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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 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 at first, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable within the numbers of jobs created, the level of wealth generated and the rate of indigenous entrepreneurship promoted in several countries across the world.
There is no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and financial development through provision of monetary resources directly or else 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 may be said to be and also are largely associated with lack of entrepreneurial competence.
Most of the businesses failed unknowingly even before you can find started as a result of lack of one of the required competence; project evaluation and management. This isn't going to 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 as well as 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 really is employed in this writing with simplicity, it's going to 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 aforementioned 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 to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and above all, the ability to plan, manage projects and also to turn ideas into action navigate to this web-site be able to achieve set objectives for successful entrepreneurship. But, it requires 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 become successful in almost any of the next 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 career like entrepreneurship draws on the competence of a person. 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 may 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, one example is it's the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or even an artist, it's the creativity and skill in the chosen craft.