The purpose of this project was to develop, administer, and evaluate an inservice education program designed to provide entrepreneurial competencies for owner-managers of newly formed small business firms. The project objectives included the following: (1) identify the core-crucial managerial-entrepreneurial competencies needed by the owner-managers; (2) prepare a series of competency-based individualized instructional modules; and (3) recruit and enroll a minimum of twenty-five owner-managers of newly formed business firms in a program of study which featured an individualized format. A review of the literature was undertaken to identify the reasons for failure of small business firms, determine needed owner-manager competencies, and determine the content for a training program. From the literature review a final list of twenty-four competencies was developed. From the list, twelve instructional modules were written featuring audio cassettes and materials published by the Small Business Administration. A training program for twenty-seven owner-managers was conducted using the modules and monitored by a teacher-counselor trained for this purpose. Evaluation of the project included an assessment by teacher-counselors, owner-managers, and a third-party evaluator. Based upon the findings of the study, it was concluded that the self-paced study was an acceptable approach to the development of competencies needed for the successful operation of small businesses. (JH)