ENTREPRENEURSHIP SKILLS (Part 1)
What is Entrepreneurship? This is the process of creating something new with value,by devoting the necessary time and effort,assuming the accompanying financial psychic,social risks and receiving the resulting monetary,personal satisfaction and independence.
WHO THEN IS AN ENTREPRENEUR? This is an innovator that turns an idea to a physical product. However,because of the inexperience of an entrepreneur when commencing business operations for the first time,it is likely that risks and uncertainties may be involved,which implies that business failure is not ruled out.
There are two types of Entrepreneurs,they are;
INDIVIDUAL ENTREPRENEURS: This is an individual who either have parents as entrepreneurs or saw the need to be creative and innovative in satisfying a need or a gap created by a product or service in their environment.
CORPORATE ENTREPRENEURS: This are group of individuals who started as individual entrepreneurs but later saw a need to group and expand in the scope of operation. This is done by inviting friends or individuals with similar vision to partake in further development of the enterprise. They also go into partnership with each other to make business grow.
There are some responsibilities expected from an entrepreneur which was be part of them in business.
An entrepreneur must be able to identify business opportunities within and outside the environment.
He/She must be able to possess the ability to develop new ideas that are not in conflict with the market situation and ideas.
He/She must be able to identify weaknesses and threats facing the business
He/She must have the ability to compete favourably in the market
He/She must be able to cope with technological innovation
He/She must possess adequate knowledge of periodic budget operation
He/She must introduce an appropriate incentive scheme to staff
He/She must possess good relationship with staff.
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