Entrepreneurship Development

ENTREPRENEURSHIP DEVELOPMENT FOR RURAL FAMILIES 4(1+3)

Lesson 11 : Entrepreneurial Competencies

Venture initiation and success competencies

In addition to personal competencies the entrepreneur must also possess the competencies required to launch the enterprise and for its growth and survival. It is further divided into two categories of competencies. These are

1. Enterprise launching competencies
• Competency to understand the nature of business
• Competency to determine the potential as an entrepreneur.
• Competency to develop a business plan
• Competency to obtain technical assistance
• Competency to choose the type of ownership
• Competency to plan the market strategy
• Competency to locate the business
• Competency to finance the business
• Competency to deal with the business
• Competency to comply with government regulations.


2. Enterprise management competencies
   • Competency to manage the business
   • Competency to manage human resources
   • Competency to promote the business
   • Competency to manage sales efforts
   • Competency to keep business records
   • Competency to manage the finance
   • Competency to manage customer
   • Competency to manage credit and collection
   • Competency to protect the business.