The process of developing entrepreneurial competencies.

Entrepreneurial competency results in superior performance. Competency has a direct bearing on human behavior and performance. Therefore, entrepreneurial competencies are needed to be developed ad cultivated in a very systematic manner. The various methods or process suggested developing and sharpening. The entrepreneurial competencies are discussed below:

  1. Gaining knowledge and understanding
  2. Recognizing competency
  3. Self-assessment
  4. Application in real life situation
  5. Comparison of competencies
  6. Feedback
  7. Gaining Knowledge and understanding: The first step towards acquiring a new behavior is to gain knowledge and understanding what particular competence means. Competencies cannot be cultivated without having an proper knowledge and relevance. Therefore, it is essential to understand the various competencies required for the efficient performance of a given task.
  8. Recognizing Competency: The next step is developing entrepreneurial competencies refers to competency recognition. Acquisition of a new behavior begins with understanding and recognition of what a particular behavior means. Recognizing the competency helps an entrepreneur to know as to what are the competencies required to perform a given task in a particular manner when someone exhibits the same.
  9. Self-assessment: Once a particular competency is understood and recognized. The next step is to find out where one stands with respect to a given competency. In other words, does one possess the given competence and if so how frequently one exhibits. The same one’s day-to-day activities for achieving his desired goal. This step needs self introspections as regards the level of a particular competence.
  10. Application in real life situation: Any new behavior that one acquires would become a part of one’s personality only when one applies the same on a continuous basis in various activities. Regular practice of an activity brings perfection in the field. Therefore there is a need to make an effort towards exhibition all the competencies deliberately and consciously all the time even in the simplest activities that one performs.
  11. Comparison of competencies: The next step is to compare the individual competencies developed through regular practice with the competencies required for the desired performance. If any deficiency is observed between the two then an earnest attempt is to be made to find out the reason there of so that necessary corrective measures can be taken for the same.
  12. Feedback: Having understood a competence and practiced the same in a given situation one needs to introspect to find out how one’s new behavior or act of exhibiting a competence has been rewarding. This is called “Feedback”. This means to find out the strengths and weaknesses of one’s new competency. It helps in knowing the reward of new competency. If greater is the benefit, then more will be one’s determination to continue exhibiting the competence in a number of situations. It is through continuous application that one can ensure that the desired competency becomes part of his habit or personality.
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