Page 1 - Lesson Note 5
P. 1
ENTREPRENEURSHIP
CLASS- XI
LESSON-5
CH-2: TOPIC – AN ENTREPRENEUR
SUB-TOPIC: - COMPETENCIES OF AN ENTREPRENEUR AND CONCEPT OF ETHICS
1. Competency basically refers to skills and inner strength possessed by an
individual. In other words it is a set of defined behavior that provides a
structured guide enabling the identification, evaluation and development of
the behaviors in an individual.
2. Necessary Entrepreneurial Competencies:
(i) Basic Competencies.
(ii) Initiative:
(iii) Creativity and Innovation:
(iv) Risk Taking and Risk Management:
(v) Problem Solving:
(vi) Leadership:
(vii) Persistence:
(viii) Quality Performance:
(ix) Information Seeking:
(x) Systematic Planning:
(xi) Persuasion and Influencing Others:
(xii) Enterprise Launching Competencies:
(xiii) Enterprise Management Competencies:
3. Business Ethics:
Ethics: The continuous efforts on the part of an individual for the betterment
of his/her own moral beliefs and conduct.
Ethical Standards include the virtues of honesty, compassion and loyalty.
Business ethics provide a basic framework that business may choose to
follow in order to gain public acceptance.
4. Key Areas of Concern in Business Ethics:
