i. Knowledge:
Knowledge refers to the collection of informations and retention of facts that an individual stores in some parts of his or her brain about any job or activity. Knowledge forms the basis for any action but mere possession of knowledge is not sufficient to perform the job or activity effectively unless one has something more than knowledge component to perform the activity. In real life situations, one may find various examples, where people possessing more knowledge have miserably failed in performing the task. For example, a person having enough knowledge about games and sports may not be a successful sportsman unless he has something more than the knowledge component to perform the activity. Therefore, only knowledge cannot ensure success. Success depends upon the ability or skill of using the acquired knowledge for achieving desired results. He must have the skills to translate the knowledge into action.
ii. Skill:
Skill refers to practical application or use of the knowledge. It is the ability to demonstrate a system and sequence of behaviour. It can be acquired only through practice which enables the individual to demonstrate the system and sequence of behaviour that are functionally related to perform a task. Going by the example, a person can acquired enough knowledge about games and sports by reading, listening, visuals etc. but cannot be a successful sportsman. Unless he has the skill which can be acquired only through regular practice. Thus performance depends upon both knowledge and skill.
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iii. Motives:
According to Steneir, “A motive is an inner state that energizes, activates or moves and directs or channels behaviour goals.” It includes thoughts related to a particular goal state. In simple terms, it is an inner urge of an individual to achieve his/her goal which Mc-Clelland has termed as Achievement Motivation’.
Thus, it is an urge for which one has continuous concern in his or her mind which directs one to get into certain actions so that the concern that One shows gets satisfied.
Coming back to the example already cited, the knowledge of games and sports followed by regular practice will not lead a person to become the best sportsman or athlete within a given reference group. The individual’s urge to do better and better help him to look out for ways and means for improving his standard thereby ultimately increasing the possibility of becoming the best sportsman.
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4. Traits:
A trait is a tendency or characteristic of a person through which the person responds to an equivalent set of stimuli. It includes thoughts and psycho-motor activities relating to a general category of events. People who believe themselves to be in control of their future are said to have traits of producing the desired result.
Thus, in order to achieve success in any venture including that of launching and managing an industrial venture successfully and effectively, a person must possess a sets of knowledge,, skill, motives and traits which could be together called as entrepreneurial competencies’ or ‘traits’.