The critical position entertained by entrepreneurship as a sustainable instrument for quick economic development and progress of a nation can not be over emphasized. This is evident in several available literatures published by scholars about them subject but a closer examination of these literatures show moved stress and levels on some common parts associated with entrepreneurship.
Increasing games, rapid and regular changes in internal and outside atmosphere of company actions, and the significant influence Business of Small and Medium Scale Enterprises (SMEs) on the economy usually have triggered an increasing curiosity about learning the role of facets stimulating successful entrepreneurship, business success and national development.
Though, entrepreneurship, have performed and can play more of these positive roles, is no simple vocation as it generally does not always promise a hundred per penny triumph. There are several critical regions of understanding and facets that really must be purchased and set set up to enable entrepreneurs obtain a way of measuring business achievement and therefore causing national development.
A few researches have been done in aspects of entrepreneurship competency, entrepreneurship achievement and national development.
Many literatures associated with entrepreneurship and entrepreneurship success tend to definitely argue that a lot of entrepreneurial fiascos are essentially due to insufficient financial methods (e.g. Adeyemo and Onikoyi, 2012). Such study outcomes have no doubt influenced government policy path in many developed and establishing nations of the entire world through the development of economic agencies and provision of economic assets to business models for the only real intent behind enhancing and sustaining entrepreneurial growth for quick national development.
The above mentioned, policy technique regrettably has led to the continuous neglect on the the main government, scholars and business operators in these countries to contemplating other essential factors like entrepreneurial competency which equally plays a part in effective entrepreneurship, company accomplishment and national development.
The present literatures about them don’t offer sufficient explanations to the role basic and/or certain competences enjoy in successful entrepreneurship, business accomplishment and national development. This has ergo, built the partnership between entrepreneurial competence and entrepreneurship accomplishment to be important topic within organizational literatures. The aforementioned truth is apparent in many accessible reports performed by scholars on the subject subject (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 discovered entrepreneurship competences like communication competence, financial competence, marketing competence, organization ethics competence, cultural duty competence, decision-making competence and authority competence as catalysts to entrepreneurship achievement and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to effective entrepreneurship, organization achievement and national development.
As claimed earlier in the day at the beginning, entrepreneurship and entrepreneurship accomplishment enjoy proper functions in financial development, financial transformation and development of the society. These roles are apparent in the numbers of jobs produced, the amount of wealth created and the rate of indigenous entrepreneurship promoted in several places across the world.