10 Competencies for Entrepreneurial Success

10 COMPETENCIES FOR ENTREPRENEURIAL SUCCESS: 1. Integrity - the entrepreneur has a clear sense of values and beliefs be liefs that underpin the creative and business decisions that they make; and that influence the actions they take, particularly when in difficult or challenging circumstances 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; improvements; and takes time to listen to new ideas without without pre-judgement 3. Risk taking - the entrepreneur understands that risk taking means trying something new, a nd  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, responsibly, weighing t he possible outcomes against his/her values and responsibilities 4. Networking - the entrepreneur understands t hat 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 de sired results 5. Strategic Thinking - the entrepreneur understands and values the planning pro cess, thinking and planning over a significant timescale; recognises external trends and opportunities; and is able to think through any an y 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 o bvious to others 7. Decisiveness - the entrepreneur resolves reso lves issues issues as they t hey 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 goa ls despite despite obstacles o bstacles 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 9. Customer Sensitivity - the entrepreneur builds trust and long ter m relationships with with customers; generates an expectation of o f high level of customer service; and regularly exceeds customer expectation 10. People Focus - the entrepreneur creates common purpose with co lleagues through shared vision and values; walks the talk; sees and a nd values the best in others; ot hers; builds the total capability of  the immediate and wider team; and always considers the principles of inclusiveness in planning and dealing with others

Personal Entrepreneurial Competencies (PECs)

For reference, I'm posting here the ten Personal Entrepreneurial Competencies (PECs) which seems to be used in the Business Technology/Entrepreneurship programs of the Technology and Livelihood Education (T.L.E.) subject. The original research by McClelland and McBer identified 14 PECs; the EMPRETEC [a UN program for small businesses; from the Spanish words emprendedores (entrepreneurs) and tecnología (technology)] clustered these into just 10: Achievement Cluster I. Opportunity Seeking and Initiative

* Does things before asked or forced to by events * Acts to extend the business into new areas, products or services * Seizes unusual opportunities to start a new business, obtain financing, equipment, land work space or assistance II. Risk Taking

* Deliberately calculates risks and evaluates alternatives * Takes action to reduce risks or control outcomes * Places self in situations involving a challenge or moderate risk III. Demand for Efficiency and Quality 

* Finds ways to do things better, faster, or cheaper * Acts to do things that meet or exceed standards of excellence * Develops or uses procedures to ensure work is completed on time or that work meets agreed upon standards of quality IV. Persistence

* Takes action in the face of a significant obstacle * Takes repeated actions or switches to an alternative strategy to meet a challenge or overcome an obstacle * Takes personal responsibility for the performance necessary to achieve goals and objectives V. Commitment to the Work Contract 

* Makes a personal sacrifice or expends extraordinary effort to complete a job * Pitches in with workers or in their place to get a job done * Strives to keep customers satisfied and places long term good will over short term gain Planning Cluster VI. Information Seeking

* Personally seeks information from clients, suppliers or competitors * Does personal research on how to provide a product or service * Consults experts for business or technical advice VII. Goal setting

* Sets goals and objectives that are personally meaningful and challenging * Articulates clear and specific long range goals * Sets measurable short term objectives VIII. Systematic Planning and Monitoring

* Plans by breaking large tasks down into time-constrained sub-tasks * Revises plans in light of feedback on performance or changing circumstances

* Keeps financial records and uses them to make business decisions Power Cluster IX. Persuasion and Networking

* Uses deliberate strategies to influence or persuade others * Uses key people as agents to accomplish own objectives * Acts to develop and maintain business contracts  X. Independence and self-confidence

* Seeks autonomy from the rules or control of others * Sticks with own judgement in the face of opposition or early lack of success * Expresses confidence in own ability to complete a difficult task or meet a challenge