Problem – Studying the relation of the two aspects of Managerial and Entrepreneurial competencies on the individual level. Combining theoretically the competencies of managers with the competencies of entrepreneurs into the concept of entrepreneurial competencies needed by managers in their work.

Purpose – We test which of the competencies of entrepreneurs are and can be utilized by professionally employed managers, by answering our three research questions:

            1. How do the researchers in the academic literature discuss and compare the managerial and entrepreneurial competencies – which are these competencies and when are they needed?

            2. What are the insights from the JIBS Students, and business consultants and developers as to whether entrepreneurs require and possess certain distinguishing competencies – which are these competencies and when are they needed?

            3. How does the analysis from the triangulation finalize the concept of entrepreneurial competencies needed by managers in their work?

Theoretical Framework – We build from the literature our two proposed theoretical models with 13 groups of competencies, giving an answer to our first research question:

Model 1: Core managerial competencies needed for routine tasks vs. additional competencies needed for non-routine/strategic tasks

Model 2: Core entrepreneurial competencies needed already from the venture’s starting stage vs. the additional competencies more necessary for running the established company.

The models are subsequently compared, and the preliminary concept of entrepreneurial competencies needed by managers in their work derived from them.

Methodology – The thesis utilizes in parallel both qualitative and quantitative data collection and analysis techniques. In answering our second research question, we used 1) a questionnaire to collect quantitative data for the population in interest, and 2) semi-structured interviews to collect qualitative data. The interview and questionnaire findings were then analyzed together. Therefore, in answering our third research question, we adopted a triangulation approach.

Empirical Findings and Conclusions – The interviews and questionnaire findings confirm that overall the respondents perceive entrepreneurs to possess all the 13 groups of competencies. The findings are almost completely in line with our proposed distribution of the 13 competency groups within Model 2. The combined analysis shows that both the interviewees and questionnaire respondents do support the concept of entrepreneurial competencies needed by managers in their work. Thus, it was concluded that our initially created concept was validated by the primary research. The concept ultimately includes the following nine groups of competencies: Proactiveness, Change, Risk Taking, Seeing Opportunities, Soft, Networking, Decision Making, Creativity, and Innovativeness.  

Implications and Future Research – Several groups of potentially interested actors could benefit in various ways from certain aspects of our concept – students, managers, entrepreneurs (current and aspiring). Moreover, the academics can also use the concept for future research in other contexts, in order to enrich the concept and make it even more beneficial for all these interested actors.