Key Entrepreneurial Traits and Competencies for Success In Entrepreneurship

Entrepreneurial traits together with the key business competencies are critical attributes discussed here. When these attributes are well imbibed by emerging business owners, they would be able to impact positively on the growth and sustainable development of their businesses.

Entrepreneurs without traits and business competencies would not be able to nurture their businesses for long; because “what you do not have, you can not give”.

It must be said loud and clear that private and public sector organizations have been able to actualize their set objectives of profit maximization and welfare maximization respectively because those managing these organizations lacked entrepreneurial traits and competencies required for taking their businesses to the next level.

Therefore, for emerging entrepreneurs, the earlier we acquire these attributes, the better. What then are the meanings of entrepreneurial traits and business competencies?

Entrepreneurial Traits

Traits refer to rare virtuous human attributes expected from somebody leading others or managing an organization. They include; drive, achievement, motivation, ambition, energy, tenacity, and initiative, leadership motivation, honesty, integrity, self-confidence, cognitive ability, and knowledge of the business.

A Nigerian business mogul, Aliko Dangote’s rise to stardom is attributed to his entrepreneurial traits.

He was quoted as saying: “I can remember when I was in primary school, I would go and buy cartons of sweets and I would start selling them just to make money. I was so much interested in business. Even at that time, I was used to buying and selling. It is in my mind all through. I did that on a part-time basis.

I usually bought packets of sweets and gave some people to sell for me. I would join them whenever I closed from school. I would collect my profit and give them something out of it. And we continued like that. The family had many servants.

For some of them selling things, I would say, “Please, sell these for me’ and he would sell and render accounts afterward. That was what I was doing. It was not as if I established shops. “If you give me today $5 billion, I will not invest any abroad; I will invest everything here in Nigeria. Let us put heads together and work. ”

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