Entrepreneurship is not only about creating business plans and starting new ventures. It is also about creativity, innovation and growth, a way of thinking and acting relevant to all parts of the economy and society as well as the whole surrounding ecosystem. In this context the entrepreneurial ecosystem can be characterized as the interdependent and interactive framework for entrepreneurial activity. This interdependence comprises both institutional rules and environmental conditions that define the range of socially and economically viable entrepreneurial opportunities and the way in which entrepreneurs and other stakeholders shape these surrounding institutional and environmental conditions. Creative, innovative and entrepreneurial people are essential for the creation of wealth and economic growth. Innovative entrepreneurs come in all shapes and forms. They start and grow companies; they spin out companies from universities or other organizations; they restructure companies in need of refocusing; they innovate within larger organizations.
Research in the field of entrepreneurship sought to determine what personality characteristics distinguished entrepreneurs from non – entrepreneurs; entrepreneurs – from managers; successful entrepreneurs – from unsuccessful entrepreneurs. Gartner (1988) suggests that entrepreneurship is a multidimensional process (combining both personal characteristics and environmental factors. Misra and Kumar (2000) proposed a framework for researching into entrepreneurial behaviour in which they subscribed to the view that an individual’s psychological profile does not necessarily make him/her an entrepreneur, but his behaviour and actions do.
Varies authors describe different competencies of social entrepreneur. They are:
It is understood as ability to identify inner motives and make reflection on :
“Achievement Motivation” is the most extensively researched phenomena among psychological attributes. McClelland (1961) expounded that need for achievement (nAch) or achievement motivation constitutes single driving force for the successful entrepreneurship and economic behaviour. McClelland (1961) defines achievement motivation as a ‘desire to a well, not so much for the sake of social recognition or prestige, but to attain an inner feeling of personal accomplishment’.
Locus of control is the system of belief of an individual who perceives the outcome of an event as being either within or beyond his personal control. Entrepreneurs tend to believe in their own ability to control the outcomes to their efforts by influencing the existing environment, rather than leave everything to luck. They strongly believe that they can shape their own destiny. Internal locus of control has been one of the most studied psychological traits in entrepreneurship research (Perry, 1990). Entrepreneurs by most definitions are initiators, taking responsibility for their own welfare and not dependent on others (McClelland, 1961).
Self-confidence is an essential trait in an entrepreneur because he is regularly called upon to perform tasks and make decisions that require great amounts of faith in himself. He needs to have a strong but realistic belief in himself and his ability to achieve the predetermined goals. Self-esteem of an entrepreneur represents his ability to develop healthy confidence and respect for himself. He feels confident for being capable for life, able and worth or to feel right to achieve happiness. An entrepreneur respects himself and defends his own interest and needs.
Entrepreneurs are essentially persons who take decisions under uncertainty and therefore they are willing to bear risk. Entrepreneurs are usually moderate risk takers. However, successful entrepreneurs will always prefer to take on those risks that they can manage.
An entrepreneur is said to be creative when he is able to identify a gap in the market and think up a product or service to meet that gap. Creativity of an entrepreneur also implies the ability to do old thinks in a new way or able to give new solutions. Innovation refers to the behavior pattern of an individual who has interest and desire to seek changes in techniques and ready to introduce such changes into his operations when practical and feasible. Entrepreneurship and creativity are seen as intimately related; organizations having outstanding performance have always sought to mobilize both these qualities, as both are valuable corporate resources that can be managed for competitive advantage.
Problem solving refers to the application of appropriate knowledge and skills in order to solve a problem arising while carrying on the business. It requires an entrepreneur to have creative thinking in order to understand the various techniques involved in resolving different problematic issues of a business. Anticipates problems; sees how a problem and its solution will affect other units; gathers information before making decisions; weighs alternatives against objectives and arrives at reasonable decisions; adapts well to changing priorities, deadlines and directions; works to eliminate all processes which do not add value; is willing to take action, even under pressure, criticism or tight deadlines; takes informed risks; recognizes and accurately evaluates the signs of a problem; analyzes current procedures for possible improvements; notifies supervisor of problems in a timely manner.
Communication skill refers to the ability of an entrepreneur to transfer ideas, plans, policies and programmes to employees, debtors, creditors, customers and everyone who is connected with the business in order to inform, influence and to express his feelings. Social skill of entrepreneurs include social perception (the ability to perceive others accurately), expressiveness (the ability to express feelings and reactions clearly and openly), impression management (skill in making favorable first impressions on others), and social adaptability (proficiency in adapting one’s actions to current social contexts) in the process of managing his business. With concept of social competence “Emotional intelligence” is closely connected. It allows social entrepreneur to make networks and promote their idea.