The Characteristic of a Potential Entrepreneur.
a)
Initiative and risks taken by;
- Doing things before being asked or forced by events
- Acts to extend business in to new areas products etc
- Sees and acts on opportunities
- Looks for and takes action on opportunities.
- Sees and acts on new business opportunities
a) Persistence and patience through
- Taking repeated action to overcome obstacles
- Taking action to overcome obstacles
- Taking action in the face of significant obstacles.
b) Information and property seeking
- Takes action on his own to get information to help reach business objectives
- Does personal research on how to provide a product or service
- Consultation of experts on business and technical advice
- Asks questions to clarify information
- Undertakes market research analysis and investigation.
c) Concern for high quality work by
- Acting to do things that meet or beat existing standards
- A desire to produce and sell top and better quality products or services
- Compares own work favorable to other.
d) Commitment to work contract by
- Placing the highest priority on getting the job completed.
- Accepts full responsibility for problems that may arise in getting the job done
- Expresses concern on customers satisfaction.
e) Efficiency orientation by;
- Finding ways of doing things faster and cost effectively
- Uses information to improve efficiently.
- Express concern on costs improvements change etc.
f) Systematic planning
- by developing and using logical plans to meet goals
- breaking tasks down to sub-tasks
- developing plans which anticipate obstacles
- evaluates alternatives
- takes logical and systematic approach to activities
- identifies new and potential unique ideas to reach goals
- Switches to alternative strategies to reach goals.
g) Self –confidence
- has a strong belief in self and own abilities
- expresses confidence in own ability to complete task or meet challenges
- sticks with own judgment in the face of opposition or early lack of success
- confronts problems and issues directly
- Tells others what they have to do.
h) Persuasion
- convinces people to buy the products or service
- convinces people on providing funds
- Asserts own competence reliability and the company product.
i) Uses strategic influence and networking
- To develop business contact
- Uses influential people as agent to accomplish objectives
Advantages of Entrepreneurship
i)
Financial
gains
ii)
Self-employment which leads to job satisfaction and flexibility
iii)
Provide job opportunities to the unemployed or those seeking
better jobs.
iv)
A means of
opening up new industries especially in the rural areas- facilitating
globalization
v)
A source of generating income and increased
economic growth.
vi)
facilitates
competition encouraging high quality products
vii)
facilitates
production of more goods and services
viii)
Leads to the development of newer markets
ix)
Promotes use of
modern technology in especially small- scale manufacturing to enhance
higher productivity
Drawbacks of entrepreneurship
a)
Challenges of a
bidding entrepreneur
- long working hours
- poor pay
- unclear future
- fear of loosing all that has been invested
- bankruptcies and closure
b) Other challenges
- Fear of delegating
- the problem do it your self and know it all
- competition by established business
- lack of funds especially before break even
- Mis- management by employees
Promotion of Entrepreneurship
- Integrating entrepreneurship into the education system
- Registration to encourage risk taking
- Support of entrepreneurs through friendly loans at the appropriate time.
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