What are the various components of entrepreneurial competencies? Differentiate between Competency and skill.

Entrepreneurial competencies refer to the set of knowledge, skills, attitudes, and behaviors that enable individuals to successfully navigate the challenges and seize the opportunities associated with entrepreneurship. These competencies are crucial for entrepreneurs to effectively conceive, launch, and grow their ventures. Understanding the various components of entrepreneurial competencies and distinguishing between competency and skill is essential for aspiring entrepreneurs and those involved in entrepreneurship education and training.

Components of Entrepreneurial Competencies:

1. Knowledge:
   - Business and industry knowledge: Understanding the industry dynamics, market trends, regulations, and competitive landscape.
   - Financial literacy: Knowledge of financial management, accounting, budgeting, and cash flow management.
   - Legal and regulatory knowledge: Familiarity with legal frameworks, intellectual property rights, and compliance requirements.

2. Skills:
   - Opportunity recognition: The ability to identify and evaluate viable business opportunities.
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