JMGT_V5_N3_RP2 Ilene Ringler Journal on Management 2230 – 715X 5 3 21 29 Small Business, Competency, Training, Competency Model, Leadership, Recruitment, Retention, Employee Development, Succession Planning, Office of Small Business Development Centers (SBDC), SBA, Customized Generic Model Method Failure rates for new small business can be high. One potential step that new business owners can take to reduce failure is to ensure they acquire the appropriate skills and knowledge to succeed at this critical growth stage. Developing training programs and support processes based on a competency model will enhance training effectiveness. Competency models for small business owners are available, but do not specifically identify competencies or behavioral factors that apply to small business owners who have never started or run their own business before. The purpose of this study is to complete a competency model and associated behaviors targeted to the needs of first time small business owners. This study will answer the following questions; What competencies are required for first time small business owners to be successful? What specific behaviors within each competency are required for first time small business owners to be successful? How can competency models as seen in the literature be revised, if appropriate, to reflect the changes needed to support the needs of first time small business owners? How can the revised models be used as a foundation for creating or enhancing training and development programs? December 2010 - February 2011 Copyright © 2011 i-manager publications. All rights reserved. i-manager Publications http://www.imanagerpublications.com/Article.aspx?ArticleId=1311