EDP Competencies-types, process, explanation
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EDP Competencies-types, process, explanation
EDP Competencies-types, process, explanation
- 1. ENTREPRENEURIAL COMPETENCIES, &MOTIVATION Entrepreneurship Development Institute of India (EDI), Ahemdabad.
- 2. A social phenomenon and it is not inherent within a person, rather it exists in the interaction between people. Entrepreneurs are people who do things, which are not generally done in the ordinary course of a business. Entrepreneurs are the driving forces behind any economy. They create large corporations out of backyard enterprises. Entrepreneurship
- 3. Henry Ford, Bill Gates, N.R. Narayanamurthy, Dhirubhai Ambani are people who envisioned a dream and took risk to achieve their dream. They marched to a different beat. They were innovators, inventors and adventurers. RISK TAKING Entrepreneurship
- 4. Fulfillment of a dream Seeing an idea flourish into spectacular Feeding one’s passion Building better lives Charms of an Entrepreneur
- 5. On a trip towards North, at Nagpur you marvel at the size of the oranges and the price at which they are available. You buy in dozens and consume these merrily en route. This is consumer’s mindset. Thinking Like a Consumer
- 6. On the contrary, an entrepreneurially thinking individual, he may buy and enjoy the oranges as well, would also start thinking ---- what if I arrange for their transportation and sale at my place… if volume-weight factor and perishability is the constraint how about packaged orange juice… Thinking Like an Entrepreneur
- 7. where would the technology come from, Italy? Would Indians like to consume packaged juices when by the roadside they can get fresh juice? … Exports? Which are the countries that could serve as the potential market? What would be their quality expectations? Thinking Like an Entrepreneur
- 8. Creativity is an act of turning new and imaginative ideas into reality. Involves two processes: Thinking ,then producing Innovation is the production or implementation of an idea Creativity and Innovation
- 9. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. Peter F. Drucker,(Father of modern management) Innovation
- 10. (i) Initiative (ii) Sees and Acts on Opportunities- (iii) Persistence (iv) Knowing (v) Concern for High Quality of Work- (vi) Commitment to Work Contract (vii) Efficiency ENTREPRENEURIAL COMPETENCIES IDENTIFIED BY EDI
- 11. (vii) Systematic Planning (ix) Problem solving (x) Self-confidence (xi) Assertiveness (xii) Persuasion (xiii) Use of Influence Strategies (xiv) Monitoring (xv) Concern for Employee Welfare Competencies
- 12. acting out of choice rather than compulsion, taking the lead rather than waiting for others to start. Initiative
- 13. A mindset where one is trained to look for business opportunities from everyday experiences. Recall ‘oranges’ example. Sees and Acts on Opportunities
- 14. A ‘never say die’ attitude, not giving up easily, striving Information seeking continuously until success is achieved. Persistence
- 15. Knowing who knows, consulting experts, reading relevant material and an overall openness to ideas and information. Knowing
- 16. Attention to details and observance of established standards and norms. Concern for High Quality of Work
- 17. Taking personal pains to complete a task as scheduled. Commitment to Work Contract
- 18. Concern for conservation of time, money and effort. Efficiency Orientation
- 19. Breaking up the complex whole into parts, Close examination of the parts and inferring about the whole; Eg. simultaneously attending to production, marketing and financial aspects (parts) of the overall business strategy (the whole). Systematic Planning
- 21. Not being afraid of the risks associated with business and relying on one’s capabilities to successfully manage these. Self-confidence
- 22. Conveying emphatically one’s vision and convincing others of its value. Assertiveness
- 23. Eliciting support of others in the venture. Persuasion
- 24. Use of Influence Strategies- Providing leadership. Monitoring- Ensuring the progress of the venture as planned. Concern for Employee Welfare Believing in employee well being as the key to competitiveness and success and initiating programmes of employee welfare. Competencies----contd
- 25. Project work, summer training as well as prior work experience hone the entrepreneurial competencies. Whichever area you might decide upon to start a venture be it a school, restaurant, garments, courier service, interior decoration etc. along with the educational qualifications, if any, you need to acquire practical experience in that field. The role of Prior Work Experience
- 26. For it is while you get on the job training/experience that you familiarise your self with all aspects of the venture. You can learn as to how to handle customers, suppliers, and government officials, financiers. Day to day dealings of the various facets of business will equip you to handle your own venture, with confidence and with minimal of costly mistakes. The role of Prior Work Experience
- 27. The word ‘motivation’ has its origin in the Latin word ‘movere,’ meaning "to move." Psychologically, it means an inner or environmental stimulus to action, forces or the factors that are responsible for initiation, sustaining (and restraining/abstaining from) behaviour. ENTREPRENEURIAL MOTIVATION
- 28. Thus, ‘motives’ may be different and so be the perception of success. A person may work hard and long for money, the other may just be happy with a word of appreciation! MOTIVATION
- 29. Three people ran a marathon along with hundreds of others - None of them won the race. Does that mean that these three people were Losers? Not at al! Each went into the races with different objectives. The first ran the race to test his endurance- he came out better than his expectation. Different Reasons
- 30. The second wanted to improve on his previous performances, he did. The third person had never run a race- his objective was to complete the race & he did Each of these three entered the race with different objectives; they all met them, and they were all winners, regardless of who won the medal. Different reasons
- 31. Keep your feet on the ground and your thoughts at lofty heights Kiran Mazumdar- Shaw (Founder, BIOCON India) There is no failure except in no longer trying Suhas Gopinath Great things are done by a series of small things brought together. Dhirubhai Ambani About entrepreneurship