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Bohol Island State University: Oa114: Entrepreneurial Behaviour and Competencies Bs Office Administration 4-B

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0% found this document useful (0 votes)
34 views5 pages

Bohol Island State University: Oa114: Entrepreneurial Behaviour and Competencies Bs Office Administration 4-B

HRM

Uploaded by

MAYETTE CHIONG
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BOHOL ISLAND STATE UNIVERSITY

Main Campus

Vision: A premier S & T University for the formation of a world – class and virtuous human resource for sustainable development of Bohol and the country.
Mission: BISU is committed to provide quality higher education in the arts and sciences, as well as in the professional and technological fields; undertake research
and development, and extension services for the sustainable development of Bohol and the country.

OA114: ENTREPRENEURIAL BEHAVIOUR AND COMPETENCIES


BS OFFICE ADMINISTRATION
4-B

Topics: Reporters:
• Traits and Qualities of an Entrepreneur Brunidor, Debraliz Maeia T.
• Skills and Qualities of an Entrepreneur Caballo, Christine Lee S.

Objectives:
✓ Understand the key traits and qualities that make successful entrepreneurs.
✓ Learn about the essential skills and competencies needed for entrepreneurial success.
✓ Understand the difference between traits and qualities, and skills and competencies.

Topic 1: Traits and Qualities of an Entrepreneur (Brunidor, Debraliz Maeia T.)

What is a TRAIT?
Traits are characteristics or attributes that are often inherent and consistent in a person or
thing. They are usually more permanent and define a person’s nature.

What is a Human Qualities?


Qualities are attributes or features that can be developed or acquired over time. They can
describe both inherent and learned aspects and are often used to evaluate the value or effectiveness
of something or someone.

Common Traits of an Entrepreneur


1. Innovative
One of the main characteristics of entrepreneurship is innovation. The entrepreneur looks for the
opportunity in the market and capitalizes on it. Entrepreneurs are the one who introduces new
products and services in the market trying to fulfil customer needs.

2. Risk Taker
A risk is an integral part of any new business. But it is an especially important factor in
entrepreneurship because here the entrepreneur bears the entire risk of the business. So, it is
necessary that the entrepreneur has an adventurous and risk-taking personality.

3. Leader
Leadership helps entrepreneurs guide their vision, inspire their team, make strategic decisions,
and manage relationships, all of which are fundamental to the success and growth of their business.
4. Persistent
A good entrepreneur is always persistent by nature. A business is never an overnight success. It
takes immense hard work and, also, a little bit of luck. A persistent entrepreneur that works tirelessly
always has a greater chance of success.

5. Ethical
Ethics and integrity are the cornerstones of any successful business in the long term. A sustainable
business cannot be run by someone with compromised morals. Ethical behavior fosters trust, supports
long-term success, and maintains a positive business environment, all of which are vital for a thriving
entrepreneurial venture.

6. Competitive Spirit
The business world is a very cut-throat space. Thousands of new businesses are born and die
every day. So, the competition is always going to be fierce and intense. Competition drives
entrepreneurs to innovate and differentiate their products or services, helping them establish a unique
market position.

7. Resilient
Having the ability to recover quickly from difficulties, setbacks, or adversity. It involves adaptability
and the capacity to bounce back from challenges, maintain a positive attitude, and continue moving
forward despite obstacles or stress.

8. Self-discipline
Self-discipline empowers entrepreneurs to stay focused, manage time effectively, make sound
decisions, and maintain consistency, all of which are essential for achieving business success.

5 Qualities of an Entrepreneur

1. Willpower - is key to success. it is a strong longing to achieve success. Despite many failures, the
entrepreneur never loses their will to achieve.

2. Smart - An entrepreneur must have old-fashioned common sense and be able to make good
decisions and deal competently with others.

3. Curiosity- Many successful business leaders want to know more about the world’s workings,
which drives them. They are comfortable asking questions and getting advice from experts. You
can develop this skill by keeping your mind open to new possibilities, listening to what others say,
paying attention to the world around you, seeking knowledge, and considering different points of
view.

4. Self-assurance - The entrepreneur is self-assured, confident in their abilities and knows how to
look into the future and plan well. A self-assured person instills further confidence in themselves.

5. Flexibility - Entrepreneurs need to be flexible because the business landscape is often


unpredictable and rapidly changing. Flexibility allows them to adapt to new market trends, respond
to unexpected challenges, and pivot their strategies when necessary. This adaptability helps them
seize new opportunities, manage risks effectively, and maintain a competitive edge in their
industry.
Why is it important for an entrepreneur to have these traits and qualities?
Traits and qualities are fundamental for entrepreneurs as it helps to navigate the complexities
of business, drive innovation, and build successful enterprises in a rapidly evolving marketplace.

The Impact of Missing Key Traits and Qualities in Entrepreneurs


The absence of essential entrepreneurial traits and qualities can severely hinder an
entrepreneur's ability to succeed. Without those traits and qualities mentioned earlier, entrepreneurs
may face increased risks of failure, operational inefficiencies, and missed opportunities.
Developing and honing these traits is crucial for anyone looking to thrive in the competitive
world of entrepreneurship and to build a sustainable and successful business.

Topic 2: Skills and Competencies of an Entrepreneur (Caballo, Christine Lee S.)

What are Skills and Competencies?

Skills
Skills are specific abilities that you learn through training and practice. They help you do
particular tasks or activities effectively. Skills are often developed through education, hands-on
experience, or practice and can be improved with time. It is the building blocks that allows you to
execute the tasks and responsibilities of a job.

Competencies
Competencies are broader abilities that include a combination of knowledge, skills, abilities,
and behaviors. They help you handle various tasks and challenges in different situations successfully.
Competencies are developed over time and through range of experience and learning. It is beyond
just having skills, it reflects the applications of skills that drives results. Competencies are more difficult
to observe directly, but they are critical for success in a role.

Skills of an Entrepreneur

1. Business Management Skills

• Leadership
This means being able to guide and motivate a team. A good leader helps others do
their best work and creates positive environment.
• Strategic Thinking
This is the ability to plan for the future. Entrepreneurs think about where they want their
business to go and how to get there.
• Financial Management
This involves understanding money matters. Entrepreneurs need to know how to
budget, keep track of income and expenses, and make smart financial choices.

2. Communication Skills

• Verbal and Written Communication


This means being able to share ideas clearly, whether through speaking or writing.
Good communication helps to avoid misunderstandings and build strong relationships.
• Active Listening
This is about really paying attention when others are speaking. It helps entrepreneurs
understand their customers’ needs and respond efficiently.

3. Marketing and Sales Skills

• Branding
This is creating a unique image for a product or services. It helps customers recognize
and remember what makes a business special.
• Sales Techniques
These are methods used to persuade customers to buy. Entrepreneurs need to know
how to connect with customers and explain why their product is valuable.

4. Problem-Solving Skills

• Critical Thinking
This means analyzing situations carefully and making smart decisions. Entrepreneurs
often face challenges and need to think logically to find solutions.
• Creativity
This is about thinking outside the box. Creative entrepreneurs come up with new ideas
and innovate ways to solve problems

5. Networking Skills

• Relationship Building
This involves making connections with people who can help the business, like
customers, suppliers, and other business owners. Strong relationships can lead to new
opportunities and support.

Competencies of an Entrepreneur

1. Adaptability
This is the ability to change plans when needed. The business world is always changing, and
successful entrepreneurs can adjust their strategies to stay relevant.

2. Resilience
This means being strong in tough times. Entrepreneurs often face failures or setbacks, but
resilience helps then keep going and learn from their experience.

3. Time Management
This is about using time wisely. Entrepreneurs have many tasks to juggle, so being able to
prioritize what is most important helps them get things done efficiently.

4. Risk Management
This involves identifying potential problems and finding ways to reduce their impact.
Entrepreneurs need to take risks, but they also need to be smart about it to protect their
business.
5. Vision and Goal Orientation
This means having a clear idea of what they want to achieve in the long run. Entrepreneurs set
specific goals and work steadily toward them, keeping their vision on mind.

Successful entrepreneurs have a mix of traits, qualities, skills, and competencies that help then
overcome challenges and seize opportunities. By understanding and developing these characteristics,
anyone can improve their chances of becoming a successful entrepreneur.

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