Competencies of Entrepreneurs-Determinant of Success

Abstract

Entrepreneurs can be found everywhere, doing just about everything-from starting a new restaurant to creating a new technology or invention. These people often put their money or their reputations on the line. Some wish to become rich and famous. Others wish to make themselves, their families or their communities better off. And some seek pure adventure-to challenge the limits of their capability. Regardless of motive, an entrepreneur's goal is to improve the way of life and end up benefitting a host of other people.

The culture of a region should foster innovation, encourage risk taking, protect new ideas and allow entrepreneurs to profit from their successes. The present study attempts to make some contributions to the literature, theory, and practices concerning Entrepreneurial Success. The research will help answer the questions:

• How can individuals be equipped to become "successful entrepreneurs" and use the tools of entrepreneurship to improve social and environmental impacts at the company level?

• How can individuals with an interest in becoming entrepreneurs be made aware of the aspects and hence challenges that their passion and creativity can help to address?

• How can professors design course materials, learning experiences and curricula that help students actively develop entrepreneurial skills and attitudes?

By investigating these questions, potential findings in the literature were revealed, which called for a descriptive analysis of the behaviour and competencies of an entrepreneur essential for the success of any business. A questionnaire was designed to study the aspects in Entrepreneurial Success and to propose a New Model in entrepreneurship" which was administered to the respondents by using a combination of survey method, and also by mailing questionnaires through a link on website to entrepreneurs(self-employed) and intrapreneurs (employed in leadership role).

Further to the data collection, the descriptive statistics were derived to measure the strength of the relationship of the respondent and each variable. Since there was no strong prior theory to suggest whether the relationship between Entrepreneurial Characteristics and The Context, whether successful or unsuccessful, was positive or negative, a twotailed test was performed. Normalisation of data was tested by KS test, Shapiro test & Wilk test in addition to Kurtosis&Skewness values. Based on the secondary and primary study new model for practices of entrepreneurship is proposed.