Introduction: -In simple
terms, a competence is an underlying
characteristic of a person which led to his or her effective or superior
performance in a job. The term
'competence' refers to a combination of knowledge, skills, motive, attitude and
habits. Every role or function
requires some particular competencies.
The
entrepreneur has to have certain competencies or abilities to have superior
results. He may possess certain competencies which can be developed through
training, guidance and experience.
Following is a list of major
competencies identified by the study that lead to superior performance of the
entrepreneurs:
1. Initiative:
-An entrepreneur is a person who takes the initiative or starts something first
to set up an enterprise. Initiative is an inner urge (advise) of a person to do
something. People who are innovators usually have the quality of taking
initiative. Entrepreneurs take the initiative to carry out new combinations and
innovates something new in the process of economic development.
2. Sound
Knowledge: -An entrepreneur always wants to
receive new information which can help him update his knowledge and help him in
realizing his goals. He also refers to different markets, takes expert's advices
and does researches to gain complete to bring his ideas into reality.
3.
Proper
Planner: -An entrepreneur believes in following
a perfect plan to execute his ideas. He develops the future courses of action
keeping in mind the goals to be achieved. They believe in realistic planning
and ensure proper execution of the same. This helps them in achieving success.
4.
Efficiency:
-An entrepreneur always has high efficiency in whatever act he does. He
believes in hard work to attain efficiency. They are ready to try and involve
new methods to make the working pattern easier, simpler, better and economical.
5.
Opportunity
seeker: -The entrepreneurs regularly keep
studying the market and business environment. They observe and wait for the
best opportunity for their enterprise or organization in the market. They grab
the best opportunities available for their organization.
6.
Self-confidence:
-The successful entrepreneurs have complete confidence over their knowledge,
skills, abilities, strengths and competencies. They show great persistence in
difficult situation and future uncertainties.
7.
Positive
attitude: -An entrepreneur always thinks
positive even in failure times. He is never disheartened (discouraged)
by failures. He believes in 'Try and try till you succeed' formula. He takes
any failures as a new experience and lesson.
8.
Persuasive:
-An entrepreneur is in a position to convince his superior and subordinates to
get the work done according to his ideas by sound arguments and logical
reasoning. He uses his intelligences to convince others the way he want them to
do things for him.
9.
Quality
consciousness: -Entrepreneur who wishes to
succeed believes in quality performances. They do not compromise with moderate
or average performance. As they want to be the best, they set high quality
standards for themselves. They put in all efforts to achieve excellence for
their organization.
10. Problem solver:
-Any problem is taken up as a new challenge and best strategy is found out to
solve the problems. The entrepreneur puts in the best for finding out the most
appropriate solution for the same. He must have an intense desire to complete a
task or solve a problem.
