6. Knowledge and adequacy of skills requirements associated with running a business

Chart 15. Level of Importance Of Business Planning Competencies

6. Knowledge and adequacy of skills requirements associated with running a business

Key findings: ● The data indicate that the young people who took the survey were somewhat confident in themselves as they rated themselves “moderate” in sufficiency on most skills listed. However, the frequency distribution of scores indicated that they viewed their skills as inadequate for enterprise. ● In entrepreneurial competencies, they felt moderately to highly sufficient in their skills. ● The competencies where respondents’ skills were mostly low to moderated were on ideation, marketing, financial competencies, and business planning. These are their greatest training needs.

After rating the importance of skills for running an enterprise, respondents rated their own adequacy or sufficiency on those same skills if they were to run their own enterprise.

Entrepreneurial competencies- Over half of the sixty young people who responded to the survey could be surmised as being moderate to highly confident in themselves with respect to entrepreneurial competencies, as shown in Chart 16, where their ratings on personal sufficiency on these skills are shown to be mostly moderate to high.

IMPORTANCE OF BUSINESS PLANNING

Chart 16. Level of Sufficiency of Entrepreneurial Competencies

Ideation competencies - On this skill set, respondents rated themselves low to moderately sufficient, indicating that this is a felt training need among them, particularly with respect to making smart goals, where ratings of “high sufficiency” garnered the highest frequency.

Chart 17. Level of Sufficiency Of Ideation Competencies

Marketing competencies: The picture shown on Chart 18 differs from the others. This time, sufficiency scores leaned more towards the low-moderate side of the scale presented in the questionnaire. The finding indicates that this skill set is an area of great training need, particularly in making effective market surveys and needs analysis, defining market needs, and coming up with a marketing mix.

SUFFICIENCY OF IDEATION COMPETENCIES

Chart 18. Sufficiency Of Marketing Competencies

Organization and production competencies –Respondents also saw themselves as low to moderate in sufficiency on this competency. In particular, skills on distinguishing between types of costs, as well as the calculation and prediction of costs, came out as the great training need in this skill set, where 40% (24 out of 60) respondents rated themselves low in sufficiency on the skill.

Chart 19. Level of Sufficiency Of Organization and Production Competencies

Financial competencies – While this was rated from high to extremely high in importance for running an enterprise, respondents felt moderately inadequate, as shown on Chart 20. The total frequency of ratings given on moderate to low in skill sufficiency ranged between 53 to 62% of the respondents.

SUFFICSUFFICIENCY OIENCY OF F O MRGARKANIZETING COATION AND MPETENPRODUCTCIIOESN Low COM Moderate PETENCI HighES