Various competencies required for superior performance by the entrepreneurs (identified during the study) are discussed below:

1.    Initiative. It is an inner urge in an individual to do or initiate something. Three is a popular saying, ‘Well begun is half done’. It is the entrepreneur who takes the first move towards setting up of an enterprise. most of the innovators have got this urge to do something different. Entrepreneur basically is an innovator who carries out new combinations to initiate and accelerate the process of economic development.

2.    Looking for Opportunity. An entrepreneur is always on the look out or searching for opportunity and is ready to exploit it in the best interests of his enterprise.

3.    Persistence. An entrepreneur is never disheartened by failures. He follows Try-Try Again for overcoming the obstacles that come in the way of achieving goals.

4.    Information Seeker. A successful entrepreneur always keeps his eyes and ears  open and is receptive to new ideas which can help in realizing his goals. He is ready to consult expert for getting their expert advice.

5.    Concern for High Quality. Successful entrepreneurs do not believe in moderate or average performance. They set high quality standards for themselves and then put in their best for achieving these standards. They believe in excellence, which is reelected in everything they do.

6.    Commitment. Top performers are prepared to make all sacrifices for honoring the commitments they have made. Whatever they commit, they take it as a moral binding for honoring their commitments, irrespective of the costs involved.

7.    Concern for Efficiency. Top performers are always keen to devise new methods aimed at promoting efficiency. They are keen to evolve and try new methods aimed at making working easier, simpler, better, and economical.

8.    Systematic Planning. Successful entrepreneurs evolve futre course of action keeping in mind the goals to be realized. They believe in developing relevant and realistic plans and ensure proper execution of the same in their pursuit of attaining their goals.

9.    Problem Solving. A successful entrepreneur takes each problem as a challenge and put in best for dining out the most appropriate solution for the same. he will first of all understand the problem do then evolve appropriate strategy dealing with the same.

10.    Self-confidence. Entrepreneurs are not cowed down by difficulties as they believe in their own abilities and strengths. They have full faith on their knowledge, skill and competence and are not worried about future uncertainties.

11.    Assertiveness. An assertive person knows what to say, when to say, how to say and whom to say. He believes in his abilities and ensures that others fall in line with his thinking, aimed at promoting the interests of the organization.

12.    Persuasiveness. A successful entrepreneur through his sound arguments and logical reasoning is in position to convince others to do the work the way he wants them to do. It is not the physical, but intellectual force he will use for convincing others.

13.    Effective Strategist. A successful entrepreneur possesses the ability to evolve relevant strategy, aimed at safeguarding or promoting organization’s interests. Strategy may be with respect to facing future uncertainties or challenges posed by competitors.

14.    Effective Monitoring. Entrepreneurs ensure that every thing is carried out in their organization as per their wishes. They ensure regular monitoring of the working so that the goals of the organization are achieved in best possible manners.

15.    Concern for Employees Welfare. Future of the organization depends on its employees. If the employees are dedicated, committed and loyal, the organization is bound to perform well. A successful entrepreneur tries to promotes organization’s interests through promotion of interests of the workers. He takes personal interest in solving problems confronting workers and generates the feeling that there is independence of the interests fo workers and the management.

For more help in Entrepreneurial Competencies click the button below to submit your homework assignment