Question
What is the meaning of managerial competency? What are the various types of competencies which can help entrepreneurs to realise their goals?
Answer :
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Managerial competency refers to the combination of knowledge, skills, abilities, attitudes and personal qualities that enable a manager or entrepreneur to perform managerial roles effectively and achieve organizational objectives. In the context of entrepreneurship, managerial competency goes beyond routine administration and includes the capacity to plan, organize, lead, control, innovate and take calculated risks in a dynamic and uncertain business environment. It reflects how efficiently an entrepreneur can mobilize resources, make decisions, handle people and respond to opportunities and challenges. Managerial competency is therefore a critical determinant of entrepreneurial success, as it influences both the survival and growth of an enterprise. One of the most important types of competency for entrepreneurs is technical competency. This includes knowledge related to the specific industry, product, service, production process, technology and operational methods. Technical competency helps entrepreneurs understand the practical aspects of their business, maintain quality standards, solve operational problems and guide employees effectively. Without adequate technical knowledge, entrepreneurs
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