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MEANING: COMPETENCY
Competency: forms of
business-related expertise
Basic business competency:
understanding the organizat...
MEANING: COMPETENCY
Competency is a bundle of skills and
technologies that enables a company to
provide a particular benef...
MEANING: COMPETENCY
Determination competencies: skill identified with
the energy and focus needed to bring a business
into...
Resource competencies: the ability or skill of the
entrepreneur at finding expendable components
necessary to the operatio...
MEANING: ENTREPRENEURIAL
COMPETENCY
Entrepreneurial competency means
the area of expertise, skills, ability,
efficiency, u...
PERSPECTIVES OF COMPETENCY
Identifying existing competency
Establishing competence acquisition agenda
Building competency
...
ENTREPRENEURIAL COMPETENCIES
INITIATIVE
SNATCHES OPPORTUNITY
PERSISTENCE, ASSERTIVE, PERSUASIVE, SELF
CONFIDENCE, INFLUENC...
TO BE CONSIDERED COMPETENCE A SKILL
MUST MEET THREE TESTS
1. Customer Value: Competencies are the skills that enable
a fir...
TO BE CONSIDERED COMPETENCE A SKILL
MUST MEET THREE TESTS
 3. Extendibility: A competitive is truly core
when it focus th...
RISKS OF IGNORING COMPETENCIES
Opportunities for growth will be turned down.
Ignorance of competencies may weaken the ente...
AWARENESS
Identification of business
opportunity.
INDENTIFICATION OF
OPPORTUNITY
Tools
1. Environment Scanning
2. SWOT Analysis
FACTORS IN IDENTIFICATION OF
OPPORTUNITIES
1. Self Experience or Exp. of Pretense / family
members.
2. Ready demand in loc...
CAREER ALTERNATIVES IN SELF
EMPLOYMENT
Industry – Manufacturing
Trade
Commercial Services
Banking
Insurance
Warehousing, L...
SALES ASSESSMENT
PROCESSES OBJECTIVES
FIRM PRODUCT
1.PRICING
2.SELLING
3.ADVERTISING
1. SALES
2. PROFITS
MARKETING ASSESSMENT
PROCESSES OBJECTIVES
FIRM PRODUCT
1.Product Quality
2.Pricing
3.Barnding
4.Advertising
5.Selling
6.Ch...
MARKET DEMAND ASSESSMENT
1. Product – Specifications
2. Total Volume- Physical Volume / Monetary
3. Bought – volume booked...
ASSESSMENT OF COMPETITION
1. Competitions
2. Market Share of competitors
3. Strength and weakness of consumer, Image of
co...
ASSESSMENT OF SITE
Factory
Personal Factors
Economics
Competition
Geography
Local Law’s
Procedure
Criteria
Factors
Locatio...
SITE-SELECTION
FACTOR WEIGHT SCORE WEIGHT SCORE WEIGHT SCORE
1.Production
Cost
2. Raw
Material
Supply
3. Labour
Availabili...
LOCATIONAL & BREAK-EVEN
ANALYSIS
Site A
Site B
Site C
Rs. 1 Lakh
Rs. 1.5 Lakh
Rs. 2 Lakh
Rs.100
Rs.50
Rs.25
POTENTIAL
LOCA...
MAKE OR BUY
1. Facilities.
2. Plant Capability – Equipment , Quality ,
Quantity , Personnel.
3. Economic Advantage.
4. Tra...
ASSESSMENT OF PRODUCTION
PROCESS
1. Product / Service requirement
2. Technological Feasibility
3. Financial Considerations...
PRELIMINARY PRODUCT DESIGN
PILOT PROJECT
DETAILED PRODUCT DESIGN
PRE PRODUCTION RUN
MANUFACTURE
DESINGNING PRODUCT / SERVICE
INTERNAL
ENVIRONMENT IDEACOLLECTION EXTERNAL
ENVIRONMENT
MARKET
APPRAISAL
1. Demand
2. Supply...
10 COMPETENCIES FOR
ENTREPRENEURIAL SUCCESS:
Major competencies that contribute towards top
performance to entrepreneur
In...
10 COMPETENCIES FOR
ENTREPRENEURIAL SUCCESS:
2. Conceptual Thinking - the entrepreneur is
prepared to use fresh approaches...
10 COMPETENCIES FOR
ENTREPRENEURIAL SUCCESS:
3. Risk taking - the entrepreneur understands that
risk taking means trying s...
10 COMPETENCIES FOR
ENTREPRENEURIAL SUCCESS:
4. Networking - the entrepreneur understands that
networking is a key busines...
10 COMPETENCIES FOR
ENTREPRENEURIAL SUCCESS:
5. Strategic Thinking - the entrepreneur understands
and values the planning ...
10 COMPETENCIES FOR
ENTREPRENEURIAL SUCCESS:
7. Decisiveness - the entrepreneur resolves issues as
they arise; does not ge...
10 COMPETENCIES FOR
ENTREPRENEURIAL SUCCESS:
9. Customer Sensitivity - the entrepreneur builds trust
and long term relatio...
?
Entrepreneurial competencies, By Dr. Parul Chotalia
Entrepreneurial competencies, By Dr. Parul Chotalia
Entrepreneurial competencies, By Dr. Parul Chotalia
Entrepreneurial competencies, By Dr. Parul Chotalia
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Entrepreneurial competencies, By Dr. Parul Chotalia

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Entrepreneurial competencies, By Dr. Parul Chotalia

  1. 1. MEANING: COMPETENCY Competency: forms of business-related expertise Basic business competency: understanding the organizational and business processes of a firm
  2. 2. MEANING: COMPETENCY Competency is a bundle of skills and technologies that enables a company to provide a particular benefit to stakeholders For example, At Sony – benefit is pocketability core competence is miniaturization At Times of India – benefit is on time delivery core competence is logistics management At Motorola–benefit is un tethered(rope) communication core competence is wireless communication.
  3. 3. MEANING: COMPETENCY Determination competencies: skill identified with the energy and focus needed to bring a business into existence Opportunity competencies: skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business
  4. 4. Resource competencies: the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business Time Information Location Financing Raw materials Expertise MEANING: COMPETENCY
  5. 5. MEANING: ENTREPRENEURIAL COMPETENCY Entrepreneurial competency means the area of expertise, skills, ability, efficiency, updated technology regarding organizational and business processes of a firm.
  6. 6. PERSPECTIVES OF COMPETENCY Identifying existing competency Establishing competence acquisition agenda Building competency Deploying competency Protecting and defending competence leadership
  7. 7. ENTREPRENEURIAL COMPETENCIES INITIATIVE SNATCHES OPPORTUNITY PERSISTENCE, ASSERTIVE, PERSUASIVE, SELF CONFIDENCE, INFLUENCE INFORMATION SEEKING CONCERN FOR HIGH QUALITY COMMITMENT EFFICIENCY ORIENTATION, MONITORING SYSTEMATIC PLANNING PROBLEM SOLVING CONCERN FOR WORK AND EMPLOYEES CUSTOMER ORIENTATION
  8. 8. TO BE CONSIDERED COMPETENCE A SKILL MUST MEET THREE TESTS 1. Customer Value: Competencies are the skills that enable a firm to deliver a fundamental customer benefit. 2. Competitor Differentiation: A capability must also be competitively unique power trains is a competence at Honda which has never been so at Ford. Honda’s ability to produce some of the world’s best engines and power trains does provide customers with highly valued benefits of superior fuel economy, zippy acceleration, less noise and vibration.
  9. 9. TO BE CONSIDERED COMPETENCE A SKILL MUST MEET THREE TESTS  3. Extendibility: A competitive is truly core when it focus the basis for entry into new product markets. SKF, the world’s leading manufacturer of roller bearing has competencies in antification, precision engineering and making perfectly spherical devices. In order to achieve extendibility, SKF must be capable of manufacturing the round, high precision recording heads that go inside a VCR, most of which are now manufactured by Japanese firms.
  10. 10. RISKS OF IGNORING COMPETENCIES Opportunities for growth will be turned down. Ignorance of competencies may weaken the enterprise The lack of competence perspective can make a company dependent on outside suppliers for core products. A company focused only on end products may fail to invest adequately in new competency that may constrain growth in the future. The new entrants in the area /competitors may lag the growth of the company.
  11. 11. AWARENESS Identification of business opportunity.
  12. 12. INDENTIFICATION OF OPPORTUNITY Tools 1. Environment Scanning 2. SWOT Analysis
  13. 13. FACTORS IN IDENTIFICATION OF OPPORTUNITIES 1. Self Experience or Exp. of Pretense / family members. 2. Ready demand in local market 3. Imports banned or controlled 4. Competition of Medium & large enterprises 5. High profitability 6. Reservation 7. Incentive by Govt. 8. Marketing by Govt.
  14. 14. CAREER ALTERNATIVES IN SELF EMPLOYMENT Industry – Manufacturing Trade Commercial Services Banking Insurance Warehousing, Logistics Professional Service CA Architects Doctors Consultancy Etc
  15. 15. SALES ASSESSMENT PROCESSES OBJECTIVES FIRM PRODUCT 1.PRICING 2.SELLING 3.ADVERTISING 1. SALES 2. PROFITS
  16. 16. MARKETING ASSESSMENT PROCESSES OBJECTIVES FIRM PRODUCT 1.Product Quality 2.Pricing 3.Barnding 4.Advertising 5.Selling 6.Channels 1.Customer Satisfaction 2.Sales 3.Short term & Long Term Profits 4.Brand Image & Goodwill 5.Diversification Environment
  17. 17. MARKET DEMAND ASSESSMENT 1. Product – Specifications 2. Total Volume- Physical Volume / Monetary 3. Bought – volume booked / dispatched / paid for / received / consumed. 4. Customer Group. 5. Geographical Area. 6. Time period –season , plane period. 7. Marketing Environment – economic conditions , Govt. policy , Practical , Consumer Behavior. 8. Marketing Program –Pricing , Advertising , Sale promotion, personal selling , channels, dealers.
  18. 18. ASSESSMENT OF COMPETITION 1. Competitions 2. Market Share of competitors 3. Strength and weakness of consumer, Image of competitor products-price features. 4. Consumers’ Image towards competitors’ products / services. 5. Trade practices of competitors-Discount to dealer. 6. Major customers of each brand.
  19. 19. ASSESSMENT OF SITE Factory Personal Factors Economics Competition Geography Local Law’s Procedure Criteria Factors Location Alternatives Evaluate Select
  20. 20. SITE-SELECTION FACTOR WEIGHT SCORE WEIGHT SCORE WEIGHT SCORE 1.Production Cost 2. Raw Material Supply 3. Labour Availability 4. Cost of living 5. Enviro nment 6. Market WEIGHT SITE-A SITE-B SITE-C Total score
  21. 21. LOCATIONAL & BREAK-EVEN ANALYSIS Site A Site B Site C Rs. 1 Lakh Rs. 1.5 Lakh Rs. 2 Lakh Rs.100 Rs.50 Rs.25 POTENTIAL LOCATION FIXED COST PER YEAR VARIABLE COST PER UNIT
  22. 22. MAKE OR BUY 1. Facilities. 2. Plant Capability – Equipment , Quality , Quantity , Personnel. 3. Economic Advantage. 4. Trade relations. 5. Supplier Reliability 6. Trade Union Views. 7. Alternative Resource Uses. 8. Legal Restrictions (Patents).
  23. 23. ASSESSMENT OF PRODUCTION PROCESS 1. Product / Service requirement 2. Technological Feasibility 3. Financial Considerations 4. Labors & skill 5. Output & capacity needs 6. Compatibility win existing facility 7. Flexibility 8. Raw materials 9. Size & other limits a plant/ building 10. Spare parts inventory
  24. 24. PRELIMINARY PRODUCT DESIGN PILOT PROJECT DETAILED PRODUCT DESIGN PRE PRODUCTION RUN MANUFACTURE
  25. 25. DESINGNING PRODUCT / SERVICE INTERNAL ENVIRONMENT IDEACOLLECTION EXTERNAL ENVIRONMENT MARKET APPRAISAL 1. Demand 2. Supply 3. Competition 4. Physical Appearance: Colour, Style, Fashion 5. Diversification 6. Packaging 7. Cost 8. Import & Export 9. Consumer Behavior 10. Distribution Channels TECHNICAL APPRAISAL 1. Inputs 2. Quality of Materials 3. Production Technology 4. Productivity 5. Equipment Choice 6. Location & Site 7. Lay-out 8. Work-Schedule 9. Value Analysis 10. Standardization FINANCIAL APPRAISAL 1. Investment 2. Financial 3. Cost 4. Profitability 5. Breakeven 6. Cash flow 7. Investment Worthiness ECONOMIC APPRAISAL 1. Cost & Benefit 2. Impact on Society 3. Employment NEW PRODUCT DEVELOPMENT Feasibility Study
  26. 26. 10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: Major competencies that contribute towards top performance to entrepreneur Integrity - the entrepreneur has a clear sense of values and beliefs that underpin the creative and business decisions that they make; and that influence the actions they take, particularly when in difficult or challenging circumstances
  27. 27. 10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: 2. Conceptual Thinking - the entrepreneur is prepared to use fresh approaches; comes up with crazy ideas that may just work, leading to radical change or significant improvements; and takes time to listen to new ideas without pre-judgement
  28. 28. 10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: 3. Risk taking - the entrepreneur understands that risk taking means trying something new, and possibly better, in the sense of stretching beyond what has been done in the past; and that the constant challenge is to learn how to assess choices responsibly, weighing the possible outcomes against his/her values and responsibilities
  29. 29. 10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: 4. Networking - the entrepreneur understands that networking is a key business activity which can provide access to information, expertise, collaboration and sales; and that careful planning and preparation helps achieve desired results
  30. 30. 10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: 5. Strategic Thinking - the entrepreneur understands and values the planning process, thinking and planning over a significant timescale; recognizes external trends and opportunities; and is able to think through any complex implications for the business 6. Commercial Aptitude - the entrepreneur keeps up to date with developments in the sector; seeks out best practice; and identifies and seizes opportunities that are not obvious to others
  31. 31. 10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: 7. Decisiveness - the entrepreneur resolves issues as they arise; does not get bogged down in analysis during decision making; and responds flexibly to deal with changing priorities 8. Optimism - the entrepreneur persists in pursuing goals despite obstacles and setbacks; operates from hope of success rather than from fear of failure; and sees setbacks as due to manageable circumstance rather than a personal flaw
  32. 32. 10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: 9. Customer Sensitivity - the entrepreneur builds trust and long term relationships with customers; generates an expectation of high level of customer service; and regularly exceeds customer expectation 10. People Focus - the entrepreneur creates common purpose with colleagues through shared vision and values; walks the talk; sees and values the best in others; builds the total capability of the immediate and wider team; and always considers the principles of inclusiveness in planning and dealing with others
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