The place of Entrepreneurship Competence in Business Success and National Development

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. This is evident managed it services jacksonville fl in several available literatures written by scholars on the subject matter but a deeper examination of these literatures show tilted emphasis and levels on some common areas relating to entrepreneurship.

Increasing prize draws, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in a thriving interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.

Though, entrepreneurship, have played and can play more of these positive roles, is not an easy vocation as it does not always guarantee a hundred percent succeed. There are several critical areas of knowledge and factors that must be acquired and apply equip entrepreneurs achieve a measure of business success and consequently triggering national development.

Several studies have been conducted in areas of entrepreneurship experience, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success tend to unquestionably argue that most entrepreneurial fiascos are essentially due to inadequate savings (e. gary the gadget guy. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of savings to business units for the sole intent being boosting and supporting entrepreneurial development for rapid national development.

The above, policy strategy unfortunately has led to the continuous disregard on the part of the costa rica government, scholars and business operators in these countries to considering other vital factors like entrepreneurial experience which equally contributes to successful entrepreneurship, business success and national development.

The current literatures on the subject do not provide sufficient reasons to the role general and/or specific competences play in successful entrepreneurship, business success and national development. It’s thus, made the relationship between entrepreneurial competence and entrepreneurship success to be important topic within organizational literatures. The above fact is evident in several available studies done by scholars on the subject matter (e. gary the gadget guy Crook, Todd, Combs, Woehr, and Ketchen, 2011; Mitchelmore and Rowley, 2010; Inyang and Enuoh, 2009; Laguna, Wiechetek, and Talik, 2013 e. t. c).

Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business life values competence, social responsibility competence, decision-making competence and command competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.

As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the amounts of jobs created, the quality of wealth generated and the rate of indigenous entrepreneurship promoted in several countries around the world.

There is no doubt that government of the world have put great efforts to promote entrepreneurship development, business success and economic development through provision of savings directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.

Why are there still high rate of business failure around 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 attributed to lack of entrepreneurial competence.

Most of the businesses failed unconsciously even before there are started because of lack of one of 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 most cases 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 in this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.

Entrepreneurship may be defined as the process where something 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).

Western european Commission, (2006) defined Entrepreneurship as a dynamic and social process where individuals, alone or in collaboration, identify opportunities for innovation and act upon these by adjusting ideas into practical and targeted activities, whether in a social, cultural or economic context.

Critical assessment of the above two upgrades made clear the concept of entrepreneurship by thinking creation processes and performance of targeted activities. Entrepreneurship as defined above is not necessarily limited to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most notable, the ability to plan, manage projects and to turn ideas into action in order to achieve set objectives for successful entrepreneurship. But, it requires tact, art and experience to achieve winning edge success.

Entrepreneurship success is a multidimensional phenomenon. It offers 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 satisfaction, perpetual enterprise existence etc. To gain success in any of the following sections, one must be competent in his/her chosen area of enterprise.

Entrepreneur competence can therefore be defined as the cluster of related knowledge, thought patterns, and skills which an entrepreneur must acquire or possess to achieve an exceptional performance and increase the business objective(s) despite several regulations. Every job/role has a skill and experience requirement. Every career like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an given entrepreneurial job successfully.

Entrepreneurship competence constitutes a cluster of related knowledge, thought patterns, and skills, which an individual acquires and uses together, to produce outstanding performance in a given area of entrepreneurial responsibility. Some of these competences may be general and some strange 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 is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill in the chosen craft.

In like manner, entrepreneurial competences are critical success factors required for successful entrepreneurship, business success and of course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is no substitute for entrepreneurship competence for successful entrepreneurship, not even abundant savings can. There is no doubt as explained, entrepreneurial competence play important role in a successful entrepreneurial activities.

Listed here are some of the necessary entrepreneurial competences required for successful entrepreneurship and rapid national development. We shall be discussing below 8 of the basic essential entrepreneurial competence for successful business.

  1. Time Management competence: Time is an economic good; it is an economic good worthy of effective and efficient management because of it scarce nature (Dan-Abu, 2015). Time is unique, unlike any other economic resources (input) such that it has no wing but can “fly”. Time is irreplaceable and irreversible. Time lost is lost forever and can never be recoverable, and by that i it offers, time lost doing simple things. This is why few things are more important to an entrepreneur and for successful entrepreneurship than learning how to save and invest some time wisely. One major reasons of entrepreneurship failure in relation to time management is progressing too many things at the same time in an dysfunctional manner.

To achieve more and grow successful in the day to day running of an enterprise, the entrepreneur must be thoroughly equipped with time management skill. Investing and practicing effective and efficient time management skill is a profitable investment for every entrepreneur, since every efficient business act is a success inside of it. It therefore means that, if every single act of entrepreneurial activity is undertaken with consistent efficient one, the enterprise in its entirety must be a success.

Time management involve among others practices, commitment to work contract and taking personal pains to complete an activity on schedule, this will promote confidence and loyalty on your business/organization and will thus led to winning of more contracts from clients again and again; prioritizing of task based on emergency and importance in relation to a project activities and delegating of task to subordinates.

Some common time consuming activities include slow decision making, inability to delegate, unnecessary interruptions, failed appointments, delays while traveling, the wrong way conducted meetings, procrastination, etc.

  1. Communication competence: Communication is a two-way process characterized by sending and receiving of messages by using a sales channel between sender and receiver. This may be spoken or non-verbal for example, telephone call and procurement proposal respectively. Good communication skill is an key management tool for a successful entrepreneurship. It is through communication that procurements are made, business products/services are traded, business objectives are discussed, employees are recruited etc.

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