The Area of Entrepreneurship Competence running a business Success and National Development

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The pivotal position occupied by entrepreneurship like a sustainable tool for rapid economic progression of a rustic can’t be over emphasized. This really is apparent in a number of available literatures compiled by scholars about them matter however a closer study of these literatures show tilted emphasis and concentrations on some common areas associated with entrepreneurship.

Growing competitions, rapid and constant alterations in internal and exterior atmosphere of economic activities, and also the significant influence of Medium and small Scale Enterprises (SMEs) around the economy have led to an increasing curiosity about staring at the role of things stimulating effective entrepreneurship, business success and national development.

Though, entrepreneurship, have performed and may play greater number of these positive roles, isn’t an easy vocation as it doesn’t always guarantee 100 percent triumph. There are many critical regions of understanding and factors that must definitely be acquired and set up to allow entrepreneurs acquire a way of measuring business success and therefore adding to national development.

Several researches happen to be conducted in regions of entrepreneurship competency, entrepreneurship success and national development.

Most literatures associated with entrepreneurship and entrepreneurship success have a tendency to unquestionably reason that most entrepreneurial fiascos are basically because of insufficient financial sources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes probably have influenced government policy direction in lots of developed and developing countries around the globe through the development of financial agencies and provision of monetary sources to sections for that sole reason for boosting and sustaining entrepreneurial development for rapid national development.

The above mentioned, policy strategy regrettably has brought towards the continuous negligence for the federal government, scholars and business operators during these countries to thinking about other vital factors such as entrepreneurial competency which equally plays a role in effective entrepreneurship, business success and national development.

The present literatures about them don’t provide sufficient explanations towards the role general and/or specific competences play in effective entrepreneurship, business success and national development. It has thus, made the connection between entrepreneurial competence and entrepreneurship success to become important subject within business literatures. The above mentioned truth is apparent in a number of available studies made by scholars about them matter (e.g Crook, Todd, Combs, Woehr, and Ketchen, 2011 Mitchelmore and Rowley, 2010 Inyang and Enuoh, 2009 Laguna, Wiechetek, and Talik, 2013 e.t.c).

A number 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. We will be duelling on the discussion more about these entrepreneurial competences to determine the way they individually lead to effective entrepreneurship, business success and national development.

As stated earlier at the start, entrepreneurship and entrepreneurship success play proper roles in economic growth, economic transformation and growth and development of the society. These roles are noticeable within the figures of jobs produced, the amount of wealth generated and also the rate of indigenous entrepreneurship promoted in a number of regions.

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