Skills in Entrepreneurship

• Skills – refers to the PERSONAL ABILTIES to do things well. They come from the totality of the KNOWLEDGE, PRACTICE, or EXPERIENCE.
• Entrepreneurial Skills – refer to the set of COGNITIVE, TECHNICAL, and INTERPERSONAL SKILLS required in the practice of entrepreneurship.
• Cognitive Skills refer to the MENTAL ABILITY of the entrepreneur to learn new things, generate new ideas, and express knowledge in both ORAL and WRITTEN forms.
• Cognitive Skills of an Entrepreneur

  • Ability to UNDERSTAND written materials
  • Ability to LEARN and APPLY new information
  • Ability to SOLVE problems systematically
  • Ability to CREATE new ideas
  • Ability to INNOVATE new products and procedures or methods
• Problem Solving Skills (Scientific Approach)

  • DEFINING the real problem
  • GATHERING information about the problem
  • FORMULATING alternative solutions
  • EVALUATING ALTERNATIVE solutions
  • SELECTING and IMPLEMENTING the optimal solution
  • EVALUATING the decision
• Technical Skills relate to their knowledge and proficiency in a SPECIALIZED FIELD like computer technology, accounting, marketing, operation research, engineering, medical fields, and others.
• Interpersonal Skills

  • Skills in VERBAL communication
  • Skills in NON-VERBAL communication
  • Skills in LISTENING
  • Skills in LEADING
  • Skills in NEGOTIATING
• Competitive Advantage refers to the STRATEGIC POSITION and CONDITION of the entrepreneurial venture.