Entrepreneurs are people with skills and capabilities to see and evaluate opportunities. They are individual that can strategically identify products or services needed by the community and they have the capacity to deliver these at the right time at the right place. Entrepreneurs are agents of economic change. They organize, manage and assume risks of business.
Entrepreneurship is not just a simple business activity. It is a strategic process of innovation and new venture creation. It is both an art and science of converting business ideas into marketable products or services to improve the quality of living. Entrepreneurial skills refer to the activities or know-how that can establish and operate an enterprise successfully (Liñán and Chen, 2009). On the other hand, entrepreneurial competencies are considered a specific set of quality characteristics that represent the capability of an entrepreneur to perform a job (Man et al., 2002; Mitchelmore and Rowley, 2013). In this study, skills refer to the possibility of learning and adopting exclusive characteristics that are essential for performing entrepreneurial tasks that involve interactions within a social and material environment (Pyysiäinen et al., 2006).
Theoretically, RBV was applied to explain the benefits of entrepreneurial competencies on entrepreneurial skills as practices and know-how instigate unique capabilities in the organization, thus gaining competitive advantage from non- replicable and inimitable resources (Barney, 1991; Grant, 1991)
Entrepreneurial Competencies refer to the important characteristics that should possessed by an individual in order to perform entrepreneurial functions effectively.
1. Hardworking – is one of the important characteristics of a good entrepreneur. This means habitually working diligently for a long period of time. Hardworking people keep on improving their performance to produce good products and/or provide good services.
2. Self-confidence – entrepreneurs have confidence in one’s ability and own judgment. They exhibit self-confidence in order to cope with all the risks of operating their own business.
3. Discipline – successful entrepreneurs always stick on the plan and fight the temptation to do what is important.
4. Creative – an entrepreneur should be creative and innovative to stay in the business and in order to have edge over the other competitors.
5. Ability to Accept Change – nothing is permanent but change. Change occurs frequently. When you own a business, you should cope-up and thrive on changes. Capitalize on positive changes to make your business grow.
6. Has the Initiative – an entrepreneur takes the initiative. You must put yourself in a position where you are responsible for the failure or success of your business.
7. Profit-oriented – an entrepreneur enters into the world of business to generate profit for additional income. This shall become the bread and butter for you and your family as well. Therefore, you must see that the business can generate income.
8. Planner – planning is strategic thinking and setting of goals to achieve objectives by carefully maximizing all the available resources. A good entrepreneur develops and applies step-by-step plans to realize goals. A good entrepreneur knows that planning is an effective skill only when combines with action.
9. People Skills – refers to effective and efficient communication and relation to people working in and out of your business. It is a very important skill in order to be successful in any kind of business. A well-developed people skill can spell out the difference between success and failure of the business.
10. Decision Making – no one can deny that the ability to make wise decisions is an important skill that an entrepreneur should possess. Successful entrepreneurs have the ability to link quickly and to make a wise decision towards pre-determined set objectives.
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