5 Behavioural Competencies That Make An Entrepreneur. Being an entrepreneur means you can directly improve the lives of others on a local, national or even global scale and achieve huge success while doing so. However this career path is highly risky as success is not guaranteed, there are many instances where entrepreneurs fail at building their businesses due to several factors, one of the factors is the lack of skills of the entrepreneur. Having an idea can only get one so far, one needs to have skills that will be able to translate the idea into a fully functional business. Below are some behavioural competencies that can help an entrepreneur build a successful business.
Problem Solving – Problem solving is the process of achieving a goal by overcoming obstacles, a frequent part of most activities. Problems in need of solutions range from simple personal tasks to complex issues in business and technical fields. Entrepreneurs should possess this skill and continue to work on improving it as this will help them navigate through difficult tasks in the business. Having proficient problem solving skills also gives entrepreneurs an edge as they will be able to think innovatively and give better solutions to problems that people are currently facing.
Calculated Risk-Taking – Calculated risk taking invloves taking decisions based on proven strategies and planning in a business hoping to achieving a certain goal, however these decisions also have dire consequences if they fail as they can lead to the failure of the whole business. This is why it is crucial to assess any risks before and after considering and executing on business operations. Having excellent risk taking and management skills as an entrepreneur can push you to success as you are willing to risk something for a greater reward while others aren’t.
Value Creation – As an entrepreneur it is very important that the idea or business that you are starting has value or has potential to create value in the future. This means that entrepreneurs need to be able to be competent in identifying the types of businesses and ideas that can bring a lot of value to society thus in turn a lot of value is going to be created in the business in terms of revenue as the products or services being provided are useful in society.
Growth Mindset – Entrepreneurs need to have an excellent growth mindset as this will allow them not to be stuck in one place or stage in their business. Being competent in this behavior will result in the entrepreneur looking for other opportunities such as partnerships and mentorship for their business as this will bring more growth. Entrepreneurs need to be able to develop their skills and talents through hard work, the right strategies, and guidance from others. With this mindset they will have a much greater chance of building a sustainable business.
Leadership – Entrepreneurs need to have the ability to influence and guide their workers or members of the organization. This ability to lead will bring a lot of stability to a business as employees, customers and business partners will have the confidence that the leader of the business can be be able to make tough decisions for the benefit of the business even when they are under pressure.
