Educational Questions & Answers

Encouraging Entrepreneurship as a Profession

Essential Characteristics of Entrepreneurship:

Managers and entrepreneurs have identified five entrepreneurial characteristics. These include:

* Personal characteristics such as intrinsic motivation, hard work values.

* Technical preparation, business and management skills.

* The capacity to utilize available resources

* Information to take advantage of business opportunities entrepreneurial vision &

* Interpersonal skills communicate effectively with others and to understand the social impact of business development.

Also, entrepreneurs and incubator managers have experienced the need for education and training opportunities to assist in business development and growth.

Changing Skills Requirements for Existing Jobs:

The need for skilled workers increases every day. The restructuring and the introduction of new technology have increased the skill requirements for non-managerial employees. There are mainly six general categories of skills, which a modern entrepreneur should possess. These are:

Types of Skills Required:

Technical Skills: Proficient use of specialized information, methods, processes, procedures and techniques involved in the technology of the product or services of the industry or company.

Behavioral Skills: Utilization of knowledge to understand people. It requires and awareness of attitudes and beliefs held by individuals and groups and how these govern their goal reaching processes.

Conceptual Skills: Ability to utilize the existing knowledge in order to acquire additional knowledge. It is the purposeful risk taking for creating new conditions. These skills are interdisciplinary in which various functions of systems depend on others systems as well as the way changes in any other part affect all the others.

Economic-Business Skills: Utilization of knowledge to understand a business enterprise operating in a market for the sale of goods and services. It involves use of scarce and limited resources to meet changing and unpredictable demands, the strategy of production, distribution and consumption of goods and services with minimization of output and minimization of input.

Evaluative Skills: Ability to appraise the value for the degree of worth of process or accomplishment.

Implementing Skills: Ability to get the work done on a day-to-day, programme-to-programme basis or the ability to concentrate on availability of resources of time, money and manpower to initiate an activity, conduct the activity and bring it to a successful end.

In today?s economy, technical and business skills are not enough to operate a business. Entrepreneurial skills are also required to anticipate changes, identify opportunities and create a high-performance working environment according to the realities demanded by global competition. The development of entrepreneurship amongst engineers and general graduates is going to be an effective mechanism for technology innovations, helpful in the removal regional imbalances and sustainable growth of small industries.

Educational institutions also have an important role in educating and training the workforce, not only independently, but also as vendors to employers who seek outside providers of training. The government is providing various incentives to attract young graduates towards choosing entrepreneurship as a career choice. The need of the day is to utilize and optimize such schemes and policies towards further employment to unemployed.

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Encouraging Entrepreneurship as a Profession