The Place of Entrepreneurship Competence in Business Success and National Development

The pivotal position occupied by entrepreneurship as an eco friendly tool for rapid economical growth and development of a country may not be over emphasized. This is apparent in several available literatures authored by scholars on the subject matter but a closer examination of these literatures show shifted emphasis and concentrations on some common areas relating to entrepreneurship. fusionex

Increasing competitive events, rapid and regular changes in internal and exterior environment of business activities, and the numerous impact of Small and Moderate Scale Enterprises (SMEs) on the economy generally have ended 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 a fairly easy vocation as it does not always assure a hundred per dollar triumph. There are many critical areas of knowledge and factors that must be obtained and set in location to permit entrepreneurs achieve a check of business success and consequently contributing to nationwide 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 believe that most entrepreneurial fiascos are essentially due to limited financial resources (e. g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced federal 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 only purpose of boosting and sustaining entrepreneurial development for rapid national development.

The above, policy strategy however has led to the continuous negligence on the part of the us government, students and business operators in these countries to considering other essential factors like entrepreneurial competency which evenly contributes to successful entrepreneurship, business success and nationwide development.

The current literatures on the subject do not provide sufficient information to the role basic and/or specific competences play in successful entrepreneurship, business success and national development. This has thus, made the partnership between gumptiouspioneering, up-and-coming competence and entrepreneurship success to make a big difference topic within organizational literatures. The above fact is evident in many available studies done by scholars on the subject matter (e. g Crook, Todd, Spines, Woehr, and Ketchen, 2011; Mitchelmore and Rowley, 2010; Inyang and Enuoh, 2009; Laguna, Wiechetek, and Talik, 2013 e. t. c).

Several studies determined entrepreneurship competences like communication skills, financial competence, marketing skills, business ethics competence, interpersonal responsibility competence, decision-making proficiency and leadership competence as catalysts to entrepreneurship success and national development. We all shall be duelling on our discussion more on these entrepreneurial competences to see how they independently contribute to successful entrepreneurship, business success and countrywide development.

As said previous at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economical growth, monetary transformation and development of the world. These roles are visible in the amounts of jobs created, the level of wealth made and the rate of native entrepreneurship promoted in many countries around the world.

Definitely that government of the world have put great efforts to promote entrepreneurship development, business success and economical development through accessibility of financial resources straight or otherwise through various agencies and under different conditions and conditions, this fact prompt one to ask something of high concern.

Why are there still high rate of business failure around the world? Without much thinking, the failures are credited mainly to entrepreneurial incompetency of those interested in making the daily business decisions of these businesses. Various business failures can be said to be and are largely attributed to lack of entrepreneurial proficiency.

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