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Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision making competence and leadership competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.
As said earlier in the beginning, entrepreneurship and entrepreneurship success play strategic roles in financial growth, economic transformation and development of the society. These roles are noticeable within the numbers of jobs created, the degree of wealth generated and also the rate of indigenous entrepreneurship promoted in several countries around the world.
There is absolutely no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of monetary resources directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.
How come there still high rate of business failure throughout the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures can be said to be and also are largely associated with lack of entrepreneurial competence.
Most of the businesses failed unknowingly even before there are started due to lack of among the required competence; project evaluation and management. This won't therefore; make it surprising while entrepreneurship competence has often been identified as the missing link for successful entrepreneurship, business failure and consequently crawling national development and in some instances stalled economy. What then is entrepreneurship competence?
Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning by which it really is employed within this writing with simplicity, it shall be very imperative to first and foremost comprehend what entrepreneurship is.
Entrepreneurship could be defined as the process through which something totally new and valuable is created throughout the dedication and effort of someone who takes on financial, psychological, and social risks and seeks personal satisfaction and monetary rewards (Hisrich & Peters 1986).
Critical assessment of the above two definitions summarized the concept of entrepreneurship by stressing creation processes and performance of targeted activities. Entrepreneurship as defined above just isn't necessarily limited by the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and certainly, the capability to plan, manage projects and also to turn ideas into action to be able to achieve set objectives for successful entrepreneurship. However, it entails tact, art and competency to achieve winning edge success.
Entrepreneurship success is a multidimensional phenomenon. It includes multiple criteria of financial characters like profit maximization, revenue maximization, dividend maximization as in the case of shareholders etc., and non-financial characters for example larger share of market, customer support, perpetual enterprise existence etc. To be successful within any of the next sections, one must be competent in his/her chosen place of enterprise.
Entrepreneur competence can therefore be defined as the cluster of related knowledge, attitudes, and skills which an entrepreneur must acquire or possess to achieve an outstanding performance and optimize the business objective(s) amidst several constraints. Every job/role has a skill and competency requirement. Every career like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an allotted entrepreneurial job successfully.
Entrepreneurship competence constitutes a cluster of related knowledge, attitudes, and skills, which someone acquires and uses together, to produce outstanding performance within any given place of entrepreneurial responsibility. Some of these competences could possibly be general and some peculiar to the chosen areas of enterprise. We may describe competences to mean abilities and skills, for a teacher or perhaps a performing artist, for instance, it's the skill to communicate that plays a decisive role in their effectiveness besides, as always, their knowledge. For a craftsman or even an artist, it's the creativity and skill within the chosen craft.