Entrepreneurial Mind

• Competency


  A set of skills or a distinguish set of qualities which every person has
• Categories of competency


  • Knowledge
  • Skills
  • Motivation
• Knowledge


  A collection and retention of information about any job or activity; forms the basis for any action
• Skills


  Use of Knowledge
• Motivation


  An inner state that energizes, activates or moves and directs behaviour, an inner urge in an individual
• Entrepreneurial competencies


  • Possession of certain competencies or abilities result in superior performance
  • Possible to develop these through training, experience and guidance
• Initiative


  • Taking actions that go beyond job requirements or demands of the situation
  • Doing things on own before being asked for; or being forced to by events
  • Taking actions to expand the business into new areas, products or services
• Seeing and Acting On Opportunities


  • Looking for and taking actions to seize opportunities
  • Seeing and acting on opportunities for business development or for personal growth
  • Seizing unusual opportunities to obtain and mobilize necessary resources
• Persistence


  • Taking repeated actions to overcome obstacles that get in the way of achieving goals
  • Taking suitable actions in the face of a significant obstacle
  • Ensuring all efforts to solve a problem or barrier
• Information Seeking


  • Taking action on own to help reach objectives
  • Personally undertaking a research or analysis to find out answer of some problem
  • Seeking information to clarify what is needed
  • Using contacts & networks to obtain desired information
• Concern for High Quality of Work


  • Doing things that meet or beat existing standards of excellence
  • Stating a desire to produce work of high quality
  • Comparing own/ company's work favorably to that of others
  • Making all out efforts to ensure the quality of products or services
• Commitment to Work Contract


  • Placing highest priority for getting a job completed
  • Taking extra-ordinary efforts or making personal sacrifices to complete a job
  • Accepting full responsibility for failures, if any
  • Expressing utmost concern for the customers
  • Readiness to work even at workers' places to get work done
• Efficiency Orientation


  • Constantly looking for ways to do things faster or with fewer resources or at a lesser cost
  • Using information or business tools to increase personal or professional efficiency
  • Expressing concern for assessing costs versus rewards of some improvements, changes or action
• Systematic Planning


  • Developing and using logical, step-by-step plans to reach goals
  • Breaking a large task down into several sub-tasks
  • Developing plans after duly anticipating obstacles
  • Evaluating alternatives on merits and demerits
  • Taking a logical and systematic approach to activities, in general
• Problem Solving


  • Identifying and applying new and potentially unique ideas to reach the goals
  • Identifying the root-cause of the problem or objectives
  • Developing strategy in the light of objectives, resources and constraints
  • Keeping alternatives, wherever necessary
  • Generating new ideas or innovative solutions
• Self-confidence


  • Having a strong belief in self and own abilities
  • Expressing confidence in own ability to complete a task
  • Sticking with own judgement in the face of opposition or early lack of success
  • Doing something for which chances of success are not very fair
• Persuasion


  • Convincing someone successfully to do something else than what he/she would have done
  • Selling someone a product or service
  • Making someone agree to provide resources on extra-ordinary conditions
  • Asserting own confidence & competence in personal or company's strengths
• Use of Influence Strategies


  • Developing professional or business contacts
  • Using influential people to get own things done
  • Carefully limiting the information to be given to others
  • Using others' authority and resources to influence or persuade others
• Assertiveness


  • Confronting problems and issues with others directly
  • Speaking politely but firmly
  • Telling others clearly what they have to do
  • Reprimanding those who fail to perform as expected, however close they may be
• Monitoring


  • Ensuring that the work is completed or it is of high quality
  • Personally supervising all aspects of the work
  • Developing a system of supervision & monitoring
• Concern for Others' Welfare


  • Taking actions to improve the welfare of society
  • Responding positively to employees' specific needs
  • Having a concern for the welfare of employees and their families
• Major clusters of entrepreneurial competencies


  • Achievement
  • Thinking & Problem-Solving
  • Personal Maturity
  • Influence
  • Directing & Controlling
  • Others
• Risk is an essential part of entrepreneurship, as it involves uncertainty about future outcomes.
• Business plan


  A document describing a company's business activities and how it plans to achieve its goals
• Business plan


  A written narrative that describes what a new business aims to accomplish
• Business plan


  The business plan should give clear and concise information on all the important aspects of the proposed venture
• Executive summary


  • A short overview of the entire business plan
  • Provides an overview of the business plan as a whole and highlights what the business plan will cover
  • Shouldn't exceed two single-spaced pages
  • Should be written last
• Company description


  • General description of the company
  • Company history
  • Mission statement
  • Products and services
  • Current status
  • Legal status and ownership
  • Key partnerships (if any)
• Market analysis and strategy

  • Research and identify a company's primary target audience and where to find this audience
  • Market segmentation and target market selection
  • Buyer behavior
  • Competitor analysis
• Management and organization


  • Introduce company leaders and their qualifications and responsibilities
  • Human resources requirements
  • Legal structure of the company
• Products and services development

  • Details of the products and services the company offers
  • How the products and services will be manufactured
  • How long they can last
  • What needs they may meet
  • Projected development costs
  • Proprietary issues (patents, trademarks, copyrights, licenses, brand names)
• Operations plan


  • Outlines how the business will be run and how the product or service will be produced
  • Describes "back stage" (unseen to the customer) and "front stage" (seen by the customer) activities
  • General approach to operations
  • Business location
  • Facilities and equipment
• Competitive analysis


  • Outlines a comparison of the organization to competitors
  • Competitors' weaknesses and strengths
  • Advantages or distinctions the competition has in the marketplace
  • What makes the business different from other companies in the industry
  • Potential issues when entering the marketplace
• Financial projections and needs

  • Explains how the company anticipates bringing in revenue
  • Sources and amounts for funding
  • Financial statements
  • Analysis of financial statements
  • Cash flow projection
• Exhibits and appendices


  • Extra information to further support the details outlined in the business plan
  • Resumes of company management and other stakeholders
  • Permits
  • Relevant legal documentation
  • Pictures of the product
• Final project: Submit a business plan by group, use short bond paper and short white folder, submit printed output on or before May 22, 2024