ENTREPRENEURSHIP COMPETENCIES AND COMPETITIVE ADVANTAGE OF SMALL AND MEDIUM ENTERPRISES OF ODISHA – A STATISTICAL ANALYSIS

This research studies the influence of entrepreneurial competencies on the performance of small and medium enterprises by building a causal model using data obtained from entrepreneurs of Odisha. This research paper in general explores about the entrepreneurship system and the necessary steps taken by Entrepreneurs, Government as well as Financial Institutions to make entrepreneurial system success. This research paper focuses upon the core competencies of the entrepreneurs having small and medium manufacturing and exporting enterprises as well as success of these enterprises for the competitive advantage of such enterprises. Further researchers have tried to explore the relationship between the entrepreneurial competencies and their success through competitive advantage. This study is an empirical research, employing a questionnaire as a research instrument, and collecting data from 159 small and medium manufacturing and exporting enterprises of Odisha, accounting for 92.45 percent response rate of those contacted for this purpose. The study reveals that the successful entrepreneurship system is the function of a number of factors working in tandem referred to as key entrepreneurial triggers like individual motivations, socio-cultural factors, access to early-stage finance education and business environment. Prominent motivation triggers are independence, market opportunity, family background, new idea, challenge, and dream desire. Motivation triggers vary according to parameters such as region, gender, age, family background, and work experience. Challenge is the principal Motivation Driver. The study also reveals that the owners of small and medium manufacturing and exporting enterprises of Odisha have fair competence in knowledge competencies but good competence in skill competencies. In addition, the Odisha enterprises being studied have the highest level of competitive advantage in relationship advantage, but score substantially low in cost advantage. Besides, there are six elements of entrepreneurship competencies that significantly influence the competitive advantage. These elements are knowledge of strategic management, knowledge of business management, planning skill, executing skill, interpersonal skill, and responsive skill. Government organizations, academic institutions, and small and medium manufacturing and exporting enterprises should adopt the six elements of entrepreneurship competencies in order to further develop the competitive advantage of their small and medium manufacturing and exporting enterprises.