Usually, 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.
The following are the standard problem-solving competencies required for an enterprise.
(a) Acquiring the necessary mindset which will help to understand that the problems are part of the process and start working on the problems in the context of the process to which the problems belong to.
(b) Basic understanding of the phenomenon that normally problems are always caused.
(c) A clear understanding of the fact that every problem has a solution and one must seek the solution.
(d) Decision making capability to choose the relevant, contextual and pragmatic solution, among the available multiple solutions for a problem.
(e) Explore the alternate strategies until the solutions for the imminent problems are found.
(f) Find or look for resources that would help to solve the problems in an amicable way.
(g) Generating new ideas, products, services, visions so that the problems of a similar type do not occur in the future.