The competitive nature of our business environment requires innovativeness and creativity to achieve performance. Being innovative and creative is important but being competent is very vital for any business growth. These can be achieved through training, learning new skills, attitudes, personal relationships, being initiative, information seeking and the rest to achieve entrepreneurial objectives. The paper therefore examines the competencies required for entrepreneurial performance, as influenced by personal traits and leadership skills. The paper adopted a theoretical approach and reviewed the relevant literature as a basis for the examination of entrepreneurial competencies and performance. Finding shows that engaging in entrepreneurial core competencies, personal traits and learners skills are positively related to business success. Engaging in managerial role, entrepreneurs require organizing and relationship competencies which are positively related to business success. The study recommended that government should be devoted to allocating resources for training and education. Entrepreneurs should desire entrepreneurship training and be more proactive. The study concluded that though entrepreneurial competencies are learnable through entrepreneurial training programmes and education they also serve as yardstick for formulating appropriate strategies and which when implemented enhance the attainment of business goals.