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Entrepreneurship Competencies
4 answers
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.
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:
- WIlling to create true Collective value (e.g. making Money while contributing to Society and respecting Environment)
- Self-Leadership (e.g. be self Aware, eager to learn, be mindful)
- People Leadership (e.g. Building trust with all Stakeholders)
- Managing Change
- Driving Innovation
- Create, measure and reinvest real return/Impact (includes integrated reporting ): Impact on People, Planet, Profit.
Tripl3Leader build a 360 Evaluation tool on this.
Enormous energy levels and very thick skin.
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.