Competencies of a project manager are formed by a set of knowledge, skills, related experience, and ways of behaviour and attitudes. It is a way by which a project manager asserts his/her own professional knowledge to terminate a project successfully. There are different ways of a competencies division. Authors of this contribution focused on basic competencies and high performance competencies. Basic competencies of a project manager are comprehended as knowledge and skills that are indispensable for an own performance of managerial work. High performance competencies are relatively stable demonstrations of behaviour, by using them teams leaded by a project manager reach outstanding results. In contemporary entrepreneurial environment that is characterized by a high dynamics of changes, market globalization, strong competition and short time of launching technologies the basic competencies are not sufficient enough for a project manager. High performance competencies enable the project managers to manage effectively in contemporary turbulent environment. The competent project manager performs above standard, excellent performance.