Business Studies

Strategic Management Topic 8 Q2
Discuss how your personal core competencies help you create value for the business where you work, your life, your school, or your family. What can you do to expand or improve your core competencies?

ANSWER

Personal Core Competencies

Personal core competencies are qualities or characteristics that make a person stand out among other people. Modern businesses typically focus on a person’s core competencies before recruiting is completed (Bacigalupo et al., 2016). My different core competencies have been significant for the growth of the business. Creating good teamwork has maintained full utilization of the limited business resources in meeting the common goal. I have provided my employees with the necessary experience, which has enhanced innovation, morale, and efficiency. The ability to lead the business is another personal critical competency that has been helpful for the company’s growth. I have set and accomplished challenging objectives, plus taking quick and decisive actions when needed. I have also inspired my employees and other stakeholders with leadership skills to perform at their highest level.

The ability to learn has been of great importance to the business because I can find effective means and techniques of topping my competitors. I have been able to manage limited finances through frequently learning the best approaches to financial management. Effective communication is still a significant competency that has played an active role in the success of my business. I have the skills of talking to my stakeholders and employees to achieve a strategic plan that is advantageous to the organization. These competencies can be increased by adding an extra element of challenge (Arafeh, 2016). This will give me a new thing to accomplish, which will eventually sharpen the available skills while building new ones. Another way of enhancing competencies is through constant training and embracing recent changes within the business.

References

Arafeh, L. (2016). An entrepreneurial key competencies model. Journal of Innovation and Entrepreneurship, 5(1), 1-26.

Bacigalupo, M., Kampylis, P., Punie, Y., & Van den Brande, G. (2016). EntreComp: The entrepreneurship competence framework. Luxembourg: Publication Office of the European Union, 10, 593884.