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 from the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, financial transformation and development of the society. These roles are noticeable in the numbers of jobs created, the amount of wealth generated and also the rate of indigenous entrepreneurship promoted in several countries across the globe.
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 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 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 attributed to 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 does not 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 in which it is employed in this writing with simplicity, it shall be very imperative to first and foremost comprehend what entrepreneurship is.
Entrepreneurship might be defined as the process through which something totally new and valuable is created through 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 aforementioned two definitions summarized the concept of entrepreneurship by stressing creation processes and satisfaction of targeted activities. Entrepreneurship as defined above just isn't necessarily restricted to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and certainly, the ability to plan, manage projects and also to turn ideas into action to be able to achieve set objectives for successful entrepreneurship. Nonetheless, 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 matter of shareholders etc., and non-financial characters for example larger share of market, customer care, perpetual enterprise existence etc. To become successful within any of the following sections, you have to 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 skills 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 an individual acquires and uses together, to produce outstanding performance within 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 a performing artist, for example, it's the skill to communicate that plays a decisive role within their effectiveness besides, of course, their knowledge. For a craftsman or even an artist, it's the creativity and skill within the chosen craft.
As said earlier from the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, financial transformation and development of the society. These roles are noticeable in the numbers of jobs created, the amount of wealth generated and also the rate of indigenous entrepreneurship promoted in several countries across the globe.
Why are 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 attributed to 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 does not 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 in which it is employed in this writing with simplicity, it shall be very imperative to first and foremost comprehend what entrepreneurship is.
Entrepreneurship might be defined as the process through which something totally new and valuable is created through 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 aforementioned two definitions summarized the concept of entrepreneurship by stressing creation processes and satisfaction of targeted activities. Entrepreneurship as defined above just isn't necessarily restricted to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and certainly, the ability to plan, manage projects and also to turn ideas into action to be able to achieve set objectives for successful entrepreneurship. Nonetheless, 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 matter of shareholders etc., and non-financial characters for example larger share of market, customer care, perpetual enterprise existence etc. To become successful within any of the following sections, you have to 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 skills 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 an individual acquires and uses together, to produce outstanding performance within 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 a performing artist, for example, it's the skill to communicate that plays a decisive role within their effectiveness besides, of course, their knowledge. For a craftsman or even an artist, it's the creativity and skill within the chosen craft.