The concept of entrepreneurial competency has its foundation not only in the competency and competence literature, but also in the literature of entrepreneurship. Unfortunately,thisisanotherliteratureinwhichdefinitionsareelusive.Conceptssuchas “entrepreneur”, “entrepreneurship” and “entrepreneurial” all remain under active discussion. For example, it may be relatively easy to identity outstanding and publically visible figures such as Bill Gates and Steve Jobs as entrepreneurs, but it is much more difficult to identify the characteristics that make us identify them as entrepreneurs and even more difficult to identify which students or new venture founders are, or might be, entrepreneurs. In particular, it is important to remember that although the term entrepreneurship is often associated with new venture creation and small business management (Gibb, 1996) not all owner managers can be regarded as entrepreneurs, nor are all small businesses entrepreneurial. Further, as discussed earlier, there is an increasing interest in entrepreneurship in larger organisations, termed corporate entrepreneurship (Hayton and Kelley, 2006; Sathe, 2003; Zahra et al., 1999). Nevertheless, if we are going to explore entrepreneurial competencies it is necessary at least to strive towards a definition of the terms entrepreneur and entrepreneurial. Early researchers sought to understand entrepreneurs by seeking to identify the traits and characteristics of an entrepreneur. Unfortunately however, researchers had great difficulty in identifying such a group of traits and characteristics. Very few entrepreneurs possess all the traits and attributes presented in the literature. Lessem’s (1986) response was to propose that there are various types of entrepreneurs, with different clusters of traits, based on personality type. Given the limitations of such trait approaches, entrepreneurship research has focussed on competency theories.