Have you got what it takes to be an entrepreneur ?
The use of a structure framework could help entrepreneurs wannabe to make a clear self-assessment of themselves whether they have the entrepreneurship skills and competencies. Entrepreneurship is a mindset that requires a unique set of skills and attitudes. We will be developing both an annual survey and assessment starting in 2024 and will offer training together with The Entrepreneurs’ Network (www.TEN.org.hk) in 2024
The EntreComp framework was first developed by the European Commission in 2016. It is a reference framework that identifies 15 competences in three key areas that describe what it means to be entrepreneurial. This framework covers three categories: Personal Resources, Specific Knowledge, and Into Action.
EntreComp can be used as a reference for the design of curricula in the formal education and training sector. It can also be used for activities and programmes in non-formal learning contexts (for instance, to foster intrapreneurship with existing organizations). It aims to establish a bridge between the worlds of education and work as regards entrepreneurship as a competence.
Personal Resources include motivation, creativity, and self-awareness. These are the foundational skills that entrepreneurs need to develop in order to be successful. Motivation is the driving force behind entrepreneurship, while creativity is the ability to think outside the box and come up with innovative solutions. Self-awareness is the ability to understand one’s own strengths and weaknesses, and to use this knowledge to improve.
Specific Knowledge includes business planning, financial management, and marketing. These are the skills that entrepreneurs need to develop in order to run a successful business. Business planning involves creating a roadmap for the business, while financial management involves managing the finances of the business. Marketing involves promoting the business and its products or services.
Into Action includes opportunity recognition, risk-taking, and networking. These are the skills that entrepreneurs need to develop in order to turn their ideas into reality. Opportunity recognition involves identifying opportunities in the market, while risk-taking involves taking calculated risks to pursue these opportunities. Networking involves building relationships with other entrepreneurs and industry professionals.
The EntreComp framework can be used as a self-assessment tool to identify strengths and areas for improvement in entrepreneurial competencies. The EntreComp Questionnaire is a self-assessment tool that has been developed based on the EntreComp framework. It includes questions related to personal resources, specific knowledge, and into action. The questionnaire has good psychometric properties and can be an easy and useful tool for the self-assessment of entrepreneurial competencies within the EntreComp framework.
In summary, the EntreComp framework is a comprehensive tool that can help individuals develop the skills and attitudes needed for an entrepreneurial mindset. It covers three categories: Personal Resources, Specific Knowledge, and Into Action. The EntreComp Questionnaire is a self-assessment tool that can be used to identify strengths and areas for improvement in entrepreneurial competencies. By using the EntreComp framework, individuals can develop the skills and attitudes needed to be successful entrepreneurs.
Reference:
Bacigalupo, M., Kampylis, P., Punie, Y., & Van den Brande, G. (2016). EntreComp: The entrepreneurship competence framework. Luxembourg: Publication Office of the European Union, 10, 593884. (Link to PDF)
López-Núñez, M. I., Rubio-Valdehita, S., Armuña, C., & Pérez-Urria, E. (2022). EntreComp questionnaire: A self-assessment tool for entrepreneurship competencies. Sustainability, 14(5), 2983. (Link to PDF)