Invoice Bazaar Blog

How can aspiring entrepreneurs acquire entrepreneurial competencies?

By Invoice Bazaar | October 29, 2021

No two entrepreneurs walk the same path. As such, there is no standard profile against which you can match personalities or credentials to prototype an entrepreneur. Thus, there are no readymade formulas for aspiring entrepreneurs to follow except by learning from examples, trying out things by themselves in the spirit of experimentation, and acquiring the knowledge, skills, and manpower needed to make their ventures successful. However, one noteworthy feature of entrepreneurial competencies is that much of it can be learned.

Even though the set of competencies required to launch and manage business units successfully may vary from person to person, certain key skill-sets are indispensable. They are the basic competencies that aspiring entrepreneurs should seek to cultivate. They include financial skills, networking capabilities, ability to speak confidently and convincingly, aptitude to recognize patterns and trends, and a solid determination to grow and succeed. Meanwhile, as an aspiring entrepreneur, you should also have the conviction that whatever you don’t know, you can learn, and what you can’t do today, you’ll be able to do in the future.

Competencies like interpersonal skills, creative thinking, and others can all be acquired or imbibed from workplaces and training programs. Some aspirants also learn and evolve through deep self-study and research in their domains. However, aspiring entrepreneurs can develop their competencies faster by associating with the right people and gaining deeper insights or finding a mentor, attending workshops, or taking up a job in the domain where they want to establish their business venture.

Meanwhile, certain competencies can be acquired only by launching a business or a side hustle. They include the ability to manage risks and resources, the ability to think on your feet and make impromptu decisions, budgeting time and resources, setting practical goals, and managing cash flows efficiently. Hence, the best option for aspiring entrepreneurs is to hone entrepreneurial competencies by working on small-scale pilot projects. This will enable them to acquire the knowledge, foresight, and skills to avert risks and succeed when they plunge headlong and launch their own business enterprise.