ENTREPRENEURIAL BEHAVIOUR (PART 1) SUBMITTED TO SUBMITTED BY Ms. Kirti Mahajan Ankita Gupta B.COM 3 B.COM 3 Roll No. 89 Roll No. 89

INDEX

ENTREPRENEURIAL TRAITS or COMPETENCIES In case of every successful entrepreneur, there is a judicious mixture of knowledge, skill and personality. KNOWLEDGE refers to the collection and retention of information about any job or activity. SKILL refers to practical application or use of the knowledge.

Entrepreneurship Development Institute Of India (EDI) conducted a study in three countries namely India, Malawi and Equador, in which it was found that possession of certain competencies or abilities result in superior performance, which are : Initiative: Does things before being asked or forced by events. Looking for opportunity: Always searching for opportunity and is ready to exploit it in the best interest of the organisation. Persistence: Never disheartened by failures. Quality Consciousness: Setting high quality standards and putting their best to achieve the standards.

Commitment to efficiency and work: Top performers are always committed to their work and try new methods at making work easy and economical. Problem Solver: taking problem as a challenge and put their best for finding out the solution. Assertive: Confronts problems with others directly and tells others what they have to do. Effective Monitoring: Develops or uses procedures to ensure that the work is completed or that work meets standard. Some of the above abilities, an entrepreneur already possesses while some competencies may be developed through training.

DEVELOPING ENTREPRENEURIAL COMPETENCIES As we know that some of the entrepreneur’s qualities, on which his success is dependent, can be cquired through education and training, ways to develop such competencies are: o Gaining first hand knowledge about competencies. An earnest attempt must be made to understand at length the various competencies which are required for the efficient performance of the assigned task. o Competency Recognition: We should that what are the competencies required in an individual to perform in a particular manner, so competencies are recognised in this step.

o Self Assessment: At this stage, the entrepreneurs create their own image with their present qualities and identify the sap between the ideal image and real image. o Comparison Of Competencies: At this stage, earnest attempt is made to find out the reasons for any deficiency in the competencies. SWOT analysis can be applied for achieving desired results. o Developing competencies And Feedback: The competencies required for a particular behaviour are developed with the help of behaviourial scientists.

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