Generally, a competency is an underlying characteristic of a person which leads to his/her superior performance in a job. Thus, entrepreneurial competencies are the underlying characteristics of an entrepreneur which result in superior entrepreneurial performance. Competencies cannot be cultivated without having an appropriate comprehension and perceptive of their meaning, consequence, and relevance.
Competency results in superior performance. Anyway, entrepreneurial competency can be injected into human minds through education and training. Generally, the following methods are used to develop and sharpen entrepreneurial competency.
(1) Competency recognition: The first step involved in developing a particular competence is first to understand and recognize a particular competence. Under this step, an effort is made to recognize the competency.
(2) Self-assessment: This step includes seeing whether one possesses the particular competence or not if yes, then to see how frequently one exhibits that competency in his practical life. Once a particular competency is understood and recognized, the next step is to find out where one stands with respect to a given competency.
(3) Competency application: “Practice makes a man perfect”. So, in order to make a new competence a part of one’s personality, one needs to practice the competency frequently in one’s day-to-day life. Regular practice of activity brings perfection in the field.
(4) Feedback: After understanding, internalizing and practicing a particular behavior or competence, one needs to make an introspection of the same to sharpen and strengthen one’s competency. This is called feedback. This means, to find out the strengths and weaknesses of one’s new competence. It helps in knowing the rewards of new competency.