What Drives People Into Entrepreneurship?

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. That is evident in several available literatures written by scholars on the subject matter but a closer examination of these literatures show tilted emphasis and concentrations on some traditional areas associated with entrepreneurship.

Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have led to an increasing fascination with studying the role of factors stimulating successful entrepreneurship, business success and national development.

Though, empreendedorismo, have played and can play more of these positive roles, is not an easy vocation as it generally does not always guarantee a hundred per cent triumph. There are several critical aspects of knowledge and factors that really must be acquired and put in position to enable entrepreneurs achieve a way of measuring business success and consequently contributing to national development.

Several researches have already been conducted in regions of entrepreneurship competency, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success often unquestionably argue that many entrepreneurial fiascos are essentially as a result of inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in lots of developed and developing countries of the entire world through the creation of financial agencies and provision of financial resources to business units for the only purpose of boosting and sustaining entrepreneurial development for rapid national development.

The above, policy strategy unfortunately has generated the continuous negligence on the area of the government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally contributes to successful entrepreneurship, business success and national development.

Several studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development. We will be duelling on our discussion more on these entrepreneurial competences to observe how they individually contribute to successful entrepreneurship, business success and national development.

As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the variety of jobs created, the level of wealth generated and the rate of indigenous entrepreneurship promoted in several countries across the world.

There's no doubt that government of the entire world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or elsewhere through various agencies and under different terms and conditions, this fact prompt one to ask a concern of high concern.

Why is there still higher level of business failure around the globe? Without much thinking, the failures are due mainly to entrepreneurial incompetency of these focused on making the daily business decisions of these businesses. Many business failures may be said to be and are largely caused by lack of entrepreneurial competence.

All of the businesses failed unknowingly even before there are started as a result of lack of among the required competence; project evaluation and management. This does not therefore; make it surprising while entrepreneurship competence has often been identified while the missing link for successful entrepreneurship, business failure and consequently crawling national development and in certain instances stalled economy. What then is entrepreneurship competence?

Before we check out defining and explaining entrepreneurship competence and understand the contextual meaning where it's employed in this writing with simplicity, it will undoubtedly be very imperative to first and foremost comprehend what entrepreneurship is.

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