Core Competencies in Entrepreneurship

• Economic and dynamic activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of scarce resources, This value creation activity is performed continuously in the midst of uncertain business environment. Hence, entrepreneurship is regarded as a dynamic force.
• Innovation - Entrepreneurship involves a continuous search for new ideas. It compels an individual to continuously evaluate the existing modes of business operations so that more efficient and effective systems can be evolved and adopted. In other words, entrepreneurship is a continuous effort for synergy to ensure optimization of performance in organizations.
• Profit potential

  • Profit potential is the level of return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture. Without profit potential, the efforts of entrepreneurs will be merely an abstract and theoretical leisure activity,
• Risk bearing - The essence of entrepreneurship is the willingness to assume risk arising from the creation and implementation of new ideas. New ideas are always tentative and their results may not be instantaneous and positive. An entrepreneur has to have the patience to see his/her efforts bear fruit. In the intervening period, the time gap between the conception and implementation of an idea and its results, an entrepreneur has to assume risk If an entrepreneur does not have the willingness to assume risk, he/she will never succeed.