JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD B.Tech IV ENTREPRENEURSHIP AND SMALL BUSINESS ENTERPRISES Previous Question Paper (December - 2020 - R16)

Entrepreneurial competencies are the underlying characteristics, such as motives, traits, skills, and knowledge, that enable an individual to perform effectively in an entrepreneurial role. The salient competencies include:

• Initiative: Taking the lead and acting before being forced by circumstances.
• Risk-taking: The willingness to take moderate, calculated risks and face uncertainty.
• Efficiency orientation: A constant drive to do things better, faster, or at a lower cost.
• Persistence: The ability to overcome obstacles and maintain focus on goals despite setbacks.
• Information seeking: Actively gathering data to make informed decisions about customers, suppliers, or competitors.
• Goal setting: Establishing clear, measurable, and challenging long-term and short-term objectives.
• Commitment to work contract: Placing the highest priority on fulfilling commitments to customers and employees.
• Systematic planning: Breaking down complex tasks into smaller, manageable steps to ensure timely completion.

Entrepreneurial motivations are the internal and external factors that drive an individual to start and manage a business. These are generally categorized into push and pull factors:

• Need for Achievement: An internal drive to excel, succeed, and accomplish challenging goals.
• Independence and Autonomy: The desire for freedom from traditional organizational hierarchies and the ability to make one's own decisions.
• Financial Gain: The aspiration to accumulate wealth and achieve financial security through profit generation.
• Social Status and Recognition: The pursuit of prestige, respect, and influence within the community or industry.
• Self-Actualization: The desire to realize one's full potential and bring creative ideas to fruition.
• Unemployment or Job Dissatisfaction (Push Factors): Often, individuals are forced into entrepreneurship due to lack of suitable employment opportunities or frustration with existing work environments.
• Family Background: Growing up in a family of business owners often serves as a motivational catalyst through exposure and mentorship.
• Government Support: Availability of subsidies, incentives, and favorable policies acts as a pull factor, encouraging individuals to take the entrepreneurial plunge.