Entrepreneurial competencies refer to the characteristics of an entrepreneur. Entrepreneurs require certain qualities or characteristics for establishing and running business enterprises. Neglecting few qualities inevitably affect the development of the business. Some quality is born, but most can be acquired. Successful entrepreneurs need to have certain qualities. They are as follows
1. Look out for opportunities: An entrepreneur should always look out for opportunities. He must be able to exploit the opportunities.
2. Strong desire to succeed: Desire is the greatest impetus for entrepreneurship. Entrepreneurs must have the desire to get better identity, improve status and accumulate wealth. They must have the desire to achieve greater heights and succeed in life
3. Persistent: On the road of entrepreneurship, entrepreneurs have to face several problems. Establishing enterprises may be time consuming. An entrepreneur has to tolerate the humiliation and discouraging act of people around him during initial stages.
4. Broaden the horizon: Entrepreneurs who update themselves and who are well informed can acquire greater knowledge and can effectively reduce the distance between themselves and success. Entrepreneur must be very familiar with the operation of the industry, technology, management, people and market. Broadening the vision can help the entrepreneurs to establish and run the business successfully.
5. Responding to Changes: The primary purpose of entrepreneurship is to make money in the reasonable and legitimate manner. An entrepreneur must understand the way of the world. Business is influenced by political, social, economical and legal factors. The entrepreneur has to watch the business environment and respond to the changing trends.
6. Inter personal skills: Entrepreneurs cannot run business on their own. They are dependent on customers, employees, suppliers and government agencies and so on. An entrepreneur has to build his business network or social network in order to succeed in business. An entrepreneur must make use of professionals when need arises in running the business. Interpersonal skills should be the first in the quality of entrepreneurs.
7. Problem solving: Strategy is actually a way of thinking and finding a solution to deal with the problem. Entrepreneurs must utilize the wisdom to tackle the arising problems.
8. Courage: Venture itself is an adventure. An entrepreneur must have the courage, to run enterprises. Business may fetch profit or losses. He must be daring to face losses. He must have the guts to take the risk. Risk-taking spirit of entrepreneurs is an important component for running the business.
9. Willingness to share: Entrepreneurs must be willing to share resources with others. It is impossible to become bigger without sharing the profits. He must be willing to pay fair salary to employees, rent for the land and interest on the capital borrowed by him. He must pay taxes to the government for the profits reaped by him.
10. Ability of self-reflection: Entrepreneurship is a continuous process of exploration. Entrepreneurs must recognize their errors and correct their mistakes.
11. Hard working: Entrepreneurs have to work hard. Initially an entrepreneur will not be able to get good return for working long hours.
12. Self-confident: Entrepreneurs must demonstrate extreme self-confidence in order to cope with all the risks of operating their own business. He must believe his own strengths and abilities.
13. Judgment: Entrepreneurs must have the ability to think quickly and make a wise decision.
14. Need to achieve: Entrepreneurs must have the desire to achieve better status and identity in the society. Although their objective is to make profit this is often secondary to the drive toward personal success.
15. Profit motive: Entrepreneurs must focus on profit and know that their business success is measured by profits.