MAJOR COMPETENCES REQUIRED FOR SUCCESSFUL ENTREPRENEURSHIP

 There are three major competences namely;

(i) A body of knowledge

(ii) A set of skills

(iii) A cluster of traits

KNOWLEDGE

Knowledge is defined as a set or body of information stored, which may be recalled at an appropriate time. In the business context, it may be manifested by information or familiarity with aspects such as;

(i) A business opportunity

(ii) Customers

(iii) Production process

(iv) Business management

(v) The market

(vi) Competitors

(vii) Technical matters

(viii) Sources of assistance

However knowledge of the business is not enough in starting and operating a business without skills.

SKILLS

A skill is defined as the ability to apply knowledge and can be acquired or developed through practice, for instance driving or swimming. Therefore reading or learning about driving or swimming (knowledge) will not enable one to drive a car or swim if he/she doesn’t practice.

Skills may be of technical or managerial nature.

Technical skills include;

(i) Engineering (iii) Financial management (v) Planning

(ii) Time management (iv) Organisation (vi) Leadership

TRAITS

Traits are defined as the aggregate of peculiar qualities/characteristics that constitute personal individuality. Traits take time to develop and are not easily changed or acquired.

It is more likely that a person who does not have all the three competencies in his or her business will encounter difficulties in operating the venture successfully.

A person with only knowledge and skills but without the entrepreneurial traits might exhibit little persistence when faced with obstacles, he or she may not see or act on opportunities and may be unwilling to take the calculated risk of venturing into business.

A person with only knowledge and traits might find nothing of value to which these might be applied without technical skills. One may find that he or she is too dependent on outsiders (ones which required skills) and possibly too vulnerable.

Again one with skills and entrepreneurial traits but lacks knowledge might be able to start a business. In a competitive environment, lack of knowledge/familiarity with, for instance, customers, market trends could lead to failure.

Comments

Post a Comment

Popular posts from this blog

ROCK CYCLE - DEFINITION

  Rock cycle is the cycle in which rocks tend to change from one type to another. For instance, igneous rocks may change to metamorphic rocks or sedimentary rocks; sedimentary rocks to metamorphic or igneous rocks, etc. It is a relationship in which rocks tend to change from one type of rock to another.   Necessary conditions for rock cycle to take place First, the molten rocks are erupted from the interior of the earth and then cool and solidify to form igneous rocks. Secondly, the igneous rocks are subjected to denudation process to form sedimentary rocks. Third, either igneous or sedimentary rocks undergo metamorphism, due to prolonged heat and pressure, to form metamorphic rocks. Fourth, metamorphic or igneous rocks can undergo weathering process through erosion and transportation of sediments which are further deposited in layers in the ocean or lake floors where they are cemented and consolidated to form sedimentary rocks and vice versa. 5. Fifth, metamorphic or s...
Read more

5 METHODS OF MAINTAINING SOIL FERTILITY AND QUALITY

Image
  Soil conservation refer to measures that are taken to protect the soil from destruction . The main measures that are taken to conserve soil include maintaining soil fertility and quality, preventing soil loss or erosion, and preserving the soil. Maintenance of soil fertility and quality; The natural richness and fertility and richness of the soil should be maintained in order to ensure continued soil productivity. This can be achieved in the following ways. Crop rotation this involves changing the crops planted on the farm, by alternatively planting leguminous plants such as beans with other crops such as maize to maintain nitrogen level in the soil Mixed farming this involves planting crops and rearing animals on the same farm. mixed farming is important in maintaining soil fertility because the remains of crops are used to feed livestock while cow dung and other animals excrete are used as fertilizers for crops in the farm Mulching mulching is the act of covering the farm wi...
Read more

5 TYPES OF HUMAN ACTIVITIES

Image
  Human activities are functions, tasks, or works done by human beings over time for achieving certain purposes. In total there are five types of human activities namely primary human activities, secondary human activities, tertiary human activities, quaternary human activities, and quinary human activities. These types of human activities together with their examples are going to be explained one by one below. The following are five types of human activities Primary human activities are human activities that involve extracting raw materials directly from the earth. Examples of primary activities are farming, fishing, lumbering, and livestock keeping. Secondary human activities these are human activities that involve the processing of raw materials into useful products. These activities involve converting raw materials into finished products and are mainly performed in urban areas. they accelerate the development of primary activities because they provide the market for products fr...
Read more