With the current economic crisis in Nigeria it takes only competent entrepreneurs to survive in business. In these days and times, businesses are failing at alarming rate due to factors beyond the control of the entrepreneurs themselves. The current high rate of inflation is making it very difficult to predict prices of goods and services and this is having negative impact on business performance most especially small and medium enterprises. Therefore, to survive in business entrepreneurs will require a combination of competencies to enhance business performance. Such competencies include: professional competencies, personal competencies and social competencies. Some other specific competencies needed by entrepreneurs but subsumed under the above classes of competencies are: financial management, marketing management competency, planning competency, problem solving, negotiation skills, design and creative thinking, leadership competency and so on. This study reviews literature on entrepreneurial competencies and their effects on business performance. The review is done from conceptual and empirical standpoints to evaluate the relationship between competencies of entrepreneurs and business performance. The results show that entrepreneurial competencies enhance business performance. Therefore, entrepreneurs should desire to acquire relevant competencies to enhance their business performance and to gain competitive advantage over competitors.