Developing business skills
- Entrepreneurship skills
- The role of an entrepreneur
- Decision making skills
- Entrepreneurship and small business
Every enterprise begins with an entrepreneur. Hence, the entrepreneur holds the key to the success or failure of a business. However, there is no definite definition of an entrepreneur. It can be a manager undertaking an activity. An entrepreneur can also be an agent of economic change with regard to the impacts he or she has in a firm's economic system. Moreover, it can be an individual in terms of his or her personality, psychology, and personal characteristics. However, entrepreneurs are mainly recognized by the tasks they undertake. This means that an individual can be an entrepreneur even if he or she does not own the venture that he or she manages. For instance, nowadays, employees are increasingly acquiring the opportunity to own part of organizations through the provision of shares. Nonetheless, Kimberley (2012) claims that this just encourages Entrepreneurism but does not make one an entrepreneur.
The most common perception of an entrepreneur is the person who establishes a new business venture. This person undertakes the function of bringing different organizational elements together, and subsequently allocating them separate legal entities. These elements include productive resources and employees, among others. Johnson (2010) says that such entrepreneurs are important to economic development in developing nations.
However, other entrepreneurs buy firms that are already running. They may then expand and develop them, or just absorb them (Kimberley, 2012). Examples include Ray Kroc of McDonalds and Alan Sugar of Sinclair Scientific. Such entrepreneurs encourage creativity in the business sector; an essential aspect of entrepreneurship success. This creativity can mean more than just new technology or products. It may include any method that adds value to a process.
[...] In fact, this is why some businesses like Google have prospered universally to top ranks. Other business men should emulate such organizational structures and look out for the skills that may be lacking in order to attain a competitive advantage over the top ranked businesses. This will ensure the maintenance of competition in the business sector as well as continued economic development. References Joel, L., & Bailey, S. (2012). Developing work and study skills. London: Thomson Learning. Johnson, K. (2010). [...]
[...] However, other entrepreneurs buy firms that are already running. They may then expand and develop them, or just absorb them (Kimberley, 2012). Examples include Ray Kroc of McDonalds and Alan Sugar of Sinclair Scientific. Such entrepreneurs encourage creativity in the business sector; an essential aspect of entrepreneurship success. This creativity can mean more than just new technology or products. It may include any method that adds value to a process. An example is a new way of advertising or promotion of the business service delivery. [...]
[...] This is because all products and services are a combination of these factors. However, some economists perceive entrepreneurship as a fourth factor. Conversely, Johnson (2010) claims that an entrepreneur's creativity involves simply finding a new combination of economic factors. Another role of an entrepreneur is providing market efficiency. In this perspective, efficiency means that the entrepreneur is able to distribute resources in an optical way. This creates competition within the economic system. If there is no competition, excess profits are available. [...]
[...] These factors take into account these other issues, which may determine the result of a business decision. They can cover a wide scope but more importantly, they need to take note of the impact they have on human resources. For instance, a decision concerning an investment in a new production firm may be perceived not only in monetary terms, but also in relation with other techniques of decision-making such as SWOT or PEST analysis (Gallagher, 2013). In its widest sense, this decision may also be political with regard to the firm's internal politics as well as the national and international political effect. [...]