Swing of Technical, Human, and Conceptual Skills on Entrepreneurial Success

Abstract

Because of liberalization of Indian Economy since 1991, domestic industries have began to face increasing competition as well as huge opportunities due to entry of large number of multinational companies, which requires high quality vendor support and ancillarization. As such, there is an obvious need for higher level of professionalism in sensing market opportunities, making strategic plans and managing the entrepreneurial ventures to succeed. In today’s globalized business world, there is a need to manage the enterprises more effectively than ever before. In India there is no dearth of resources, whether physical or human. What is essentially lacking is effective management. Against this backdrop, an empirical study has been conducted in the state of Tripura to observe the swing of Managerial Skills (Technical Skill, Human Skill, and Conceptual Skill) on entrepreneurial success. 120 entrepreneurs were randomly selected from the length and breadth of Tripura, who have run their enterprises at least 5 years as on 31st March, 2012. The sample consists of 80 Male entrepreneurs and 40 Female entrepreneurs. The primary data so required for the study have been collected from the sample of entrepreneurs with the help of a semi-structured mailed questionnaire. The findings of the study reveal that there is a positive co-relation between managerial skills of the entrepreneurs and the level of success achieved by them with respect to Net profit, Turnover growth, and Level of business diversification. Further, male entrepreneurs are much more successful in entrepreneurial venturing because of their higher level of managerial skills in comparison to the female counterpart.