2. Introduction
The person behind the successful performance is
called the entrepreneur and the caliber required to carry on
his business successfully is called his competency.
Competency is composed of knowledge, skills, abilities and
other characteristics which underlie effective or successful
job performance; These competency attributes are
observable and measurable; and These attributes
distinguish between superior and other performers. The
entrepreneurial competencies can be classified under the
following categories;
3. INITIATIVE
It is one of the fundamental competencies
required for an entrepreneur. He must be a keen
observer of the society, the commercial trends, the
product types, the change in consumer’s taste and
preferences, etc. he must be willing to take
necessary steps for starting enterprises.
4. Creativity and Innovation
If an entrepreneur has critical thinking and positive
outlook, he will be able to meet all challenges and to bring new
ideas and creative ideas to satisfy the customers.
5. Risk taking & Risk Management
Entrepreneurs always searching for new ideas ,
that are not familiar / uncertain to them . In order to
achieve the goals he always ready to take the risks
and able to manage the risky situations occurring to
the organisations.
6. Problem solving
There will be lots of problems that will come to the path of
the entrepreneur during the progress of his business. He should
find out alternative solutions by bringing new ideas and
products.
7. Leadership
Leadership is the quality of leading his workers
through proper guidance and motivation for the
achievement of organisational objectives. Every
entrepreneurs must possess all the good qualities of
a leader by inspiring his workers.
8. Persistence
Persistence of an entrepreneur denotes the ability
which keeps him constantly motivated even when he is
confronted by obstacles . It is he who has to make his
dream come true. Entrepreneurs moves up when things
are not going well.
9. Quality Performance
A successful entrepreneur perceives that his performance is
different from others. He believes that it is his high performance
which ultimately differentiates him from low performers.
10. Information Seeking
Information collected by an entrepreneur plays a crucial role in
the progress of an organisation . The quality in the method of
collecting information and the extend of its utilization will helps for
the success of the organisation .
11. Systematic Planning
An entrepreneur is expected to have systematic planning which
will help him to prepare an action plan for every area of operation
in order to achieve the pre -determined goals.
12. Persuasion
Persuasion in entrepreneurship refers to the ability of
entrepreneurs to link, convince and influence other individuals,
groups, agencies, creditors, debtors, customers and even
competitors in order to create a contact and maintain good rapport.
13. Communication Skill
Communication skill refers to the ability of an entrepreneur to
transfer ideas, plans, policies and programmes to employees,
debtors, creditors, customers and everyone who is connected with
the business in order to inform, influence and to express his
feelings.
14. Technical knowledge
An entrepreneur needs to address the rapid technical changes
in the industry. Higher levels of technology must be introduced in
the production methods in order to achieve productivity demands.
Therefore he must update his technical knowledge in order to serve
customers quickly and more effectively.
15. Self Confidence
Self-confidence is an essential trait in an
entrepreneur because he is regularly called upon to
perform tasks and make decisions that require great
amounts of faith in himself. He needs to have a strong
but realistic belief in himself and his ability to achieve
the predetermined goals.
