Introduction to Entrepreneurial Skills

It is crucial that each entrepreneur possesses and develops these entrepreneurial skills.

An entrepreneur is someone who develops a business model, acquires the necessary physical and human capital to start a new venture, and operationalizes it and is responsible for its success or failure.  An entrepreneur responsible for success or failure is distinct from the professional manager in the sense that the former either invests his or her own resources or raises capital from external sources and thus takes the blame for the failure as well as reaps the rewards in case of success.

What you’ll learn

  • Define an Entrepreneur.
  • Explain Principles of Good Entrepreneurship.
  • Explain Characteristics of Effective Entrepreneurs.
  • Describe Use of SWOT Analysis for Entrepreneurial Skills.
  • Explain the Key Entrepreneurial Skills.
  • Describe Role of Entrepreneur as a Strategic Leader.
  • Describe Role of Ethics in Entrepreneurial Skills.
  • Describe Role of Mentoring in Entrepreneurial Skills.
  • Explain the Key Reasons for Failure of Entrepreneurs.
  • Explain the Tips for Becoming a Successful Entrepreneur.

Course Content

  • Introduction –> 11 lectures • 39min.

Introduction to Entrepreneurial Skills

Requirements

  • No prior knowledge is required.

An entrepreneur is someone who develops a business model, acquires the necessary physical and human capital to start a new venture, and operationalizes it and is responsible for its success or failure.  An entrepreneur responsible for success or failure is distinct from the professional manager in the sense that the former either invests his or her own resources or raises capital from external sources and thus takes the blame for the failure as well as reaps the rewards in case of success.

Whereas, the professional manager does the job and the work assigned to him or her for a monetary consideration. In other words, the entrepreneur is the risk taker and an innovator in addition to being a creator of new enterprises whereas the professional manager is simply the executor.  An entrepreneur should have an ideal goal in mind which proposes a future better than the status quo. Followers will be greatly influenced and be motivated by the extraordinary vision of a visionary entrepreneur.

An entrepreneur should state in clear terms the vision in such a way that it is understandable to others. This articulation demonstrates an understanding of the employees’ needs and hence acts as a motivating force. An entrepreneur should be sensitive to the environment and should always make realistic assessments of the environmental constraints and resources that are required to bring about change.

An entrepreneur should be self-confident and have complete confidence in his judgment and ability. An entrepreneur should be strongly committed towards his vision and willing to take on high personal risk, incur high costs, and engage in self-sacrifice to achieve his vision. Effective entrepreneurs have a behavior that is unique, novel, unconventional, and counter to norms. Such behaviors evoke surprise and admiration in people around him. Effective entrepreneurs have to act as a change agent and should evoke radical change rather than just act as caretakers of the status quo.

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