This paper underscores the place of competency-based learning as an approach in the development of entrepreneurial behaviour. It discusses the concept of entrepreneurial competencies which is geared towards developing necessary skills for empowering learners for effective teamwork management, and be able to establish and run an enterprise successfully based on identified opportunities. When fully grounded in these skills, citizens would be empowered to be self reliant, and be obsessed with self [1] employment for job creation. Anchored on qualitative research methodology, the paper looked at the concept of competency-based learning as an approach, and its’ relevance to entrepreneurial behaviour as it affects teamwork management and opportunity recognition competency skills with theoretical framework underpinned in skills acquisition theory. Findings of the study revealed that many businesses in Nigeria face difficulties because the necessary manpower to provide the right type of skills, knowledge, and competencies is inadequate. The study concluded that competency [1] based learning as an approach in revamping the economy is indispensable. It is therefore, recommended that Management of organizations should give their teams the autonomy to operate freely, and there should be enabling atmosphere to discover opportunities.