Thus feed back means to know the strengthen and weaknesses of one's new behavior

ENTREPRENEUR COMPETENCY-NEED OF THE HOUR:

Smartness of a successful entrepreneur:-

           There are a few attributes  usually found in successful entrepreneur. These are mentioned below:

1. Smart work:-  Willing to work smart distinguishes a successful entrepreneur from un successful one.  Successful entrepreneur work smart , especially in the beginning and the same becomes their whole life.
2. Desire for high achievement:-  The entrepreneurs have a strong desire to achieve high goals in business.  This high achievement motive strengthened them to overcome the obstacles, anxieties, repair misfortunes and devise expedients and only setup and run a successful business.
3. Highly Optimistic:-  The successful entrepreneurs are not disturbed by the present problem faced by them.  They are optimistic for future situations .  Thus, they can run these enterprises successfully in future.
4. Independence:-  One of the common characteristic of the successful entrepreneur has been that they do not like to be quirked by other and to follow this routine.  They resist being pigeon holed.  They liked to be independent in the matters of their business.
5. Foresight: - The entrepreneurs have a good foresight to know about future business environment.  They can visualize the likely changes to take place in market, consumer attitudes technological developments etc., and take timely actions accordingly.
6. Good organizer:- Different resources required for production are divorced from each other.  It is the ability of the entrepreneurs that brings together all resources required for starting up an enterprise and then to produce goods.  
7. Innovative: - In view of the changing taste of customers, the entrepreneurs initiate innovate activities to produce goods to satisfy the customers changing demands for the products.  The research initiate established by Tata, Birla  ,Reliance, Infosys etc. are examples of innovative activities taken by successful entrepreneur.

 HOW TO DEVELOP ENTREPRENEUR COMPETENCY?

    Competency finds expression in human behavior.  Development of entrepreneurial competency is seen in the following method or procedure.

            The procedure involves four steps.

1. Competency Recognition
2. Self – Assessment
3. Competency Application
4. Feed back

Competency Recognition:

            The first step involved in developing a particular competency is first to understand and recognize a particular competence.

 Self Assessment:

            In this step we have to see whether one possesses the particular competence or not.  If yes, then to see how friendly one exhibits the same in his particular  portion of one's competence .It can be ascertained by posing and answering relevant question to a competence

Competency Applications:

            After assessing one's position regarding a particular competency, one needs to practice the same on continuous basis in various activities.  In order to make a new behaviors a part of one's personality, the particular behavior/competency needs to be applied frequently even in the simplest activities ‘that one performs in one's day-to-day life.  This is because "practice makes a man perfect'.

Feed Back:

            In this stage one needs to makes an introspection of the same in order to sharpen and strengthen one's competency.  This is called feed back.  Thus feed back means to know the strengthen and weaknesses of one's new behavior.  This helps one know how the new behavior has been rewarding.  This enables one to sustain or give up the exhibition of a particular behavior also competence in his life.