Managerial Competencies by an Entrepreneur for Achieving Business Success in Economic Downturn

IBRAHIM ABUBAKAR MIKUGI, USMAN BABA UMAR & MUHAMMAD HAMISU SHAFII

Department of Business Administration and Management

The Federal Polytechnic, Bida, Niger State, Nigeria

Email: tatafoundation@hotmail.com

ABSTRACT                                       

No business can survive, grow or develop without efficient and effective entrepreneurial practices. It can be posited that without entrepreneurship (which involves the conceptualization, birth, growth and development of new enterprises) there would be no serious business development in any economy. Competencies as a broader concept are regarded as networks of capabilities and other firm assets, and can be used for both internal and external industry comparisons. Most entrepreneurs find it difficult to stand the taste of time because of absence of managerial ability which contributes highly to the failure of their businesses. This paper examines the need to develop managerial competencies by entrepreneurs to explore the means of surviving in business through effective management in economic downturn. The researcher employs a qualitative research approach through theoretical analysis of some conceptual definitions and review of related literature. The key to successful entrepreneurship are discussed to mean the managerial competencies which are in-built skills entrepreneurs must hunt for, and utilize in order to outperform their competitors thereby achieving the motive of profit maximization. The paper concludes that managerial competencies must be stress by entrepreneurs to enable them contribute optimally to the economic development of the society. Recommendations were given which include the need for effort to be intensity by integrating managerial competencies in teaching manuals of entrepreneurship development programmes in our tertiary levels of education.