Competency results in superior performance. It has proved in Kakinada Experience that the entrepreneurial competency can be injected in human beings through education and training. Practice helps in developing competencies. Competency finds expression in human behavior.
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Entrepreneurship is regarded as a concept of alertness towards profit opportunities. It is the ability of the entrepreneur which mobilize resources a combine them to initiate change in production.
In most of time it is seen that some entrepreneurs are doing exceedingly well. They successfully manage enterprises and make them a grand success. While asking these entrepreneurs who did well in their field, it seems the qualities they possess.
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It is the knowledge and skill of the entrepreneur who motivate the inner urge to achieve targets. A motive is regarded as the inner state that energizes, activates moves and directs behavior goals.
Entrepreneurship Development Institute of India has conducted a survey and has revealed the inner urges as entrepreneurial competencies.
There is a growing need for development of competencies. Every entrepreneur should possess some core competencies to be successful in his field. There are:
i. He should possess the capacity of superintendence. He must have the quality in assembling various means of production to secure maximum return at minimum cost.
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ii. He should have the ability to control smooth flow of goods and monitor application of funds in such a manner so as to secure maximum advantage.
iii. He should be capable of introducing new products and services. It is regarded as the innovative skill of entrepreneurs.
iv. He should be good organizer. He should be competent enough to beer all risks associated with the enterprise.
v. He should be a goal oriented person and therefore, he acts in the capacity of a director.
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Besides the above factors necessitating the need for developing competencies, the followings are some additional factors which necessitate need for developing competencies:
- Quality of leadership to tackle professional problems.
- He should be a person with optimistic outlook to accommodate change management.
- He should be competent enough to mange funds and Marshall the resources available.
- He should be capable enough in seizing business opportunities.
- He should have the capacity of taking effective decision and co-ordinates various functions of the enterprise.
- He must have the ability to accept changes and initiate changes.