreneurial Dimensions

These three dimensions can be significantly enhanced:

1. Alertness
2. Creativity
3. Need for Achievement

1. Enhancing Alertness

Definition of Alertness

Alertness is defined as the study of how, by whom, and with what effects opportunities to create future goods and services are discovered, evaluated, and exploited.

Components of Alertness

It involves:

• Understanding sources of opportunities.
• The processes of discovery, evaluation, and exploitation of opportunities.
• Identifying the set of individuals who discover, evaluate, and exploit them.

2. Enhancing Creativity

Definition of Creativity

Creativity is the ability to generate new and appropriate ideas, products, processes, or solutions (Shalley, 1995).

Characteristics of Creative Individuals

• They possess an imaginative, inventive, or innovative tendency to come up with new ideas.
• They rely on intuition, being able to synthesize ideas and knowledge, and make good guesses when necessary.
• They are change-oriented, preferring novelty, change, and challenges, with a dislike of being locked into routines.
• They are versatile and able to draw on personal resources for projects or problem-solving.
• They are curious and interested in new ideas.

3. Enhancing Need for Achievement

Definition of Need for Achievement

This is the desire to lead, shape, and drive competitive projects.

Traits of High Achievers

• Reliance on own ability.
• An optimistic rather than a pessimistic outlook.
• A strong task orientation.
• Effective time management.
• Results-oriented approach with both yourself and others.
• Determination to ensure that objectives are met even when difficulties arise.
• Responsible and persistent in the pursuit of aims.
• Oriented towards challenging but realistic goals.
• Willingness to work long and hard when necessary to complete tasks.

Importance of Entrepreneurial Competencies

Alertness, Creativity, and Need for Achievement are three core competencies classified as entrepreneurial dimensions. They are independent of one another.

These skills should be taught to increase graduates' competencies for success in the labor market and especially to make them more likely to succeed as entrepreneurs.