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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 determine 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, financial transformation and development of the society. These roles are noticeable within the numbers of jobs created, the level of wealth generated as well as the rate of indigenous entrepreneurship promoted in several countries all over the world.
There is absolutely no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and financial development through provision of financial resources directly or otherwise through various agencies and under different stipulations, this fact prompt one to ask a question of high concern.
Why are 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 are largely associated with lack of entrepreneurial competence.
A lot of the businesses failed unknowingly even before you'll find 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 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 through which it is employed within this writing with simplicity, it will be very crucial to first and foremost comprehend what entrepreneurship is.
Entrepreneurship might be defined as the process through which something new and valuable is created through the dedication and effort of somebody 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 not necessarily restricted to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most importantly, the capability to plan, manage projects and also to turn ideas into action in order to achieve set objectives for successful entrepreneurship. Nevertheless, it needs tact, art and competency to achieve winning edge success.
Entrepreneurship success is a multidimensional phenomenon. It comprises 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 service, perpetual enterprise existence etc. To be successful in almost 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 someone. 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 an individual acquires and uses together, to produce outstanding performance in almost any given place 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, by way of example, it's the skill to communicate that plays a decisive role within their effectiveness besides, remember, their knowledge. For a craftsman or even an artist, it really is the creativity and skill in the chosen craft.
