Entrepreneurial Competencies and Business Performance of Millennial Entrepreneurs

Abstract

The study aims to determine the millennial entrepreneurs' level of entrepreneurial competency in innovative and marketing, strategic, personal, and learning and analytical competencies, and the business performance in terms of percentage increase in annual sales, profit, and assets in a three-year trend. The research design of the study is descriptive-correlational. The participants are composed of 153 Department of Trade & Industry (DTI)-registered millennial entrepreneurs aging between 20-40 years old whose businesses are operating for at least last three years. The sampling technique used was convenience sampling.  A researcher-made questionnaire was used which composed four parts. The overall entrepreneurial competencies indicated a total grand mean rating of 3.88, which is interpreted as highly competent. For the level of business performance, a gradual decrease is noted in service, merchandising, and manufacturing industries. The same trend is seen for the asset-size classification. Although the data present an increment increase on the line of business and asset size classifications, the trend falls on the lowest bracket. The results further show that there is no significant difference between entrepreneurial competencies and the participant’s profile (p-values > .05) as well as between entrepreneurial competencies and the participant’s business profile (p-value > 0.05). There is a positive but weak relationship between entrepreneurial competencies and business performance. The results further show that there is no significant difference between entrepreneurial competencies and the participant’s profile as well as between entrepreneurial competencies and the participant’s business profile. There is a positive but weak relationship between entrepreneurial competencies and business performance. In conclusion, DTI registered millennial entrepreneurs are highly competent in each indicator of entrepreneurial competences, increment increase can be noted on the lowest bracket of business performance. A workshop and seminar sessions with millennial business owners is suggested to address the weaker factors of entrepreneurial competencies to improve business performance.