Part A
According to Dr. Michael Morris and his colleague’s states, different competencies serve one in pursing entrepreneurship as a career choice. They include;
Integrity
Integrity means that an entrepreneur has a great sense of values and belief, which helps in underpinning the creative and business decisions that one makes. All these decisions influence the entrepreneurial actions that they take and specifically when facing difficult and challenging situations.
Risk-taking
Risk-taking is another competence for entrepreneurial success where the entrepreneur needs to understand what it means to take risks, which means trying a new idea and possibly better. It gives one the chance of stretching beyond the obvious that they have done in the past, and the different challenges would help in learning how to assess choices responsibly. Risk-taking involves weighing of the possible outcome through evaluation of the values and responsibilities.
Strategic thinking
For any entrepreneur, they have to adopt strategic thinking where they understand and values the planning process. Having strategic thinking than thinking and planning over an essential timescale shows that the entrepreneur identifies eternal trends and opportunities. Further, it helps in thinking through all the complex implications of the business.
Customer sensitivity
An entrepreneur must build trust and have a long term relationship with their customers. This helps in the generation of expectations of high customer service levels and sometimes even exceeding customer expectations.
Part B
Importance of competencies on entrepreneurship
Strategic thinking
It helps in seeking innovation and imagining new and different futures that can help an organization of redefining the core strategies and the industry as a whole.
Customer sensitivity
Customer services are important since it helps in customer retention and reduction of the overall problems. When an entrepreneur treats their customers good, it helps in the reduction of the overall problems to their business, sales as well as legal issues that could arise. If clients are treated poorly, then it might demise the business. Further, it helps in the improvement of employee turnover in the business. Hence, being a customer sensitive entrepreneur helps in the improvement of employee turnover in the business. Employees mostly observe how the firm treats its customers. When they note that the customers are treated like gold, they end up delivering a sense of endowment and willing to stick around.
Risk-taking
Risk-taking helps the entrepreneur to distinguish themselves from their market competitors. In contemporary society, with the competitive business environment existing today needs an entrepreneur who is willing to take risks hence positioning themselves at the level of a leader hence leaving others behind. Taking risks leads to real innovation instead of one just striking to the first plan. It helps in pushing the business far in the market and placing it as the head of the pack based on innovative ideas. Any entrepreneur does not know anything until they have tried it; hence it is good to take risks.
Integrity
Integrity in business has a great significance in the long term success of the company. Integrity helps in doing the right thing even when no one is watching, or no one needs to know about it. It helps entrepreneurs in being right with what they are presenting to customers. Hence all these competencies are essential for any entrepreneur’s success, so they should effectively be adopted is anyone needs to achieve success.