Entrepreneurship Common Competencies

1. Specific Goal Setting - Entrepreneurs should set goals that are

specific, measurable, attainable, realistic, and time-bound
because it will increase the chances of achieving that goal.
2. Self-Efficacy - Entrepreneurs must believe in their ability.
Entrepreneurs with high self-efficacy will turn negative feedback
into positive and use this as a basis for improvement.
3. Need for Achievement – Entrepreneurs must have a high desire to
accomplish goals. This includes repeated efforts to achieve
success
4. Ambition - Entrepreneurs must have motivation and persistence
to pursue their goals.
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 Entrepreneurship Common Competencies
5. Willingness to Learn - Entrepreneurs should have a strong willingness to
acquire new knowledge and skills.
6. Adaptability and Flexibility - Entrepreneurs must learn how to be adaptable
and flexible in every situation. They can manage change well and generate
new actions even with undesirable events
7. Willingness to Take Risk - Entrepreneurs must be willing to accept the
consequences of every decision. They must know how to calculate and
identify risk. They are skilled in developing new plans.
8. Interpersonal Skills - Entrepreneurs should have strong skills in working
with people. They should have an understanding of the behavior of others

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Tip

The common competencies are

the skills you need in starting a
business. On the other hand, the
10 competencies discussed are
the skills that you need to be a
successful entrepreneur.
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 Wrap Up
A businessman starts the business with an
existing idea or concept. An entrepreneur is a
person who creates unique ideas and has
common entrepreneurial competencies that will
help him/her on starting a business.
Entrepreneurship is the science of converting
processed ideas into a remarkable business
venture.

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Unit 1: Understanding the Concept of Entrepreneurship

Lesson 2
Core Competencies in
Entrepreneurship

Entrepreneurship
Senior High School Applied - Academic
What should be the
characteristics of
entrepreneurs in order to
sustain the profitability of
their business?

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What is your favorite
restaurant?

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 Why do you like
their products
and services?

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Learning
Objective
Explain the core competencies in
At the end of the entrepreneurship.
lesson, you should
be able to do the
following:

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 Core Competencies

defining characteristics
that make a business or
an individual stand out
from the competition

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 3 General Conditions in Core Competencies
1. The activity must
provide superior
value or benefits to
the consumer.
2. It should be difficult
for a competitor to
replicate.
3. It should be rare.

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 Core Competencies of Entrepreneur
1. Entrepreneur as a
missionary - Entrepreneurs
considers the business as a
mission. There is passion to
them.
2. Entrepreneurs are
goal-driven - Entrepreneurs
think of what they want
and how to get it.
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 Core Competencies of Entrepreneur
3. Entrepreneur as a marketing man -
Entrepreneurs must differentiate
their company’s product or service
so its uniqueness and value are
clear to the customer

4. Entrepreneurs start small to big -

Many entrepreneurs start a small
scale business but with their
managerial talents and
persistence, they will be able to
make the company grow.

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Factors that Develop Entrepreneurial Activity

Entrepreneur’s initiative
Organization of capital resources
Development of administrative machinery
Development of entrepreneurial autonomy
Development of SWOT analysis

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 Factors that Develop Entrepreneurial Activity
1. Entrepreneur’s initiative - The ability to plan and manage projects with
creativity,innovation, and risk-taking in order to achieve goals.

2. Organization of capital resources - Entrepreneurs may ask their trusted

family members or friends that could help them to start their dream
business.

3. Development of administrative machinery - Duties and responsibilities

are assigned to individuals with skills that will fit to their position and
qualifications

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 Factors that Develop Entrepreneurial Activity
4. Development of entrepreneurial autonomy - Entrepreneurs
knows the best direction because he also knows how to calculate
the risk involved.

5. Development of SWOT analysis - Strengths are the things that the

company does well. Weaknesses are the things that the company
lacks.Opportunities are factors/events in the environment of the
business which are favorable for its growth and success. Threats are
the elements that could endanger the profitability of the business.

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Remember

SWOT (Strengths, Weaknesses,

Opportunities, and Threats) is a
tool used in evaluating a business.
Entrepreneurs should know how
to analyze their business using
this tool.
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 Example

A young entrepreneur, who

has a business offering
milk tea, wants to evaluate
his business in order to
know the challenges
encountered and identify
new markets.

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 Examples
Internal Elements Answers
Strengths ● unique taste
● quality ingredients
● friendly staff
Weaknesses ● low profits
● no business website
● less offerings than competitors

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 Examples
External Elements Answer
Opportunities ● market boom
● expansion of branches
● can implement a loyalty program

Threats ● rising cost of ingredients

● negative reviews
● increasing number of competitors

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Remember

All growth starts from the

beginning. The same applies to
the world of business. There are a
lot of entrepreneurs who start
their business from a small
enterprise into a big company.
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 Activity

“A journey of a thousand miles begins with a

single step”. Explain your point of view on the
saying in a business perspective.

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 Questions

Part A. Explain the meaning of the following statements.

1. Entrepreneur as a missionary.
2. Entrepreneur as a marketing man.
3. Entrepreneurs are goal-driven.
4. Entrepreneurs start from small to big.
5. Entrepreneur is excellent in obtaining resources.

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 Question

Why do core competencies matter to every business and

entrepreneur?

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 Wrap Up

Core Competencies are the defining

characteristics that make a business or an
individual stand out from the competition.

A core competence is something unique that a

business has or can do strategically well.

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 Wrap Up

An entrepreneur must be equipped with the

following core competencies so that his planned
business will really stand out among other
competitors.

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Wrap Up

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 Bibliography

“Are you an entrepreneurial missionary or mercenary?” Edology. Accessed from March 8,

2020. https://www.edology.com/blog/business/entrepreneur-missionary-or-mercenary/.

“Eight successful Filipino entrepreneurs who started small.” Business Inquirer. Accessed
from March 8, 2020.
https://business.inquirer.net/273445/eight-successful-filipino-entrepreneurs-who-started-s
mall.

Kotler, Philip & Gordon McDougall. Marketing Essentials. Prentice-Hall Canada Inc., 1985.

Peters, Michael & Robert Hisrich. Entrepreneurship 4th Edition. McGraw-Hill Book Co., 1999.

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