Entrepreneurial competencies

Making of an Entrepreneur……..!!!

The Other Home
(Vacation Rental | Homestays | Outdoor Adventure)
Travel Blog - Photo Blog - Travel Books

Dictionary Meaning:

"Entrepreneur is one who organizes and directs a
business undertaking, assuming the risk for the sake of
profit.“

The term "Entrepreneur" was introduced by Richard Cantillon, a French economist, in
the 18th century

Copyright © 2012 The Other Home. All rights reserved

Understanding Entrepreneurial Competencies


Initiative

Acting out of choice rather than compulsion, taking
the lead rather than waiting for others to start..!!!


Sees and Acts on Opportunities

A mindset where one is trained to look for business
opportunities from everyday experiences

Leadership


ENTREPRENEURIAL COMPETENCIES


Fundamentals of Small Business


1. Things investors look for in a startup


INVESTORS LOOK FOR


2. Lies Entrepreneurs Tell Investors


I don't have My idea is the
any greatest
competition

The
competition
sucks
My domain
Once the idea is expertise is
launched, unparalleled
customers will

Hurry or you'll
miss the bus

10 hiring mistakes made by Start-up businesses
1. Hiring too many employees because of miscalculated revenues & underestimated cost of
hiring.

2. Taking on board someone just because you known them —family, friends, wife. They'd
expect different treatment.

3. Hiring a jack-of-all-trades instead of specialists for a particular job. Startups need
specialists in specific roles.

4. Not having clarity on what you are hiring for. Startups should clearly define roles for new
hires.

5. Not knowing if you are looking for a follower or a leader. Every business needs a mix of
both.

6. Giving someone equity just because you cannot pay a hefty salary. Then you get a partner
not an employee.

7. Hiring just to help someone out.

8. Emphasizing too much on cost per hire rather than on quality of hire.

4 myths about Business Planning

Identifying Entrepreneurial Opportunity

Source : cartoonstock.com

What is An Opportunity?

An opportunity is a favorable set of circumstances that creates the need for a new
product, service, or business idea.

Most entrepreneurial firms are started in one of two ways:

– Some firms are internally stimulated. An entrepreneur decides to start a
firm, searches for and recognizes an opportunity, then starts a business.
– Other firms are externally stimulated. An entrepreneur recognizes a
problem or an opportunity gap and creates a business to fill it.


What is an Opportunity?

An opportunity has four essential qualities


Window of Opportunity

• Window of Opportunity

– The term “window of opportunity” is a metaphor
describing the time period in which a firm can realistically
enter a new market.
• Once the market for a new product is established, its window of
opportunity opens, and new entrants flow in.
• At some point, the market matures, and the window of opportunity
(for new entrants) closes.


Three Ways to Identify An Opportunity


First Approach: Observing Trends

• Observing Trends

• The first approach to identifying opportunities is to observe
trends and study how they create opportunities for
entrepreneurs to pursue.
• There are two ways that entrepreneurs can get a handle on
changing environmental trends:
• They can carefully study and observe them.
• They can purchase customized forecasts and market analyses from
independent research firms.


First Approach: Observing Trends
Environmental Trends Suggesting Business or
Product Opportunity Gaps


Second Approach: Solving a Problem


Sometimes identifying These problems can be
opportunities simply pinpointed through observing
involves noticing a problem trends and through more simple
and finding a way to means, such as intuition,
solve it. serendipity, or chance.

For example, Symantec Corp.
Some business ideas are clearly created Norton antivirus
initiated to solve a problem. software to guard computers
against viruses.


Third Approach: Finding Gaps in the
Marketplace
• Gaps in the Marketplace

– A third approach to identifying opportunities is to find a gap in
the marketplace.

– A gap in the marketplace is often created when a product or
service is needed by a specific group of people but doesn’t
represent a large enough market to be of interest to mainstream
retailers or manufacturers.
• This is the reason that small clothing boutiques and specialty shops
exist.
• The small boutiques, which often sell designer clothes or clothing for
hard-to-fit people, are willing to carry merchandise that doesn’t sell in
large enough quantities for Wal-Mart, GAP, or JC Penney to carry.


Finding Gaps in the Marketplace

To provide good quality Bridging the gap between
branded products Job seeker and Recruiter

To empower the MBA aspirant Connecting Traveler and
community. © 2012 The Other Home. All rights reserved
Copyright Accommodation Providers

Personal Characteristics of the Entrepreneur

Characteristics that tend to make some people better
at recognizing opportunities than others

Prior Experience Social Networks

Cognitive Factors Creativity


10 thoughts for the Entrepreneur

•If you live by the sword, get ready to die by bullets.

•There are no traffic jams in the extra mile you go for the customer.

•Don’t underestimate customer resistance to behavior change.

•Price the customer, not the product.

•Your customer’s perception is your reality.

•If you torture data enough, it will confess.

•Customer loyalty can be bought; brand loyalty must be built.

•Price pressure is an effect, not a cause.

•Profits vs. Growth: Where do angels fear to tread?

Thank You!!!

The Other Home
Vacation Rental | Homestays | Outdoor Adventure
Phone: 011-25985380 / 65028027
Email: info@theotherhome.com
Website: www.theotherhome.com
Blog: blog.theotherhome.com / photoblog.theotherhome.com

Copyrigt © 2011 The Other Home. All rights reserved

Entrepreneurial competencies

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Entrepreneurial competencies

Similar to Entrepreneurial competencies (20)

More from The Other Home

More from The Other Home (20)

Recently uploaded

Recently uploaded (20)

Entrepreneurial competencies