The document defines entrepreneurship as the creation of value and discusses the concept of an entrepreneur as a risk-taking individual starting a business. Entrepreneurial competencies are essential for identifying opportunities, managing resources, and achieving enterprise goals, encompassing skills such as creativity, risk-taking, and leadership. The text emphasizes the importance of these competencies for the growth and sustainability of entrepreneurial ventures.

1. Entrepreneurial competencies

2. Important definitions:
1. What is Entrepreneurship?
- According to Wikipedia, Entrepreneurship is the creation or extraction of value. It may be seen
as a process of change which may include other values than simply economic ones.
- According to Howard Stevenson, Entrepreneurship is the pursuit of opportunity beyond
resources controlled.
2. Who is an entrepreneur ?
According to Merriam Webster, An entrepreneur is a person who starts a business venture and is
willing to risk loss in order to make money.
3. What is Competence ?
Competence is the set of demonstratable characteristics and skills that enable and improve
the efficiency or performance of a job or business venture.
4. What is an Entrepreneurial competency?
Entrepreneurial competencies can be defined as underlying qualities such as generic and specific
knowledge, motives, traits, self images, social roles and skills which result in venture birth, growth
and survival.

3. The need for Entrepreneurial Competencies:
Entrepreneurial Competencies are required by all entrepreneurs for the following three reasons:
Venture into an enterprise:
• Identifying an opportunity for innovation.
• Research on the feasibility of project
• Identifying markets for the commodity
• Analysis of current market conditions
Organise and manage an enterprise ably and contently:
• Arrange and allocate resources for the execution of project
• Delegate tasks to the employees and facilitate the smooth functioning of business
• Take calculative risks for the benefit of the business.
• Review the performance and bring out ways to improve efficiency
Realize the goal for which the enterprise is established:
• Profit oriented - Commercial business
• Non profit oriented - Social welfare

4. Creativity
Determination
Integrity
Tenacity
Emotional Balance
Self - Criticism
Communication
Engagement / Charisma
Delegation
Respect
Empathy
Business Vision
Resources Management
Networking
Negotiation Skills
Risk Taking
Review Performance
Major Entrepreneurial Competencies
Personal Interpersonal Business

5. Competency Framework
Ideas & Opportunities
Spotting Opportunities
Creativity
Envisioning
Valuing Ideas
Ethical & Sustainable Thinking
Resources
Self Awareness & Self efficacy
Motivation and Perseverance
Mobilising resources
Financial & Economic literacy
Review Performance
Actions
Taking Initiatives
Planning & Management
Coping with Uncertainty, Ambiguity &
Risk
Working with others
Learning through experience
An entrepreneur is an individual who identifies the institutional voids in the market or society and transforms them into commercially viable
and socially beneficial enterprises. He takes up the risks involved in the process and brings out substantial and sustainable results from his
venture using his core competencies.