Entrepreneurs Attributes, Traits and Competencies – are they the same thing ?

According to this paper written by Lau, Chan and Ho (2000), both Kirznerian and Schumpeterian perspectives are presented. They suggested that personality traits are inborn characteristics such as locus of control, risk-taking propensity, problem-solving style, opportunism and innovation; a skill is the ready ability that someone brings to a situation at any point in time; and knowledge is a technical skill.

Lau et al, (2000) described a “Competency Model”, which consisted of three elements, personality trait (competency based personality), skill and knowledge.

 

 

Reference

Lau, T., Chan, K. F., & Ho, R. (2004). Cross-border entrepreneurs–a study of the changing strategies and competencies of Hong Kong entrepreneurs upon exposure to the emerging market of China. Journal of Enterprising Culture, 12(02), 165-193.

Lau, T., Chan, K. F., & Man, T. W. (2000). The entrepreneurial and managerial competencies of small business owner/managers in Hong Kong: conceptual and methodological considerations. Research in competence-based management, 187-216..