Entrepreneurial Competency
An entrepreneurial competence is an underlying characteristic of a person, which results in effective and /or superior performance in a business venture. It is an underlying characteristics of a person, in that it may be motive ,traits, skills ,aspect of ones self-image, a body of knowledge, set of skills and cluster of appropriate motives/ traits that an individual possess to perform in his business.
Personal Entrepreneurial Competencies - The EMPRETEC Model
Research by McClelland and McBer, funded by USAID, has identified 14 personal entrepreneurial competencies (PECs) which appear to characterize the behaviour of successful entrepreneurs. The study, conducted in India, Ecuador and Malawi, also found that these PECs transcended culture, country and continent.
These competencies can be grouped into 3 main clusters and the EMPRETEC model has
merged some of these competencies to derive 10 PECs.
Achievement Cluster
1. Opportunity Seeking and Initiative
- Does things before asked or forced to by events
- Acts to extend the business into new areas, products or services
- Seizes unusual opportunities to start a new business, obtain financing, equipment, land work space or assistance
2. Risk Taking
- Deliberately calculates risks and evaluates alternatives
- Takes action to reduce risks or control outcomes
- Places self in situations involving a challenge or moderate risk
3. Demand for Efficiency and Quality
- Finds ways to do things better, faster, or cheaper
- Acts to do things that meet or exceed standards of excellence
- Develops or uses procedures to ensure work is completed on time or thatwork meets agreed upon standards of quality
4. Persistence
- Takes action in the face of a significant obstacle
- Takes repeated actions or switches to an alternative strategy to meet a challenge or overcome
Personal Entrepreneurial Competencies - The EMPRETEC Model
Research by McClelland and McBer, funded by USAID, has identified 14 personal entrepreneurial competencies (PECs) which appear to characterize the behaviour of successful entrepreneurs. The study, conducted in India, Ecuador and Malawi, also found that these PECs transcended culture, country and continent.
These competencies can be grouped into 3 main clusters and the EMPRETEC model has
merged some of these competencies to derive 10 PECs.
Achievement Cluster
1. Opportunity Seeking and Initiative
- Does things before asked or forced to by events
- Acts to extend the business into new areas, products or services
- Seizes unusual opportunities to start a new business, obtain financing, equipment, land work space or assistance
2. Risk Taking
- Deliberately calculates risks and evaluates alternatives
- Takes action to reduce risks or control outcomes
- Places self in situations involving a challenge or moderate risk
3. Demand for Efficiency and Quality
- Finds ways to do things better, faster, or cheaper
- Acts to do things that meet or exceed standards of excellence
- Develops or uses procedures to ensure work is completed on time or thatwork meets agreed upon standards of quality
4. Persistence
- Takes action in the face of a significant obstacle
- Takes repeated actions or switches to an alternative strategy to meet a challenge or overcome