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ENTREPRENEURIAL COMPETENCIES

PERSONALIZED GUIDANCE REPORT

An entrepreneur is a person who sets up a business and takes on financial risks in the hope of profit. We developed the Talent Transformation Entrepreneurial Competencies quiz to help you discover the competencies required to be an entrepreneur and help you develop them. The quiz measured some thinking patterns (cognitive), behaviors, and skills needed to be an entrepreneur:  

  1. Cognitive: Competencies related to thinking and problem-solving.  

  2. Behavioral:  Competencies related to personality and behavior. 

  3. Skills: Expertise required to do specific tasks by applying existing knowledge and competencies. 

The graph below indicates the three categories of competencies the Entrepreneurial Competencies quiz measured.  

COGNITIVE

This category groups together the competencies related to thinking and problem-solving.

SPOTTING OPPORTUNITIES

The ability to see potential opportunities in novel ideas. 

YOUR PERSONAL GUIDANCE

Your responses indicate that you welcome new ideas and appreciate them. You would want to implement those ideas but may not be able or willing to plan for that.

UNDERSTANDING OTHERS

Other people might be more or less adept at spotting opportunities than you are. Therefore, understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively.  

Individuals with a high ability to spot opportunities can recognize how to turn an idea into a business opportunity. They can create a business strategy and a plan for an idea they come across.  

Some individuals tend to take calculated risks and will try new ways only if there is sufficient evidence that they are worthwhile. While it is important to carefully evaluate risk, building an even more positive attitude about risk can lead to valuable opportunities to unlearn old assumptions and re-think ideas. 

Individuals with a low ability to spot opportunities welcome new ideas and appreciate them. They would want to implement those ideas but may not be able or willing to plan for that. 

CREATIVITY

The ability to think differently and out of the box or improvise on an idea to make it lucrative. 

YOUR PERSONAL GUIDANCE

Your responses indicate that you may not be able to think out of the box. Novel and creative ideas may not be your area of strength. However, you could probably implement an already existing idea, well.

UNDERSTANDING OTHERS

Other people might be more or less creative than you are. Understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively.  

Individuals who are very creative can produce novel ideas and thoughts for a business. They can also improve on an innovative idea to turn it into a business opportunity. 

Averagely creative individuals can be creative, but not always can they think of a novel and unique idea for a business.  

Individuals that are low on creativity may not be able to think out of the box. Novel and creative ideas may not be their area of strength. However, they could probably implement an already existing idea, well.  

ENVISIONING

Being able to envision personal and business aims and foresee how to progress the idea.

YOUR PERSONAL GUIDANCE

Your responses indicate that you can visualize the end goal and predict how the idea would take shape in the future. This ability helps you develop strategies and plans and allocate the resources required to reach your goal.

UNDERSTANDING OTHERS

Other people might be more or less adept at envisioning than you are. Understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals with high levels of envisioning competency can visualize the end goal and predict how the idea would take shape in the future. This ability helps them develop strategies and plans and allocate the resources required to reach their goal. 

Individuals with an average level of envisioning competency can sometimes but not always visualize the end goal. They may lean toward the details in the here and now.

Individuals with a low level of envisioning competency lean toward understanding the details and perfecting them rather than looking at the overarching goal. Instead, they could try to look at the bigger picture for a better, clearer idea of the goal. 

VALUE IDEAS

The ability to think through various ideas to propose a solution or novel thought, evaluate those ideas, and select the best.

YOUR PERSONAL GUIDANCE

Your responses indicate that you tend to become overwhelmed with multiple new ideas and prefer to work with those you have worked with before. This tendency can hinder your perspective when evaluating a great idea as a solution or for business.

UNDERSTANDING OTHERS

Other people might be more or less adept at valuing ideas than you are. Understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals with a high level of valuing ideas competency can evaluate multiple ideas to reach a solution. In addition, they enjoy evaluating ideas to check their feasibility. This competency will help them choose the right idea to pursue.  

Individuals with a medium level of valuing ideas competency can sometimes evaluate multiple ideas to reach a solution. However, they may not always be able to do so because it can sometimes get overwhelming. 

Individuals with a low level of valuing ideas competency tend to become overwhelmed with multiple new ideas and prefer to work with those they have worked with before. This tendency can hinder their perspective when evaluating a great idea as a solution or for business.  

BEHAVIORAL

Behavioral competencies are those related to personality and behavior. 

SELF-EFFICACY

The confidence in oneself to achieve goals.

YOUR PERSONAL GUIDANCE

Your responses indicate that you believe you can achieve a goal you have set out for yourself. You do not easily give up on learning or your goal. This attitude helps you manage hurdles and sustain your journey even during tough times.

UNDERSTANDING OTHERS

Other people might be more or less confident than you are. Therefore, understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals with high levels of self-efficacy believe that they can achieve a goal they have set out for themself. They do not easily give up on learning or their goal. This attitude helps them manage hurdles and sustain their journey even during tough times. 

Individuals with medium levels of self-efficacy often believe, but do not always believe, in their capabilities. Sometimes they give up when the going gets tough.  

Individuals with medium levels of self-efficacy think it is wise to stop pursuing a goal when they see the first signs of trouble. Instead, they prefer doing easy tasks. This preference may be practical, but it is unfavorable for an entrepreneur who must address challenges as they journey toward their goals. 

NEED FOR ACHIEVEMENT

The intrinsic motivation to achieve something.  

YOUR PERSONAL GUIDANCE

Your responses indicate that you have a high desire to achieve. You tend to feel that you have not accomplished much even after experiencing success. So, you set up new goals and endlessly work toward them to feel a sense of achievement. This drive helps an entrepreneur embark on new ventures and never give up.

UNDERSTANDING OTHERS

Other people might have more or less need for achievement than you. Understanding other individuals' levels of need to achieve will help you better understand your competence and how to work with others effectively. 

Individuals with a high desire to achieve tend to feel that they have not accomplished much even after experiencing success. So, they set up new goals and endlessly work toward them to feel a sense of achievement. This drive helps an entrepreneur embark on new ventures and never give up. 

Individuals with a medium desire to achieve drive them but sometimes they may feel satisfied even without achieving their desired goal.  

Individuals with a low desire to achieve are satisfied by working toward a goal and not necessarily achieving it. This attitude may help them create a balance between work and their personal life. Still, it is not very helpful for an entrepreneur who must constantly use dissatisfaction to drive the desire for greater achievements.  

PERSEVERANCE

The grit required to pursue the goals you set for yourself. 

YOUR PERSONAL GUIDANCE

Your responses indicate that you have the energy and the grit to pursue your desired goals despite hurdles and discouragement. This attitude helps entrepreneurs stay on the path even when others do not give them encouragement or support. This attitude also helps them move toward their goals despite disbelievers and challenges.

UNDERSTANDING OTHERS

Other people might be more or less persevering than you are. Understanding other individuals' levels of perseverance will help you better understand your competence and how to work with others effectively. 

Individuals with high levels of perseverance have the energy and the grit to pursue their desired goals despite hurdles and discouragement. This attitude helps entrepreneurs stay on the path even when others do not give them encouragement or support. This attitude also helps them move toward their goals despite disbelievers and challenges. 

Individuals with medium levels of perseverance may work toward their goals in a supportive environment but may give up on them if they lack support.  

Individuals with low levels of perseverance give up on a goal when they do not receive support and encouragement. They may not pursue a goal that seems very tough and unlikely to achieve. This approach may be practical for some but not for an entrepreneur whose journey is usually challenging, especially when surrounded by disbelievers. 

RISK TAKING

The willingness to take calculated risks and move out of your comfort zone to leap toward success.   

YOUR PERSONAL GUIDANCE

Your responses indicate that you can take risks when they seem profitable. This attitude helps an entrepreneur come out of their comfort zone and yet have a sustainable plan for success.

UNDERSTANDING OTHERS

Other people might take more or less risks than you feel comfortable with. Understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals with a high tolerance to risk can take risks when they seem profitable. This attitude helps an entrepreneur come out of their comfort zone and yet have a sustainable plan for success. 

Individuals with a medium tolerance to risk can sometimes take risks, but they may not be comfortable doing it all the time.  

Individuals with a low tolerance to risk can hesitate to take risks even when they are safe to take. This attitude may not be favorable for an entrepreneur whose success depends on moving out of their comfort zone. 

SKILLS

Skills encompass the expertise required to perform tasks by applying knowledge and competencies. The skills discussed here are generic skills needed for entrepreneurs. Specific skills will be required to start, operate, and run a business; for example, an entrepreneur offering IT consulting services will need to be an IT expert. 

PLANNING AND MANAGEMENT

These are the skills to draw detailed plans and manage people and resources.  

YOUR PERSONAL GUIDANCE

Your responses indicate that you do not like or would prefer someone else to do routine tasks such as managing people and resources or drawing up detailed plans. This lack of interest may prove detrimental for an entrepreneur. Entrepreneurs need to be in touch with the details and the people to lead effectively and get the best out of the available resources.

UNDERSTANDING OTHERS

Other people might be more or less adept at planning and management than you are. Understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals with good planning and management skills like to draw detailed plans and manage people and resources. Being an entrepreneur is not always about ideas and risks, and some tasks can be routine and mundane. The ability and willingness to do these tasks well indicate that they can become a successful entrepreneur.  

Individuals with average planning and management skills may not always like doing routine and mundane tasks such as managing people and resources or drawing up detailed plans.  

Individuals with low levels of planning and management skills do not like or would prefer someone else to do routine tasks such as managing people and resources or drawing up detailed plans. This lack of interest may prove detrimental for an entrepreneur. Entrepreneurs need to be in touch with the details and the people to lead effectively and get the best out of the available resources.  

MOBILIZING RESOURCES

The skill to allocate the right resources to the given task and to see the potential resources available. 

YOUR PERSONAL GUIDANCE

Your responses indicate that you have an insight into the capabilities of your people and resources and, therefore, can shuffle and mobilize them according to your needs. An entrepreneur with this ability can build a flexible, sustainable model and control costs.

UNDERSTANDING OTHERS

Other people might be more or less adept at mobilizing resources than you are. Therefore, understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals who are good at mobilizing people and resources have an insight into the capabilities of their people and resources and, therefore, can shuffle and mobilize them according to their needs. An entrepreneur with this ability can build a flexible, sustainable model and control costs.  

Individuals who are average at mobilizing people and resources are not always ready to mobilize them and may sometimes believe that everyone should stay performing the same set of tasks. 

Individuals who are poor at mobilizing people and resources believe that they should perform the same set of tasks over the years. However, people grow, and resources change, so it might not be cost effective or mobilize the full potential of their people and resources if they are stuck performing the same set of tasks. 

FINANCIAL AND ECONOMIC LITERACY

The skill of applying one's financial and economic knowledge.  

YOUR PERSONAL GUIDANCE

Your responses indicate that you are not confident that you can apply your knowledge in finance and economics to your projects and ventures and prefer to have an expert alongside you.

UNDERSTANDING OTHERS

Other people might be more or less adept at financial and economic literacy than you are. Understanding others' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals that can apply their finance and economics knowledge to their projects and ventures will be able to perform more tasks without the constant need for expert assistance. 

Individuals that can sometimes, but not always, confidently apply their finance and economics knowledge to their projects and ventures might find it beneficial to have an expert support them occasionally. 

Individuals not confident that they can apply their knowledge in finance and economics to their projects and ventures could usefully have an expert alongside them to help. 

WORKING WITH OTHERS

The openness to others' ideas, perspectives, and collaboration to achieve the set goals. 

YOUR PERSONAL GUIDANCE

Your responses indicate that you are open to having others' ideas, perspectives, and efforts contribute to your dream. You probably find people who align with your vision and collaborate with them to reach your goal. This attitude is helpful as entrepreneurial ventures cannot reach fruition without collaboration and team effort.

UNDERSTANDING OTHERS

Other people might be more or less adept at working with others than you are. Therefore, understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals open to having others' ideas, perspectives, and efforts contribute to their dream find people who align with their vision and collaborate with them to reach their goal. This attitude is helpful as entrepreneurial ventures cannot reach fruition without collaboration and team effort.  

Individuals not always open to others' ideas, perspectives, and contributions may sometimes feel that they should do everything on their own to reach their goal.  

Individuals determined to do their tasks, make decisions, and reach their goals on their own, single-handedly may find this is not practical. Being open to collaborating with others to fulfill their dreams may help them achieve their goal faster or have a more sustainable plan. 

ETHICAL AND SUSTAINABLE THINKING

The ability to evaluate the sustainability and ethics of ideas and take these into account when making decisions and taking action. 

YOUR PERSONAL GUIDANCE

Your responses indicate that when you plan to implement an idea, you thoroughly check its feasibility. You think through the life cycle of the product, service, or idea to evaluate its sustainability. You are also conscious of the ethical issues related to the idea and the potential need to assess them.

UNDERSTANDING OTHERS

Other people might be more or less adept at ethical and sustainable thinking than you are. Understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals with elevated levels of ethical and sustainable thinking thoroughly check its feasibility. They think through the life cycle of the product, service, or idea to evaluate its sustainability. They are also conscious of the ethical issues related to the idea and the potential need to assess them. 

Individuals with average levels of ethical and sustainable thinking are sometimes aware of an idea's ethical dimensions and long-term sustainability. However, they do not always think about these issues. 

Individuals with low levels of ethical and sustainable thinking are enthusiastic about implementing an idea without worrying about the ethics involved or the idea's sustainability. This approach can be detrimental to the project or venture as sustainability and ethics are vital factors to consider. 

TOLERANCE FOR AMBIGUITY

The mindset to remain patient and adaptable during times of uncertainty and change. 

YOUR PERSONAL GUIDANCE

Your responses indicate that you can stay calm and wait for things to become clear without getting agitated when things do not go as planned. This attitude helps an entrepreneur sail through uncertain times and chart the course during unforeseen events.

UNDERSTANDING OTHERS

Other people might be more or less tolerant of ambiguity than you are. Understanding other individuals' levels of competence will help you better understand your competence and how to work with others effectively. 

Individuals with a high tolerance of ambiguity can stay calm and wait for things to become clear without getting agitated when things do not go as planned. This attitude helps an entrepreneur sail through uncertain times and chart the course during unforeseen events. 

Individuals with a medium tolerance of ambiguity may oscillate between staying calm and getting irritated during uncertain times.  

Individuals with a low tolerance of ambiguity can get agitated and worked up when things are not going as planned. As a result, they may quickly move to a path that seems more predictable and solid. This attitude is not favorable for an entrepreneur who must navigate the constant changes in any new venture's early days. 

CONCLUSION

Setting up a business and taking on financial risks in the hope of profit is a challenge. We trust that our personalized guidance has helped you learn more about your competencies and those required to be a successful entrepreneur. We wish you every success! 

In addition to this personalized report, the Foundation for Talent Transformation provides other quizzes to help you stay relevant by helping you understand yourself, others, learning opportunities, and the future of work.