The entrepreneurial activity has been recognized as a major source of jobs and economic development. Entrepreneurial minded persons are passionate, dedicated, optimistic. They are never satisfied with status quo, so they take action in order to address opportunities, rather than over analyzing situations, and waiting for permission. They are ambitious and willing to do whatever it takes to succeed, they take calculated risks, and focus on what it matters. They know how to use own resources and how to secure those they lack, and they pay attention to cash flow. They are confident that their investment in time and money will pay-off. They love challenge, welcome change, and know how to listen. They do not strive to please everybody - being rejected motivates them to work harder. Despite much research into explaining what makes entrepreneurial initiatives successful, the answers are not clear, most studies presenting conflicting findings. The need for developing entrepreneurial competencies is more urgent than ever before, since they are recognized to be the main driver of the entrepreneurial success. It is important to know and understand how to achieve this goal. Are there specific competencies that make an entrepreneur successful? And are these born, or learnable? Based on literature review and on quantitative and qualitative analysis, this paper aims to identify motivators and competencies important for entrepreneurial success, as well as actions, learning and development programs to be developed in order to improve them. Conclusions based on surveys and interviews undertaken by the authors will also be presented. The paper might be of interest for government, education and training providers, employers, potential and practicing entrepreneurs.