10 Competencies Of Successful Women Entrepreneurs In Developing Countries
Empretec’s formula for success is built around 10 Personal Entrepreneurial Competencies.
By Rania Anderson (Co-Founder, Women’s Capital Connection)
Melissa De León, founder of Panama Gourmet, a company which produces gluten-free foods, just won the 2012 UNCTAD Empretec Women in Business Award. This 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.
A focus on 10 key entrepreneurial competencies was key to her success. Many factors including, of course, the women themselves led these entrepreneurs to success. But, all had in common an affiliation with Empretec. Empretec is a United Nations Conference on Training and Development (UNCTAD) training and motivational program that encourages entrepreneurship in developing countries and emerging economies.
The Empretec program inspires and trains entrepreneurs to start, grow and develop their businesses. Participants of their programs are aspiring entrepreneurs, women entrepreneurs, small businesses, young people and employees of large public or private firms. The Empretec program is implemented through national centers which are currently operating in 32 countries. Since its formation in 1988, Empretec has successfully trained over 200,000 people to start or expand businesses, creating thousands of jobs in the process. What’s behind Empertec’s success strategies?
Empretec’s formula for success is built around 10 Personal Entrepreneurial Competencies. They list and define them as:
- Opportunity-Seeking & Initiative
Entrepreneurs seek opportunities and take the initiative to transform them into business situations.
When most people tend to abandon an activity, successful entrepreneurs stick with it.
- Fulfilling of Commitments
Entrepreneurs keep their promises, no matter how great the personal sacrifice.
- Demand for Quality & Efficiency
Entrepreneurs try to do something better, faster or cheaper.
- Calculated Risk-Taking
Taking calculated risks is one of the primary concepts in entrepreneurship.
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.
Entrepreneurs gather information about their clients, suppliers, technology and opportunities.
- Systematic Planning & Monitoring
Systematic behavior means acting in a logical way. Planning is deciding what to do. Monitoring means checking.
- Persuasion & Networking
Entrepreneurs influence other people to follow them or do something for them.
- 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?
This post was originally posted at the The Way Women Work.
About the guest blogger: Rania Anderson is a Co-Founder of Women’s Capital Connection, a women’s angel network in Kansas City. She is an entrepreneur, writer, executive business coach and angel investor. Throughout her professional life, Rania has been observing, researching, connecting with and guiding the way women work. Rania guides women globally to achieve professional and business success. Follow her on Twitter at @TheWayWomenWork.