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Every country, whether developed or developing, needs entrepreneurs. Whereas, a developing country needs entrepreneurs to initiate the process of development, the developed one needs entrepreneurship to sustain it. In the present Indian context, where on the one hand, employment opportunities in public sector and large-scale sector are shrinking, and on the other, vast opportunities arising from globalization are waiting to be exploited; entrepreneurship can really take India to the heights of becoming a super economic power.

Entrepreneurial Competencies

Competence is a combination of knowledge, skill, and appropriate motives or traits that an individual must possess to perform a given task. The entrepreneur needs to have certain knowledge, skill, and traits to plan, implement, and manage small enterprises. All these characteristics put together are known as competence.

Knowledge: the collection of information and retained facts that an individual possesses and also skills to translate that knowledge into actions.

Skill: the ability to perform functions that are related to attaining the goal.

Motives and Traits: it is a recurrent concern for a goal that drives and directs behavior of a person. And Trait is a quality which includes thoughts and psychological activities related to a general category of events.

Some essential Soft-skills

1. Initiative: Initiative refers to taking action beyond the job requirement or demands of the situation. Entrepreneurs should think before being asked or forced to by circumstances and activities to develop the business.

2. Persistence: Persistence means repeated action to overcome obstacles that get in the way of reaching goals.

3. Information Seeking: Nobody knows everything. One will have to acquire knowledge and gather information from elsewhere. Take help from experts and refer to books and journals to gain information.

4. Concern for High Quality of Work: Entrepreneurs should have the desire to produce work of high standard. Act to do things that meet or beat existing standards for excellence.

5. Commitment: Commitment means making personal sacrifice or extending extraordinary effort to complete a job. One should keep to the time schedule for delivery and satisfy the customers.

6. Efficiency Orientation: Efficiency orientation is finding ways to do things faster or with fewer resources or at a low cost.

7. Systematic Planning: Developing and using a logical step by step plan to reach goals is referred to as systematic planning. One should plan by breaking up a large task into sub-tasks, develop plans that anticipate obstacles, evaluate alternatives and take a logical and systematic approach to activities.

8. Problem Solving: Problem-solving attitude and not avoiding attitude develop competency.

9. Seek Confidence: One should have a strong belief in oneself and his own abilities. Express confidence in your own ability to complete a task or meet challenges.

10. Assertiveness: Assertiveness means confronting problems with others directly. You must tell others what they have to do and discipline those failing to perform as expected.

11. Persuasion: Persuasion is convincing someone to buy a product or service, provide finance or do something that he would like that person to do.

12. Use of Influence Strategies: Use a variety of strategies to influence others. Developing business contacts, using influential people to accomplish objectives, limiting the information given to others, etc., are influence strategies.