Entrepreneurial Competencies as a Competitive Advantage in the Labour Market

European Union Member States as well as candidate countries have defined the development of entrepreneurial competencies of their citizens as a priority task and as a result this area has been gaining a growing interest among education professionals. In the context of the impending accession of the Republic of Croatia to the EU, Croatia has also made efforts to encourage the development of entrepreneurial competencies as a key factor in supporting economic growth and competitiveness. In addition to promoting the growth of new businesses, entrepreneurial competencies affect the development of an entrepreneurial mindset and more efficient use of the creative potential of existing knowledge and skills. As a result, there is an increasing interest in educational programs that encourage and develop entrepreneurial competences. In order to determine the importance of entrepreneurial competencies and identify the factors that affect their acquisition, an empirical study was conducted using a structured questionnaire and a sample of 324 students of the University of Josip Juraj Strossmayer in Osijek. Besides univariate descriptive statistical analysis, we have used a bivariate analysis and multivariate statistical analysis of the data. The results have confirmed that the more developed the entrepreneurial competencies, the greater the tendency towards entrepreneurial behavior and the likelihood of setting up a business. Study results show that students who participate in extracurricular activities, as well as those who come from entrepreneurial families show higher entrepreneurial skill levels. The study has also confirmed that teaching per se does not significantly contribute to the development of entrepreneurial competencies and that extra-curricular activities have a much more important role. Entrepreneurial competence is the key to increasing the competitiveness of an individual and enhancing personal development, and consequently a sustainable employability of students as it helps in creating, recognizing and exploiting opportunities, making changes and dealing with increasing uncertainty and complexity in our environment. Entrepreneurial competencies facilitate innovation, survival and development in a dynamic and uncertain environment, and help students develop a new awareness of themselves as professionals. Awareness of the new identity reinforces the perception of efficiency, commands respect and recognition by the environment and is a key factor in managing the lives and careers of students