L2: Skills and Core Competencies in Entrepreneurship

• SKILLS:

  the personal abilities to do things well, they come from the totality of knowledge, practice or experience, and aptitude of a person.
• What kind of skills should be acquired and developed in a deliberate and systematic fashion by a person who has an intense desire of becoming a successful entrepreneur?

  ENTREPRENEURIAL SKILLS:

  • Cognitive Skills
  • Technical Skills
  • Interpersonal Skills
• What are the sources of skills?

  
• COGNITIVE SKILLS:

  Brain as the center of cognitive skills
• COGNITIVE SKILLS:

  It refers to the mental ability of the entrepreneur to learn new things, generate new ideas, and express knowledge in both oral and written forms.

  Core skills your brain uses to think, read, learn, remember, reason, and  pay attention.
• The cognitive skills of an entrepreneur include the following:

  • 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 SKILL:

  • Problem solving is the act of defining a problem;
  • determining the cause of the problem;
  • identifying, prioritizing, and selecting alternatives for a solution; and implementing a solution. 
• (PROBLEM-SOLVING SKILL)

  The scientific approach in solving business problems involves

  • defining the real problem,
  • gathering information about the problem,
  • formulating alternative solutions,
  • evaluating alternative solutions,
  • selecting and implementing the optimal solution, and
  • evaluating the decision.
• TECHNICAL SKILLS:

  Technical skills are sets of abilities or knowledge used to perform practical tasks in the areas of mechanics, science, mathematics and information technology.
• (Technical Skills)

  • Information technology
  • Feasibility study and business plan preparation
  • Technical writing skills
  • Marketing
  • Management and finance
• INTERPERSONAL SKILLS:

  Interpersonal skills are those we use every day to communicate and interact with others, including listening, speaking and questioning skills.

  Your relationship an interaction towards your workers, suppliers, creditors, customers and community.
• (Interpersonal Skills)

  • Skills in verbal communication
  • Skills in non-verbal communication
  • Skills in listening
  • Skills in leading
  • Skills in negotiating
• Illustrate the Entrepreneurial Competency

  
• Entrepreneurial Core Competence:

  It is a combination of entrepreneurial concepts and principles, entrepreneurial character traits, and entrepreneurial skills that provide and become the ultimate source of competitive advantage of the entrepreneur.
• Competitive Advantage:

  
• Competitive Advantage:

  It refers to the strategic position and condition of the entrepreneurial venture that:

  • Provides the necessary attributes to outperform competitors,
  • Distinguish  the venture from competitors,
  • Achieves superior performance in the industry, and
  • Produces a product or develops production methods that can hardly be copied by competitors
• Total Perspective of Successful Entrepreneur:

  A successful entrepreneur overcomes all obstacles and problems in entrepreneurship.
• Core competencies defining competitive advantage:

  • Fully understands entrepreneurial concepts and principles
  • Equipped with character traits common among successful entrepreneurs
  • Acquires, develops, and sharpens entrepreneurial skills (cognitive, technical, and interpersonal skills)
  • (Strategic support) (arrow up)