PREPARING THE ENTREPRENEURIAL KNOWLEDGE AND KEY COMPETENCY

In theory, an entrepreneur is basically defined as someone who has a soul and the ability to create something creatively. In other words, being an entrepreneur possesses the ability to create something new and different through a product creation and innovation. It is simply the ability which is reflected when starting a business by doing something new; the will to seek opportunities, courageous or dare enough to take a risk, as well as being able to develop ideas and utilize other resources. Therefore, the willingness and the ability entailed pertaining to the preparatory entrepreneurial knowledge and key competency mainly covers several technical aspects, such as:

1. Generating a new product or service.

2. Creating a new added value on a new product or service.

3. Pioneering a new business venture.

4. Implementing an entrepreneurial adaptness.

5. Developing a newly organizational structure.

Aside from the above essential knowledge and key competency covered, the function of an entrepreneur when executing a business plan also has a certain number of particular roles, which are:

a. Designing the structure of a company’s organization.

b. Setting a company's strategy.

c. Pioneering the ideas.

d. Having a clearer vision to lead a company.

In addition, Bramstreet Business Credit Service in 1993 further elaborated that there were some significant miscellaneous aspects in which an entrepreneur must possess, such as:

1. Knowing our business model. We must equip ourselves with all the necessary knowledge related to what business we intend to execute and run. For example, to someone who decides to engage in the area of hospitality industry such as hotel, travel agency, tourism, and so forth – there is no doubt one should possess the specific knowledge, skills, and mechanism required in that field.

2. Knowing the basic management. Apparently, it is essential to know the core basics of managerial functions such as planning, organizing, and controlling which incorporates predicting, administering, as well as keeping business activities on track. Hence, knowing the basic functions of management means that we completely understand how to processes and oversee all the corporate resources both effectively and efficiently.

3. Having the proper attitudes. This is literally referred to having the right mind-set towards what a business does. Simply put, an entrepreneur should act as a trader, an industrialist, a businessman, or an executive who earnestly runs an organisation.

4. Having an adequate capital. Having a sufficient amount of capital does not only lie in terms of the tangible materials, but also in terms of moral aspects. In other words, trust and perseverance are the pivotal equity needed in a business because they are the key forces to effective implementation which covers time management, self-energy, and our mentality as an entrepreneur.

5. Managing a source of finance effectively and efficiently. To organise and manage corporate financial sources effectively and efficiently can be embodied through the searching of any available funding sources, so as to exploit them appropriately with solid control and accuracy.

6. Managing time efficiently. This can be done by being able to manage time as efficiently as possible through a series of activities such as organizing, calculating, and allocating the amount of unoccupied schedules as needed.

7. Managing human resources. This is simply referred to the ability of planning, organizing, directing, moving, and controlling our people who work for us.

8. Satisfying customers’ needs and wants through a high quality product. This is the ability to provide and deliver a customer’s satisfaction through the creation of high quality products.