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Unleashing Entrepreneurial Spirit: Key Competencies & Concepts

Explore the essence of entrepreneurship, the difference between entrepreneurs and managers, and the importance of entrepreneurial competencies for success. Learn about factors of production and rewards, as well as the traits that define an entrepreneur and an intrapreneur.

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Unleashing Entrepreneurial Spirit: Key Competencies & Concepts

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  1. Entrepreneurship Entrepreneur Enterprise Intrapreneur

  2. EntrepreneurConcept • Entrepreneur is a rare, peculiar person who utilizes factors of production and gets profit as rewards.

  3. Factors of ProductionRewardsLand RentLabor WagesCapital InterestEntrepreneur ProfitExcluding profit all the rewards are certain.

  4. According to adam Smit Entrepreneurs are coordinator of factors of production • According to Schumpeter Entrepreneur is an innovator (Developing something unique) According to McClelland Entrepreneur posses need for achievement. Entrepreneurship is the psychological factor of a person.

  5. Intrapreneur An entrepreneur who works for an existing organization. He/she explore/innovates unique program and develop it.

  6. Conclusion Entrepreneurs are risk minimizer/ distributor/ transfer Entrepreneurs fight with risk All the people who takes risk are not entrepreneur Entrepreneur takes calculated risk. Entrepreneurship is the process of creating something new assuming risk and reward.

  7. Entrepreneurial competencies • Initiative • See and act on opportunity • Information seeking • Persistence • Concern of high quality of work • Commitment for work

  8. Efficiency orientation • Problem solving • Self-confidence • Assertiveness persuasion • Use of influence strategy

  9. Entrepreneurial competencies can be developed through the different training. It is the combination of knowledge, skills and attitude.

  10. What are the difference between Entrepreneur and Manager?

  11. Happiness • If you want to happiness for an hour, take nap • If you want to happiness for a day, go on picnic • If you want to happiness for a week, go vacation • If you want to happiness for a month, get married • If you want to happiness for a year, inherit wealth • If you want to happiness for life-time, learn to love what you do.

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