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Developing strong entrepreneurial competencies

I trust that your weekend was special.

I asked a senior manager in a business development environment a question regarding the cause of failure in the businesses they serve. If the business is the horse, and the jockey is the entrepreneur “on the horse”, does one or the other feature more in business closure/failure. Her immediate reply appears to confirm my thoughts. She replied that in most cases the challenge came because of the jockey, not the business model.

That which contributes to a great jockey is the development of strong personal entrepreneurial competencies.

So a focus on developing strong personal entrepreneurial competencies (PEC’S) is not only smart, it is vital and essential. There are a variety of lists of PEC’s, but I want to focus on 5 we use at the CFE/RI

The first of these is that of having a high internal locus of control.

When you are dealing with a challenge in your life, do you feel that you have control over the outcome?  Or do you believe that you are simply at the hands of outside forces? If you believe that you have control over what happens, then you have what psychologists refer to as an internal locus of control. If you believe that you have no control over what happens and that external variables are to blame, then you have what is known as an external locus of control.

What Is Locus of Control?  A locus of control orientation is a belief about whether the outcomes of our actions are contingent on what we do (internal control orientation) or on events outside our personal control (external control orientation).” (Zimbardo, 1985)

There appears to be a clear correlation between those with a developed inner locus of control and success.

Those with an internal locus of control:                                                                                                                   Those with an external locus of control:

Are more likely to take responsibility for their actions                                                                                                            Blame outside forces for their circumstances

Tend to be less influenced by the opinions of other people                                                                                                    Often credit luck or chance for any successes

Often do better at tasks when they are allowed to work at their own pace                                                                          Don’t believe that they can change their situation through their own efforts

Usually have a strong sense of self-efficacy                                                                                                                                Frequently feel hopeless or powerless in the face of difficult situations

Tend to work hard to achieve the things they want                                                                                                                   Are more prone to experiencing learned helplessness

Feel confident in the face of challenges

Tend to be physically healthier

Report being happier and more independent

Often achieve greater success in the workplace

To illustrate how this focus effects a person, I have attached a great article by Stephen Covey, the author of the seven habits of highly effective people. I found this article helpful and easy to understand. It reminded me that I can choose to respond and not react; I can control how I will respond to those (much fewer things) beyond my control.

I trust it helps to build your own PEC’s!

Steve

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