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Business Management Skills Of An Entrepreneur
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Received: 26 March 2018 / Modified: 12 May 2018 / Accepted: 14 May 2018 / Published: 21 May 2018
This article breaks down the concept of skills and identifies the skills that entrepreneurs need to lead their teams. To achieve these goals, the main step was to identify the leadership skills developed by universities and in innovation courses and compare them with the skills perceived by entrepreneurs. This research approach is modeled in management sciences and the research problem is linked to the following research questions: What leadership skills do students need to be effective in business endeavors after graduation? Are the identified skills of entrepreneurs adequately taught in Portuguese universities? Does a student’s work experience, gender, or age contribute to the level of leadership skill acquisition? Leadership skills identified by entrepreneurs were highlighted through two focus groups with 15 entrepreneurs and conceptual content analysis, determining the presence and frequency of the concept represented by words or sentences in the entrepreneur’s speech. To verify whether these skills are developed in entrepreneurship and innovation higher education courses, an online survey was conducted with 3rd year students of several universities in the 2016/2017 academic year. The main outcome of the research will be to propose a leadership development model for students to enhance their leadership potential as entrepreneurs.
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Entrepreneurship and entrepreneurship are becoming increasingly important globally, with positive effects on employment, productivity, innovation and economic growth, according to analysts, economic theorists and researchers (Global Entrepreneurship Monitor 2018; Ahmed and Hoffmann 2008).
Becoming a successful entrepreneur requires a set of technical skills (Gonçalves et al. 2017), but also a combination of opportunities, skills and resources. However, the entrepreneur must be a leader to effectively run the business and the teams and achieve the goals. This research will shed some light on the aforementioned skills.
This paper will focus on the gaps identified by the research developed in recent years, focusing on the managerial skills and characteristics of the entrepreneur as well as the context, but not necessarily the development/training in higher education courses (Henry et al. 2005 ; Roy and Das 2016).
According to this idea, the main purpose of this research is to identify the leadership skills that entrepreneurs need to develop and to make recommendations for higher education entrepreneurship and innovation courses. First, this article briefly explores the concept of skills, followed by a presentation of the methodology used as a basis for identifying skills in industry. Reference will then be made to a sample of students advised on the level of development of these skills in these courses through a survey process. This will highlight the need to consider these skills in entrepreneurship and innovation courses within higher education.
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Entrepreneurship can be considered as an individual or collective system that is internal or external to the organizational structure, from the conception of ideas to the creation of a business by developing something new. The concept of applied entrepreneurship (Miller 1983) suggests that an entrepreneurial firm, which focuses on innovation, is open to risk and actively engages with its competitors. According to (Drucker 1985), innovation is a characteristic function of entrepreneurship, whether in an existing firm, a public service organization, or in a new firm started by an entrepreneur who either creates new wealth. Create resources or grant existing resources. Enhanced capabilities. Creating wealth.
The concept of entrepreneurship offers different definitions regarding its evolution. It has been described as systematic innovation (Drucker 1985), which involves the deliberate and systematic search for changes and the systematic analysis of opportunities in which such changes can provide economic and social innovation. It is the mindset and process of increasing economic activity and increasing risk taking, creativity and innovation with sound management in a new or existing organization.
According to Reynolds (2005), entrepreneurship can be seen as the identification of opportunities and the creation of new businesses or organizations. It is a dominant driver of economic growth and job creation: it creates new companies and jobs, opens up new markets and creates new skills and abilities. Entrepreneurship has evolved as a concept and in the level of importance that is attributed to the growth and stability of the economy.
Entrepreneurs are people who take significant risks of capital, time, and career commitment by providing value through products or services that are new or unique, but value in some way by finding and acquiring skills and abilities and resources for employees. (Ronstadt 1984). In this regard, the entrepreneur not only his money, but also his reputation. Entrepreneurship is seen as a human trait, including the willingness to face uncertainty (Kihlstrom and Laffont 1979).
Pdf) Managerial Skills Of Entrepreneurs: A Comparative Analysis Of Male And Female Entrepreneurs
Drucker (1985) defines an entrepreneur as one who takes advantage of opportunities created by changes in the environment.
Being entrepreneurial and creating an entrepreneurial culture is beyond the fear of risk (McMullen and Shepherd 2006) and the stigma of failure that decisively affects the entrepreneurial context.
Implementation of ideas is not a natural process, although we can say that the profile of an entrepreneur is very important for the definition of a business idea and its successful implementation, but it is also important to remember that business characteristics (Zheng and Hong) There is a possibility of development. 2016). With the help of educational institutions that have to play an important role (Henry et al. 2005; O’Connor 2013; Paço et al. 2016), already from the first stages of development (Maritz and Brown 2013; Maritz 2017).
Innovation, for example, is a discipline that can be taught from early school years to university level (Kuratko 2005; Hindle 2007) because it is a special tool used by entrepreneurs to explore new business opportunities or to diversify. product or service (Arasti et al. . 2012).
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It is important to know how to mitigate risk, find new sources of innovation, use creative tools and learn from the market. These are skills that every entrepreneur or potential entrepreneur should have (Lumpkin and Dess 2001; Wiklund and Shepherd 2005).
It is also important to mention the concept of institutional orientation, which is the practice of institutionalization within organizations. It has its origins in strategic planning because it refers to the actions taken by people (Miller and Friesen 1978). In this perspective, the company accepts this situation as a business management exercise.
As Miller (1983) stated, entrepreneurial management characterizes a business organization that is able to innovate in products and markets, with some degree of business risk and by actively acting against it.
Every day, the world witnesses the birth and death of companies, products, processes and services, and the goal of entrepreneurship learning is to systematically explore and discover new businesses/innovative methods that add value to the market and the economy. (Larso and Safiranti 2016).
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In this sense, it is based on different types of organizational skills, which have been widely studied in the literature and are referred to as soft and hard skills. Soft skills can be defined as the behavioral skills required to apply hard skills and knowledge in organizations (Rainsbury et al. 2002). James and James (2004) also suggest that soft skills are a set of skills and talents of an individual.
Other authors classify soft skills as (1) interpersonal skills; (2) personal and social skills; and (3) cognitive abilities (Muzio et al. 2007).
Regarding the soft skills involved in business project management, Davis (1993) suggested that successful managers have skills and practices. He announced
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