Entrepreneurship Competencies

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What kind of skills should an entrepreneur have?  Are personal skills more important than management skills?

Entrepreneurship
Entrepreneur
Competency Management
Fernando Almeida
68 months ago

4 answers

1

There are three major skill sets that any new business needs to have, and they don't all need to be from the same person or people.
1) Technical know-how to enable productive activity of any kind
2) Marketing/Sales to connect with customers and establish revenue streams
3) Business basics: local legal requirements, licenses, permits, payroll, bank accounts, accounting, corporate structure and governance.

Personal skills are important for all of these, the 'trifecta of entreprenuership'. Management skills are also essential for all of these. There is no way to get by without both. Management is more important for business I would say, people skills most important for Marketing/Sales, but ultimately you need people with both in every area of the business.

Joe Eaton
67 months ago
Thanks, Joe. Interesting point when you said that not all skills need to be in the same person. Therefore, do you believe that new businesses formed by a group of individuals are more likely to succeed than a one-person business? - Fernando 67 months ago
Yes, I think it takes a team. A one-person business will be at a large disadvantage compared to a team working together for a common goal. - Joe 67 months ago
I absolutely agree with Joe. Internal collaboration to drive the development of and rollout of any ideas requires multiple skillsets. The founder or idea generator of a company needs to be focused on makring the vision real, while others focus on targeting and developing go-to-market approaches, A triad of idea generator, product developer and sales person, is a great mix. - Sandy 67 months ago
1

Sorting out the diverse competencies needed, you may want to have an entrepreneur, especially with the Problems we have in the 21st century, who hs the following competency set:

  1. WIlling to create true Collective value (e.g. making Money while contributing to Society and respecting Environment)
  2. Self-Leadership (e.g. be self Aware, eager to learn, be mindful)
  3. People Leadership (e.g. Building trust with all Stakeholders)
  4. Managing Change
  5. Driving Innovation
  6. Create, measure and reinvest real return/Impact (includes integrated reporting ): Impact on People, Planet, Profit.

Tripl3Leader build a 360 Evaluation tool on this.

Klaus J. Schuler
67 months ago
Thanks Klaus for your feedback. How can I know more about the Tripl3Leader? Is it available freely? - Fernando 67 months ago
Hi Fernando, you can learn more on www.tripl3leader.com and get in touch with us directly if interested - Klaus J. 67 months ago
1

Enormous energy levels and very thick skin.

David Cottrell
67 months ago
Hi David. Interesting your expression “very thick skin”. I agree completely. Resilience is a key attribute. - Fernando 67 months ago
If it's your idea, and you see the value in it, you need to be a great communicator to convince others. Passion is good, but being able to convey the essential elements of the idea and its potrntial impact on customers and markets is an absolute neecessity. - Sandy 67 months ago
1

Agree with the above. Soft skills (enthusiasm, energy, personality, resilience) are equally as important as those around technical competencies. Always asking 'Why?', even when you think you're 100% on the right track gets you from good to great and improves your chances of success dramatically.

Marc Weeks
67 months ago

Have some input?