Professional Documents
Culture Documents
KFS 3122
ENTREPRENEURSHIP
ASSIGNMENT 1
LECTURER: EN.RODZI
4143003091
1. In order of importance, list your own list of entrepreneurial competencies and justify
each order
Opportunity-Seeking & Initiative
Entrepreneurs seek opportunities and take the initiative to transform them into
business situations.
Persistence
When most people tend to abandon an activity, successful entrepreneurs stick
with it and make it a success.
Fulfilling of Commitments
Entrepreneurs keep their promises, no matter how great the personal sacrifice.
Demand for Quality & Efficiency
Entrepreneurs try to do something better, faster or cheaper.
Calculated Risk-Taking
Taking calculated risks is one of the primary concepts in entrepreneurship.
Goal-Setting
This is the most important competency because none of the rest will function
without it. Entrepreneurs set goals and objectives which are meaningful and
challenging.
Information-Seeking
Entrepreneurs gather information about their clients, suppliers, technology and
opportunities.
Systematic Planning & Monitoring
Systematic behaviour means acting in a logical way. Planning is deciding what
Strategic Risk
Its the risk that your companys strategy becomes less effective and your
company struggles to reach its goals as a result. It could be due to
technological changes, a powerful new competitor entering the market, shifts
in customer demand, spikes in the costs of raw materials, or any number of
3. When entrepreneur seek financing, financial institutions often require a business plan
before making decision, why?
Financial institution is well known as the key source of fund for new as well as
expanding businesses. Mainly to start up a business we would need it to secure fund
for operating and start-up capital whereas for the established businesses they often
need money to do things such as buy new equipment or property, or because of
market downturns. In approaching the financial institution for loan or other forms of
financial assistance, an entrepreneur often require to explain the purposed usage and
how repayment will be made through the intended business. Thus to meet this
requirement, the entrepreneur is expected to submit a Business Plan to help the
financial institution evaluate the viability of the proposed project and decide whether
it will finance the project.