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Defining

Competency
Competency as a term has been used in management
literature for a long time now. However, its role and
importance has been understood only in the recent
decade. It is defined as the sum of experiences,
knowledge, skills and attitude which we acquire
during our life time for effective performance in a
task or job. Competency is the concept of knowledge,
skills and attitude of the person.
The term competency has a number of definitions
which depends on the specific task to be performed
by individuals under different conditions. These
definitions differ on different counts. Boyatzis (1982)
conducted a study on approximately 2000 managers
and he identified and assessed hundred potential
competencies.
He defined competency as: A capacity that exists in
a person that leads to behavior that meets the job
demands within the parameters of organizational
environment, and that, in turn brings about
desired results.
Defining Entrepreneurial Competency:
Entrepreneurial competency is defined as the individual
characteristics. Entrepreneur is a person who
undertakes risk for gaining profit in the business
venture.
According to Baum & Locke (2004) Entrepreneurs
must also be willing to experiment different
strategies in the pursuit of profitable outcome
because it is the entrepreneurs energy, creativity &
motivation that trigger the production of superior
product & services.
Therefore, entrepreneurship requires certain
strategic skills for profitable functioning.
Parameters Of The Study
The parameters of the current study are based on
the components as identified by Man et al (2001)
the following components for analyzing
entrepreneurial competencies are Strategy ,
commitment, conceptual, opportunity,
relationship, learning, personal. These
components can be understood as:
Strategy Competency: It relates
to entrepreneurs ability to develop
a vision in mind for their business
Develop vision and strategy, plan
ahead, set goals and standards,
sell ideas.
Commitment Competency: It
demonstrates strong
motivation to compete, drive
to see venture through to
fruition, capacity to make an
impact and dedication.
Conceptual Competency : The
entrepreneur requires analytical
competency when faced with
addressing complex situations .It
demonstrates the possession of
cognitive ability and decision-making
skill, ability to weigh risks, think
analytically, be innovative, be creative,
show reasoning, capacity to reduce
risks.
Opportunity Competency: It
relates to the ability to
recognize opportunity, ability
to capture opportunity, ability
to identify customers need.
Relationship Competency: It
possesses and uses good interpersonal
and communication skills, ability to
influence others and gain support. A
key success factor for an entrepreneur
has been found to be his or her
capabilities to work with others such
as employees, business partners,
family, friends, customers and so
forth.
Organizing Competency: It is ability
to direct, lead, delegate, motivate,
plan and schedule work, develop
program, prepare budget.
Entrepreneurs should have the ability
to lead, coordinate, control, monitor,
and organize internal and external
resources of the business such as
finance and human resources.
Learning competency: Learning
competency is the ability of
directing and utilizing their skills to
be more successful in recognizing
and adapting to the changing roles
of entrepreneurs.
Personal Competency: Personal competency refers
to important personal qualities and abilities of the
competencies that help in building up personal
strength and enhance an individual effectiveness in
performing certain challenging tasks such as
managing one's own business. In the personal
competency, entrepreneur should identify strengths
and weaknesses and match them with opportunities
and threats. Additionally, this study also includes the
components identified by Chandler and Jansen who
identified three competencies, i.e. Technical
Competency, Social Responsibility and Ethical
Competency.
Technical competency: Technical
competency includes the ability to use and
adopt technical skills including the
techniques and tools handling which are
relevant to the business .This involves
possessing knowledge of instruments and
the functioning of tools, machines or
search procedure as well as mastery of
tasks or content of work.
Social Responsibility Competency:
Social Responsibility Competency has
been referred to as the positive
activities a company under takes in the
society in which it operates including
responsibility towards customers,
employee and the Public.
Familism Competency: Familism
Competency was defined as
affection and concern for family
that is dominant and drives action
and daily life.
Ethical Competency: Ethical competence
in business means high Ethical Awareness
and the ability to understand the ethical
problems and power to communicate and
argue at the organization level and having
confidence to run the business effectively.