What do you understand by the term entrepreneurial competency? Can they be acquired?

A competence is an underlying characteristic of a person which leads to his/her effective or superior performance in a job. A job competence is a good combination of one’s underlying characteristics such as one’s knowledge skill, motive etc. which one uses to perform a job well.

Definition of entrepreneurial competency: Entrepreneurial competencies are defined as underlying Characteristics such as generic and specific knowledge, motives, traits, self-images, social roles and skills possessed by a person which result in new ventures creation, survival and growth. According to S.S. Khanka, the underlying characteristics possessed by an entrepreneur which result in superior performance are called the entrepreneurial competencies or traits.”

Simply if can be say that entrepreneurial competencies are the skills necessary for an entrepreneur to venture into an enterprise, organize and manage an enterprise ably and competency and realize the goal for which the enterprise is established.

Competency can be acquired: Yes, competency can be acquired. Competency means the characteristic of a person which leads to his or her effective performance in a job. Research on entrepreneurial suggests that main entrepreneurial competency are knowledge and skill. The skills and knowledge relevant to successfully managing and operating a business are mainly experiential in nature. In acquiring the knowledge individuals show a preference towards different learning things. Entrepreneurs learn how to start business ad develop new products on the basis of their knowledge and skill. So, we can say that competency can be acquired.

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