Entrepreneurial Competencies

Opportunity Recognition: the capacity to perceive changed conditions or overlooked possibilities in the environment that represent potential sources of profit or return to a venture

Opportunity Assessment: the ability to evaluate the content structure of opportunities to accurately determine their relative attractiveness

Risk Mitigation: the taking of actions that reduce the probability of a risk occurring or reduce the potential impact if the risk were to occur

Resource Leveraging: skills at accessing resources one does not necessarily own or control to accomplish personal ends

Conveying a Compelling Vision: the ability to conceive an image of a future organizational state and to articulate that image in a manner that empowers followers to enact it

Bricolage, Guerrilla & Bootstrapping Skills: the capacity to take advantage of one’s surroundings, employ unconventional, low cost tactics not recognized by others, and do more with less;

Focus and Adaptation: ability to balance an emphasis on goal achievement and the strategic direction of the organization while addressing the need to identify and pursue actions to improve the fit between an organization and developments in the external environment

Creative Problem-Solving / Imaginativeness: the ability to relate previously unrelated objects or variables to produce novel and appropriate or useful outcomes

Value Innovation / Creation of Something: capabilities at developing new products, services and/or business models that generate revenues exceeding their costs and produce sufficient user benefits to bring about a fair return

Tenacity / Perseverance: an ability to sustain goal-directed action and energy when confronting difficulties and obstacles that impede goal achievement

Building and Using Entrepreneurial Networks: social interaction skills that enable an individual to establish, develop and maintain sets of relationships with others who assist them in advancing their work or career

Entrepreneurial Self-Efficacy: ability to maintain a sense of self-confidence regarding one’s ability to accomplish a particular task or attain a level of performance

Resilience: the ability to cope with stresses and disturbances such that one remains well, recovers or even thrives in the face of adversity