ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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key characteristics possessed by a successful entrepreneur in performing entrepreneurial functions effectively
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the process that leads to the setting up of a business entity
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the step by step plan to achieve business goals
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entrepreneur skills in identifying new and potentially unique ideas to achieve his goals
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Detailed explanation-1: -Competence is a combination of knowledge, skills and appropriate motives or traits that an individual must possess to perform a given task. Thus, success of an entrepreneur is governed by entrepreneurial competencies. If he has all these competencies, he can be expected to achieve his entrepreneurial goals.
Detailed explanation-2: -Entrepreneurial Competencies – refer to the important characteristics that should possessed by an individual in order to perform entrepreneurial functions effectively. o Hardworking – one of the important characteristics of a good entrepreneur is hardworking.
Detailed explanation-3: -Entrepreneurial competencies have been defined as the knowledge, skills, abilities, values, attitudes, personality and expertise that lead to entrepreneurial action (Kiggundu, 2002; Morris et al., 2013) and success (Dixon et al., 2005).
Detailed explanation-4: -Risk-taking abilities. Out-of-the-box thinking and creativity. Problem-solving abilities. Taking initiative. Persistence. Persuasion and social skills. Business management skills. Critical thinking skills. More items
Detailed explanation-5: -Curiosity. Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. Structured Experimentation. Adaptability. Decisiveness. Team Building. Risk Tolerance. Comfortable with Failure. Persistence. More items •07-Jul-2020