A competency may be defined as an underlying characteristic of person which results in effective performance of a job. It may include such motives, traits, sills, aspect of one’s self-image or a body of knowledge which one uses in the practical life. The success of an entrepreneur is determined by entrepreneurial competencies. If he has such competencies, he can be expected to achieve his goals.

Whenever we look around, we find certain entrepreneurs doing exceedingly well. They are managing their enterprises very well and are out to make them grand success. Te various questions that normally arise are-who are they? What do they possess? What leadership style do they follow? and so on. In fact, there is a judicious mixture of knowledge, skills and personality traits. All these are called entrepreneurial competencies. Knowledge refers to the collection and retention f information about nay job or activity. Knowledge forms the basis for any action. Only knowledge cannot ensure success. Success depends upon the ability or skill of using the acquired knowledge for achieving desired results. Skill refers to practical application or use of the knowledge. Thus, performance depends upon both knowledge and skills. The personality of the person making use of knowledge and skills is very important in this context. Person ability represents the ‘whole person’ concept. It includes perception, learning, and motivation.

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