Women as Entrepreneurs

By Rania Anderson (Co-Founder, Women’s Capital Connection) originally published on April 25, 2012 on Women2.com

The 2012 UNCTAD Empretec Women in Business Award honors businesswomen from developing countries who have founded successful firms, created jobs, and become role models in their communities. The finalists for this year’s award were women from Brazil, El Salvador, Ethiopia, Jordan, Nigeria, Panama, Uganda, Vietnam and Zimbabwe.

Empretec’s formula for success is built around 10 Personal Entrepreneurial Competencies. They list and define them as:

1. Opportunity-Seeking & Initiative
   Entrepreneurs seek opportunities and take the initiative to transform them into business situations.
2. Persistence
   When most people tend to abandon an activity, successful entrepreneurs stick with it.
3. Fulfilling of Commitments
   Entrepreneurs keep their promises, no matter how great the personal sacrifice.
4. Demand for Quality & Efficiency
   Entrepreneurs try to do something better, faster or cheaper.
5. Calculated Risk-Taking
   Taking calculated risks is one of the primary concepts in entrepreneurship.
6. 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.
7. Information-Seeking
   Entrepreneurs gather information about their clients, suppliers, technology and opportunities.
8. Systematic Planning & Monitoring
   Systematic behavior means acting in a logical way. Planning is deciding what to do. Monitoring means checking.
9. Persuasion & Networking
   Entrepreneurs influence other people to follow them or do something for them.
10. Independence & Self-Confidence
    Entrepreneurs have a quiet self-assurance in their capability or potential to do something.

These personal competencies are gender neutral and could describe successful entrepreneurs throughout the world. With regard to core competencies, a successful entrepreneur:

• Capitalizes and leverages her strengths.
• Understands which competencies she need to develop.
• Commits to a process, person or program that will help her build the complete range of competencies she need for success.

What personal competency and process has led to your success?