by Aminat Abubakar

What is “entrepreneurial competence”?
The global business environment has become more complex and competitive because of globalization and the rapid rise in technological development. As such for corporate organizations and entrepreneurs to survive and strive for a set of entrepreneurial traits and competence are required as key drivers for high performance. Traits are an individual characteristic that varies in each person but the most common entrepreneurial traits are passion, proactivity, tenacity, and new resource skill. According to Ventureprise (2013), “Researchers have found specific traits that are the driving force behind entrepreneurial competencies, motivations, and competitive strategies that support venture success.”

Passion rates high as the core characteristics of entrepreneurs and an integral trait in successful leaders. Entrepreneurs with passion are able to face opportunities and challenges with high energy that is essential from the inception to the growth of businesses or corporate organizations.

Proactivity is the ability to act in effecting environmental change. Ventureprise stated, “Researchers believe that entrepreneurs with this personality trait typically use organizational strategies that involve high levels of environmental scanning and long-range forecasting which allows them to successfully identify new opportunities.”

Tenacity or perseverance shows entrepreneurs’ or corporate organizations’ readiness to confront hindrances to barriers to market towards the sustenance of business growth.

New resources skill is the ability to source for combine resources for the diligent use towards business success.

IGI Global (2018) explains entrepreneurial competency as “The ability to develop, organize, and manage a business venture along with any of its risks…by a person in order to successfully run a new venture. Among those characteristics are social, managerial and networking competencies.”

Do companies need “entrepreneurial competence” to move forward and grow?
Corporate organizations need entrepreneurial competence to successfully move forward and grow. Corporate organizations that have a high entrepreneurial competence level have a greater success rate in the formulation and implemental of robust strategies. They are well prepared to transcend from one phase of development to the other and are able to withstand any obstacle. “Entrepreneurship competencies combine creativity, a sense of initiative, problem-solving, the ability to marshal resources, and financial and technological knowledge. These competencies enable entrepreneurs and entrepreneurial employees to provoke and adapt to change. They can be developed through entrepreneurship education and training that focus on promoting an entrepreneurial mindset and behaviors” (OECD, 2018).

Corporate organizations need the following three types of entrepreneurial competencies: employee personal competencies, workplace competencies, and industry related competencies.

Employee personal competencies also known as soft skills are personal attributes required for a satisfactory daily job performance. These competencies include interpersonal skills, strong initiative, ambition, adaptability and flexibility, a willingness to take risks, and willingness to learn new things.

Workplace competencies represent employees’ ability to function effectively within the organization in the application of knowledge, skills, attitudes, values, and behaviors. These competencies include the following creative thinking, problem-solving and decision-making, networking, planning and organizing, business fundamentals, computer skills and technology, and customer focus.

Industry related competencies are the building blocks that support the development of an agile workplace. These competencies include the following principles of entrepreneurship, financial management, innovation and invention, business operations, planning, marketing, and risks assessment and management.

How should “entrepreneurial competence” be manifested in your industry?
In order to encourage successful growth, corporate organizations combine various team of experts with diverse knowledge, skills, and competencies to manage business operations. Corporate management consulting industry should cultivate an entrepreneurial organizational culture that would encourage innovation. What makes an organization stand out is the combination of business and technological innovation in their internal processes. For example, Amazon combined its business and technological competencies to leverage the grocery industry through the acquisition of Whole Foods.

Entrepreneurial competence should be developed in order to deliver the required training for employees within the organization. De Caluwé and Reitsma, (2010, p.17) listed the following management consultants’ basic competencies due to a research study:

1. Showing resilience: Flexibility
2. Analyzing: Analytical skills, Conceptual thinking, Learning orientation, Creativity
3. Considering: Balanced judgment, Awareness of external environment, Generating a vision
4. Facilitating: Listening, Sensitivity
5. Influencing: Communication, Presentation, Persuasion
6. Inspiring confidence: Integrity, Reliability, Loyalty, Creating a favorable atmosphere

In conclusion, it is essential for corporate organizations and entrepreneurs to learn and develop relevant entrepreneurial competencies and skills as it affects the organization’s effectiveness. Additionally, it determines the entrepreneurs and corporate organizations’ success and competitiveness in the marketplace.

Do you or your corporate organization have the right skills and competencies for effective and successful personal and business growth?

References
De Caluwé, L., & Reitsma, E. (2010). Competencies of Management Consultants:. Retrieved from http://www.decaluwe.nl/articles/CompetenciesOfManagementConsultants.pdf
IGI Global. (2018). What is Entrepreneurial Competence. Retrieved from https://www.igi-global.com/dictionary/entrepreneurial-competence/52230
OECD. (2018). Developing entrepreneurship competencies. Retrieved from https://www.oecd.org/cfe/smes/ministerial/documents/2018-SME-Ministerial-Conference-Parallel-Session-3.pdf
Ventureprise. (2013). Entrepreneurial Competency. Retrieved from http://ventureprise.org/files/6213/6619/9191/Entrepreneurial_Competency.pdf