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 will be duelling on our discussion more on these entrepreneurial competences to find out how they individually contribute to successful entrepreneurship, business success and national development.As said earlier to start with, entrepreneurship and entrepreneurship success play strategic roles in financial growth, economic transformation and development of the society. These roles are noticeable in the numbers of jobs created, the level of wealth generated and also the rate of indigenous entrepreneurship promoted in several countries across the globe.
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 conditions, this fact prompt one to ask a question of high concern.
How come there still high rate of business failure around the globe? 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 are largely associated with lack of entrepreneurial competence.
A lot of the businesses failed unknowingly even before you will discover started because of lack of among the required competence; project evaluation and management. This doesn't therefore; make it surprising while entrepreneurship competence has often been identified as the missing Link Website 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 is employed within this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.
Entrepreneurship could possibly be defined as the process through which something new and valuable is created over 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 mentioned two definitions summarized the concept of entrepreneurship by stressing creation processes and performance of targeted activities. Entrepreneurship as defined above is just not necessarily restricted to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and specifically, the capability to plan, manage projects and also to turn ideas into action as a way to achieve set objectives for successful entrepreneurship. Still, it takes 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 when it comes to shareholders etc., and non-financial characters for example larger share of market, customer satisfaction, perpetual enterprise existence etc. To become successful in any of the following sections, one must be competent in his/her chosen area 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 profession like entrepreneurship draws on the competence of a person. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which someone 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 in almost any given area of entrepreneurial responsibility. Several of these competences might be general and some peculiar to the chosen areas of enterprise. We may describe competences to mean abilities and skills, for a teacher or possibly a performing artist, as an example, it's the skill to communicate that plays a decisive role within their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill within the chosen craft.