In a fast-changing external environment the necessity of the development of entrepreneurial mindset among the young population is becoming increasingly relevant. Modern young Entrepreneur because of their years have creative thinking; tend to the business, innovation and risk. But this is not enough. For successful business young entrepreneur needs to develop their skills, thereby increasing their competence. Applying the competence-based approach in assessing a young entrepreneur is an effective tool to improve the quality of business activities. The survey of young potential entrepreneurs from the Republic of Moldova served as the basis for the results and conclusions.