The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. This is evident in several available literatures written by scholars on the subject matter but a closer examination of these literatures show tilted emphasis and concentrations on some common areas relating to entrepreneurship.
Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in a growing interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.
Though, entrepreneurship, have played and can play more of these positive roles, is not an easy vocation as it does not always guarantee a hundred per cent triumph. There are several critical areas of knowledge and factors that must be acquired and put in place to enable entrepreneurs achieve a measure of business success and consequently contributing to national development.
Several researches have been conducted in areas of entrepreneurship competency, entrepreneurship success and national development.
Most literatures relating to entrepreneurship and entrepreneurship success tend to unquestionably argue that most entrepreneurial fiascos are essentially due to inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of financial resources to business units for the sole purpose of boosting and sustaining entrepreneurial development for rapid national development.
The above, policy strategy unfortunately has led to the continuous negligence on the part of the government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally contributes to successful entrepreneurship, business success and national development.
The current literatures on the subject do not provide sufficient explanations to the role general and/or specific competences play in successful entrepreneurship, business success and national development. This has thus, made the relationship between entrepreneurial competence and entrepreneurship success to be important topic within organizational literatures.
Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development https://www.profitcatalystchronicle.com/. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.
As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the numbers of jobs created, the level of wealth generated and the rate of indigenous entrepreneurship promoted in several countries around the world.
There is no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.
Why are there still high rate of business failure around the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures can be said to be and are largely attributed to lack of entrepreneurial competence.
Most of the businesses failed unknowingly even before there are started because of lack of one of the required competence; project evaluation and management. This does not therefore; make it surprising while entrepreneurship competence has often been identified as the missing link for successful entrepreneurship, business failure and consequently crawling national development and in some instances stalled economy. What then is entrepreneurship competence?