Personal Entrepreneurial Competencies

Important Entrepreneurial Traits (Competencies)

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1. Hard working: If you are determined to run your own business, you must concentrate on your work either as a producer or a seller. The success of your business depends on how much time and effort you will spend on it. 

2. Self- Confidence: You must have a strong faith in your ability despite the problems that you will encounter along the way. 

3. Future-Oriented: Once a person enters in a line of business, you must understand that you are in a non-stop contract that an entrepreneur should understand. It may take several years to build up a business to a reasonable standard. The goal for most successful business people is to build a secure job and stable income for themselves based on their own ability. 

4. Profit-Oriented: When you enter into the world of business, obviously, you are looking for income because you know that this will be your bread and butter not only for you but also for your family. Therefore, you must see to it the business can generate income. Another plan of action is to expand your own business through the use of your generated income. 

5. Goal-Oriented: An entrepreneur is forward looking. You have an advanced preparation for your business. You set a long-term goal for the activities that are needed, an extensive preparation for the production process and procedures that you need to go through to acquire, human and non-human resources. Everything in your business will have to be set clearly, organized, and planned depending on the goal you want to achieve. 

6. Persistence: Differences in opinion and judgment. Your opponent can be a part of the rejection on what you intend to do for your endeavor. As an entrepreneur, you must be firm, strong-willed, and stick or follow your own belief. 

7. Copes with Failure: “Learn from your mistakes”. As an entrepreneur, you must learn how to deal with the frustrations and failures instead, turn these into productive learning experiences. 

8. Responds to Feedback or Open to Feedback: You must be concerned to know how well you are doing and keep track of your performance. You must obtain useful feedback and advice from others. 

9. Take the Initiative: A successful entrepreneur takes the initiative. You must put yourself in a position where you personally are responsible for the failure or success of your business. 

10. Willing to Listen: Take time to listen to the advice, suggestions, and recommendations of fellow entrepreneurs. It will help your business grow. 

11. Copes with Uncertainty: Pursue your vision to be a successful entrepreneur, you should know how to handle unusual events that may happen in the business which include problems in managing the workers, problems on the delivery of goods and services, and the problems on demand and production. You must be patient in dealing with these uncertainties. 

12. Committed: You should know that in your business, personal needs, attachment to your friends, families and relatives are set aside. You must separate the money for your business from the amount that you need to spend for personal obligations and lifestyles. 

13. Builds on Strengths: Successful business people base their work on strengths. Use your manual skills, knowledge in creating products or services, knowledge in trade and industry, ability to make and use of a wide network of contacts to build your business. 

14. Reliable and has Integrity: An entrepreneur must build a good reputation, possess the courage to do the right thing, do what you say, walk your talk, be loyal, and be fair in dealing with the subordinates and costumers. 

15. Risk-Taker: Risk sometimes cannot be anticipated. When misfortunes happen, consider these as challenges and work them out and set good alternatives. Risks may result to loss of your business or even bankruptcy.