Entrepreneurisl Skills

1. Entrepreneurial Skills

2. Entrepreneurial Skills -
Meaning –
Entrepreneurial skills are those normally associated with being an entrepreneur,
although anyone can develop them.
Being an entrepreneur usually means starting and building our own successful
business, but people with entrepreneurial skills can thrive within larger organizations,
too.

3. Barriers to becoming an Entrepreneur
Entrepreneurs must be aware of the barriers to entry of the industry before they create
a business plan, borrow capital or create the product.
1. Unsupportive Business Environment -
Business environment and ecosystem can be unsupportive due to cartelization, government
regulations, corruption, bribery, bureaucracy etc. This can serve as a barrier to entrepreneurship as
a supportive business environment is needed for the business to thrive.
2. Market Entry Regulations –
In many industries, licensing is required for creating a new firm and entering the market.
Taxation, governmental rules, licensing mandates, environmental regulations, lending needs can
all be barriers towards venture creation.

4. Barriers to becoming an Entrepreneur
3. Shortage of Capital –
Capital or funding is required for any business to develop products/services, organize factors of
production, train employees, market and sell etc.
4. Skilled Workforce Challenges –
Employees form the heart of the business. One of the most crucial but overlooked tasks in a
business is to build a skilled employee asset base.
Lack of appropriate practical and technical skills, lack of qualified employees, employee turnover,
changes in labour laws, increase in employee’s financial expectation etc. create barriers towards
entrepreneurship and smooth functioning of the business.
5. Lack of Entrepreneurial Mindset & Training –
Entrepreneurial mindset about having entrepreneurial skills, willingness to initiate new ventures,
motivation to persist in challenging times and adapting to change. If this mindset is discouraged
in any manner in any culture, then that itself is a barrier to entrepreneurship.

5. Barriers to becoming an Entrepreneur
6. Fear as a Barrier –
Fear is defined as an unpleasant feeling triggered by the perception of danger, real or imagined.
In human psychology, fear is seen as an emotion as feeling fear helps to avoid calamity but at the
same time it can also hold one back.
(a) Fear of Failure
(b) Fear of Unknown
(c) Fear of not being Expert
(d) Fear of Risk taking
(e) Fear of being pushed into uncomfortable situations

6. Entrepreneurial Competencies
Entrepreneurial behavior requires certain knowledge, skills or personality profile, it is called
entrepreneurial competence or traits.
A competence may be defined as underlying characteristics of a person which results in effective
and/or superior performance in a job.
Entrepreneurial competencies play a key role in the success of an entrepreneur and in
achievement of entrepreneurial goals

7. Entrepreneurial Competencies
1. Taking Initiative -
It is about making the first move towards setting up of an enterprise and taking action.
2. Seeking and Acting on Opportunity –
An entrepreneur is always on the look-out or searching for opportunity and is ready to exploit it in
the best interests of the enterprise.
3. Persistence –
An entrepreneur is never disheartened by failures and keeps trying, adapting and iterating to
overcome obstacles that come in the way of achieving goals.
4. Information Seeking –
A successful entrepreneur always keeps his/her eyes and ears open and is receptive to new ideas
which can help in realizing his goals. He/she is always open to consult with experts and mentors
to get the right guidance and advice.

8. Entrepreneurial Competencies
5. Commitment –
Entrepreneurs exhibit high level of commitment towards their work and decisions. For an
entrepreneur to succeed, they have to stay committed to their venture and their goal.
6. Systematic Planning –
Successful entrepreneurs decide future course of action keeping in mind the goals to be achieved.
They believe in developing relevant and realistic plans and ensure proper execution of the same in
pursuit of running a successful enterprise.
7. Problem Solving –
An entrepreneur takes each problem as a challenge and put in best for finding out the most
appropriate solution for the same. He/she will first of all understand the problem and then evolve
appropriate strategy dealing with the same.
8. Self-Confidence –
Entrepreneurs are not cowed down by difficulties as they believe in their own abilities and
strengths. They have full faith in their knowledge, skill and competence and have the confidence
to handle future uncertainties.