The Importance Of Developing Entrepreneurial Skills Commerce Essay

September 11, 2017 Commerce

The importance of the development of entrepreneurial accomplishments by every alumnus can non be over-emphasized because gone are the yearss when occupations were available everyplace both in the private and public sector of the economic system and employers go about looking for possible employees to use. Indeed, in the yesteryear, it is the employers that go circular universities in this state to run for possible employees. Then there were fewer universities and low university registration. But today, things have changed and really drastically excessively such that many alumnuss are now Sellerss of recharge cards and some work as bus music directors. What an economic calamity and waste! The inquiry of pick of occupation or employer is bit by bit being eroded each twelvemonth. Many alumnuss are despairing to acquire any occupation to maintain organic structure and psyche traveling. Indeed there is a paradigm displacement in the labour market now. Even the professional subjects are now fast acquiring into that job of unemployment.

Employment chances for the young persons are altering with a batch of increasing competition ; the gaps are every bit limited. Besides, employment in the populace sector is besides diminishing and occupation chances are decreasing by the twenty-four hours. Added to this ugly state of affairs are the increasing tendency of occupation outsourcing, casualization of labor in the oil and gas industry and the increasing phenomenon of rightsizing of labor among large houses and corporations in the state. As a side consequence, the figure of third alumnuss who have non been able to procure the first employment since graduation for upward of five old ages is on the addition and even those with professional makings like MBA, ICAN, COREN, Medicine and Pharmacy are non spared from the ugly phenomenon. Others are paid peanuts if they are lucky to procure paid occupation. Some now fall back on their lower makings like WASC and OND to procure humble occupations.

The recent economic meltdown besides has made affairs worse. Some companies are as a consequence runing below expected capacity. The current problems in the fiscal sector, peculiarly the money and the capital markets and their subsequent effects on the economic system, peculiarly on the existent sector every bit good as the remedial attempts of the CBN are really visibly glowering, informative and challenging.

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However, entrepreneurship and so the demand for developing the needed entrepreneurial accomplishments have been suggested to assist right the aforesaid jobs by doing people non merely to be occupation Godheads but wealth Godheads ( Midea, 2004 ; Izedonmi, 2009 ) . Harmonizing to Small Business Service ( 2005 ) , “ the ownership of entrepreneurial accomplishments to make new cognition based societal endeavors is critical to turn toing societal and environmental issues efficaciously ” . Our state can non afford to dally with it. Our third establishments must react fast and positively towards entrepreneurship instruction. However, general concern accomplishments and general cognition are considered deficient to turn alumnuss into enterprisers ( Kisby, 2004 ) . Hence, the demand to develop specific entrepreneurship accomplishments can non be overemphasized.This is because entrepreneurship has been critical to making employment and therefore a particular signifier of employability ( Moreland, 2004 ) . Both the authorities and the academe have been attracted to it. In peculiar, universities are re-designing their course of study and the ways they operate to make chances for the preparation of their pupils in practical entrepreneurial accomplishments. Due to the manner entrepreneurial programmes have assumed a planetary proliferation and dimension, it was suggested by Volkmann ( 2004 ) that it has become “ the major academic subject for concern instruction in the twenty-first century ” . I wholly agree with him.

Economic Growth And Entrepreneurship

Recent Survey Report in 2008 by the Kauffman Foundation in connexion with the relationship between economic growing and entrepreneurship found that all states with high degree of employment activities had above mean rate of economic growing. What this translates into is that entrepreneurial deficient economic system will hold low growing while entrepreneurially good economic system tends to bask good growing. Hence, Government has come to acknowledge the importance of entrepreneurship in economic development that entrepreneurial ventures have in-built capacity to advance employment and economic growing.

Literature Review

One of the first classs specifically turn toing entrepreneurship was established at the Harvard Business School in 1947.In the U.K, the first classs in entrepreneurship were launched in the 1980s together with the UK ‘s first enterprise for endeavor in higher instruction ( Elton, 1991, Kirby, 1989 & A ; 2005, Volkmann, 2004 ) . Along this line, Fry ( 1992 ) comments that entrepreneurship has been one of the fastest turning subjects in the U.S.A in the 1990s.By the bend of the twenty-first century, every bit many as 1600 universities in the North-America were offering classs in entrepreneurship compared to simply two tonss in the 1970s ( Inegbenebor, 2005 ) . The growing of entrepreneurship instruction and the subsequent inclusion into the course of study of universities in the United Kingdom has been attributed to the sheer demand to function the invention demand of concerns and to bring forth alumnuss with movable accomplishments for concerns.

ENTREPRENEURSHIP IN NIGERIA

Harmonizing to Ekanem ( 2005 ) , the history and development of entrepreneurship in Nigeria started in the sixtiess as supported besides by some of the earlier surveies such as Schatz and Edokpayi ( 1962 ) , Harris ( 1969 ) , Olakanpo ( 1968 ) and Akeredolu-Ale ( 1972 ) . Therefore, the construct of entrepreneurship development in Nigeria is non new. Since the 1970s, several authorities bureaus and establishments in the state have been engaged in different facets of furthering entrepreneurship in Nigeria, though with ephemeral and varied successes. For case, the Centre for Management Development ( CMD ) , National Directorate of Employment ( NDE ) , former Nigeria Industrial Development Bank ( NIDB ) , Nigerian Bank for Commerce and Industry ( NBCI ) , Nigeria Youth Service Corps ( NYSC ) , among others had programmes for entrepreneurship development in Nigeria. Other entrepreneurial development bureaus include authorities sponsored Entrepreneurial Development Programme ( EDP ) . NGOs, Nigerian Employer ‘s Consultative Association ( NECA ) .The energy with which it was pursued so is a different issue for our appraisal. If the cogent evidence are available even the blind and deaf can experience it. Merely fools do n’t proof.

What Does Entrepreneurship Really Entail?

Basically, what entrepreneurship entails includes:

The edifice of accomplishments in dialogue

Constructing leading accomplishment

New merchandise development

Creative and advanced thought and

Exposure to technological invention, ( Kuratko, 2003 ) .

It shows pupils and graduates how to believe and act entrepreneurially. It encourages them to acquire involved in networking, create and manage concerns of their ain and facilitate advancement and success in entrepreneurial calling.

Entrepreneurship could fulfill position and societal demands and leads to complacency and realization.

It can besides run into the fiscal demands for the enterprisers and their households. In fact, entrepreneurship is a hearty procedure even though it can be hazardous and may even take to loss of wealth at times ( Fry, 1992 ) . Society-wise, entrepreneurship has made significant impacts throughout history because of legion innovations, monolithic occupation creative activities made through little and average graduated table endeavors ( SMES ) in both developed and developing states.

DEFINITIONS OF ENTREPRENEURSHIP

Assorted definitions have been given for entrepreneurship. For case Inegbenebor and Igbinomwanhia ( 2008 ) say that: “ Entrepreneurship is the procedure of executing the functions of an enterpriser. It has been defined as the procedure of planning, runing and presuming the hazard of a concern venture. It may besides be defined as the procedure of making a coterie value of drawing together a alone bundle of resources to work an chance. Entrepreneurship encompasses assorted activities which are carried out to guarantee the endurance and growing of the concern ”

Inegbenebor ( 2006 ) defines it as: “ it is about bearing the accomplishments needed to presume the hazard of set uping a concern. It is about developing the winning schemes and put to deathing them with all energies, continuity and passion needed to win any game ”

Ekanem ( 2005 ) : “ Entrepreneurship is the procedure of or capacity for forming, runing and presuming hazard for a concern venture. It is dynamic risk-taking, originative and growing oriented behaviour which involves the usage of assorted resources to make wealth ”

Ekwe ( 1992 ) : observes that, “ Entrepreneurship involves the:

ability to comprehend profitable concern chances.

2. willingness to move on what is perceived and

3. necessary forming accomplishments associated with a undertakings ”

Fry ( 1992 ) says that “ Entrepreneurship involves action instead than inactive events. It involves taking action necessary to analyse chances to establish and/or grow concern, to finance the venture and perchance even to put the venture ” .

Izedonmi ( 2009 ) placed entrepreneurship in a continuum signifier with economic entrepreneurship at the terminal of the continuum and societal entrepreneurship at the other terminal. In between these you will happen some changing features of combinations. The procedure is besides dynamic.

In drumhead, the cardinal issues in entrepreneurship involve uncertainness and risk-taking, invention, perceptual experience and alteration. For case, Drucker ( 1985 ) posits that invention is the specification instrument of entrepreneurship. He argued further that the enterprisers must ever alter to react to it, and work it as an chance.

CHARACTERISTICS OF A DWINDLING ECONOMY

The features include:

High unemployment rate

High rising prices rate

Low mean existent income

Low salvaging ratio or high ingestion ratio

Low degrees of engineering

Low degrees of productiveness

Low per capita income and downward tendency of life

High poorness rate of a big proportion of the population

Low economic growing rate

Ill developed fiscal and stock markets

High degree corruptness and instability and insecurity of lives and belongings

Although the above factors and many others can be observed in a dwindling economic system, they besides provide good footing for entrepreneurial development. In fact, of these factors listed above, some can move as either pull or push entrepreneurial factors. Very frequently they provide good Windowss of chances for entrepreneurial-minded persons.

ROLES OF ENTRENEURSHIP IN REVIVING A DWINDLING SOCIETY

Some of the functions include:

Generating employment

Additions productiveness through invention

Facilitates the transfer/ acceptance of engineering

Ensures increase resource use

Stimulates growing in the supply market

Renovates big scale endeavors and public endeavors

Encourages and sustains economic dynamism that enables an economic system to set successfully in a quickly altering planetary economic system.

Linkage effects of assorted subdivisions of the economic system is facilitated

Generate income and wealth occur faster

Encourages developing and development

Ensures rapid development

Develops autochthonal entrepreneurship

Provides a preparation land for autochthonal directors and semi-skilled workers

Reduces rural-urban migration

Constitutes a critical engine for economic growing development of a nation- addition GDP

Skyrocketing of the outgrowth of SMES and

Promotion of autonomy and economic sustainability

Elementss OF ENTREPRENEURSHIP

Entrepreneurship may affect the undermentioned elements

IDEA GENERATION AND SCREENING

This is really the starting point of many new entrepreneurial ventures. Beginnings of thoughts are many and varied. The beginnings however, the manque enterpriser must cultivate the wont of documenting those thoughts. It should be packaged in signifier of feasibleness study, no affair what.

Get downing A Business

This could affect:

a. Buying an bing concern

B. Get downing from the abrasion or start-up concern

c. Through Franchise

d. By Inheritance

CREATIVITY AND INNOVATION

Invention is the development and debut of a new merchandise, a new procedure, or a new service to a market. Creativity is the nexus between pure imaginativeness and the debut of an advanced merchandise, procedure or service.

Both are necessary ingredients for entrepreneurship. However, creativeness is behind invention. Creativity entirely, does non specify entrepreneurship. Creativity without invention does non bring forth consequences. And invention without effectual direction does non bring forth marketable merchandises, processes or services. Although creativeness and invention are necessary ingredients, they are non sufficient of themselves to set up successful entrepreneurship ( Fry, 1992, Izedonmi, 2009 ) . There must be effectual and efficient administrative construction on the land and a healthy dosage of direction every bit good.

3. Quest Financing

Financing could either be debt or equity funding, traditional or venture, internal or external capital. The manque venture must see financing the venture. Availability, cost and seasonableness must be balanced. Get downing little attracts little capital input. However, non all entrepreneurial ventures require start-up capital or equal sum either

Creative funding is a basic dogma of entrepreneurship.

A growth-oriented venture uses multiple beginnings of funding. You must be prepared to do your personal forfeit in this regard. Too frequently, the Bankss will bespeak to see your personal inputs in footings of fiscal committedness.

Finance establishments merely lend to ventures that have proven records, and history, and those ventures that are besides assuring economically.

4. ASSUMING Hazard

Every enterpriser must presume one hazard or the other. However, entrepreneurship is non needfully risk-taking but risk-assuming.

Corporate direction trades in hazard minimisation, entrepreneurship trades in hazard direction.

Corporate direction excessively frequently by and large tends to be risk-averse. They want to cut down hazard to a lower limit during production so as to be profitable. Entrepreneurship manages hazard since it can non be reduced significantly in entrepreneurial state of affairss whether new or existing ventures.

However, enterprisers are calculated risk-takers.

Risk direction involves the recognition that hazard exists and the actions that are taken to switch every bit much hazard as possible to others and so command the balance.

Some hazard Management ventures include

Renting instead than having equipment and installations

Using multiple beginnings of funding.

Constructing an entrepreneurial squad with typical accomplishments.

Undertaking multiple ventures at the same time with varied grades of hazard.

Perpetrating a part of the entire resources to any one undertaking.

Delegating a squad member the duty of supervising short-run public presentation with the expectancy of cutting losingss of early public presentation indicates unfavourable consequences.

THE PULL AND PUSH ENTREPRENEURSHIP FACTORS

There are assorted factors ( negative or positive ) which tend to supply the needful motive in acquiring into entrepreneurship or going an enterpriser. While the negative factors are called push factors ; the positive factors are pull factors. Both factors provide the cardinal attractive force either by necessity or by desire and chance into the entrepreneurial universe.

The push factors are:

Unemployment / loss of occupation.

Dissatisfaction with wage and occupation state of affairs.

Discrimination and victimization by foreman in work topographic point.

Middle-age crises.

Divorce / widowhood.

Resettlement.

The positive pull factors are:

Desire for independency.

Desire for addition in wealth.

Increased societal position and prestigiousness.

Spouse support and motive.

Provision of market chance.

Franchise.

Provision of licences by parent company.

Favorable authorities policies etc.

THE ENTREPRENEURSHIP DECISION

The entrepreneurial motive to establish a venture has been grouped into three variables ( Fry, 1992 ) as:

Antecedent variables.

Triping variables.

Enabling variables.

The ancestor factors

They cause the person to get down to see the possibilities of entrepreneurship either consciously or unconsciously. This could take into consideration the variables listed below

Creativity.

Background.

Personality.

Past experience.

Education.

Current occupation.

Triping factors:

These are the events or state of affairss that specifically trigger the entrepreneurial act. They are outstanding life events may be rather personal, professional or for case, fiscal alterations in an enterpriser ‘s life that are perceived as really of import to entrepreneurial determination may put off the dismay to take measure.They involve:

Loss of Job

Invention or Idea

Offer from spouse

Entrepreneurial motive or willingness to get down a venture ( M ) = Antecedent Variables ( A ) Ten Triping Variables ( T ) .

The enabling factors

These factors make the existent launching of the venture possible. They include chance and resources which are really critical to the successful launch of the venture. The likeliness of a venture launch is made up of these three factors combined. Our youths look outside alternatively of looking inward. Those who look inward foremost be given to go faster on the exterior. Several entrepreneurial chances exist in the environment. They need to look good to detect some chances. Our young persons must be ready to get down little, larn the ropes and turn up. Hard work, forbearance and deep committedness are necessary.

ENTREPRENEURSHIP OPPORTUNITIES

Entrepreneurship tends to be opportunity-driven instead than resource-driven. This is because that one time chances are identified and decently evaluated resources are deployed to capture them. Opportunity creates or generates its sort of resources.

There are 1000s of chances available to manque enterprisers who present high potency for wealth, growing, self-employment, independency, societal position, and prestigiousness. The manque enterpriser must carry on a thorough scanning and study of the environment strategically. But if you do non hold any readily available chance, you can creatively and innovatively come up with one. However, some of the beginnings of these chances could include:

1 ) .Self-discovery

2 ) .Improvement in the quality of bing product/ service.

3 ) . Use of an bing product/service in an untapped market

4 ) . Invention

5 ) . Consultancy

6 ) . Trade magazines, Journal and Business Newspapers

7 ) . Social demands

8 ) . Survey of natural resources

9 ) . Government Agencies

10 ) Research Institutes, Universities, e.t.c

11 ) By-product

12 ) Work experience

13 ) Hobby and Vocation

ENTREPRENEURIAL SKILLS REQUIRED TO TRANSFORM CHALLENGES INTO OPPORTUNITIES

GENERAL BUSINESS SKILLS

Entrepreneurial accomplishments of successful enterprisers include:

Gross saless and Marketing accomplishments

Fiscal Know-how accomplishments

Self-motivation accomplishment

Time direction accomplishment

Administrative accomplishment

Gross saless and selling accomplishments

To acquire the right clients and later do mark grosss and net incomes

Include communicating accomplishments

Fiscal know-how accomplishments

To cognize how to manage money well. After all, non everybody can efficaciously pull off money.

Beginning and manage financess and hard currency flows

Self-motivation accomplishments

Internal venue of control

Self-starter with a clear coveted end in head

Assurance in yourself and in your thoughts

Diligent and hardworking

Extra thrust and committedness to put ends

Time direction accomplishments

Time is money

Time is life

Entrepreneurship chance has time-limit

Time direction is really of import for concern success

Self-management is really critical for effectual clip direction

TYPES OF BUSINESSES AND TIME MANAGEMENT TECHNIQUES

Have a clip tabular array, agenda of activities to be done

Employ deputation freely without fright

Determine precedences into pressing and of import activities as:

-Urgent activities demand immediate attending

-Urgent but non of import activities

– Not pressing but of import activities

– Not pressing ; non of import

Give precedence to ( I ) and ( three ) because by executing them, clip is reduced for activities ( two ) and ( three )

Manage meetings and relationship with others

Administrative accomplishments

Forming, organizing, directing, planning and general direction, etc.

B ) . TECHNICAL, ANALYTICAL AND HUMAN RELATION SKILLS

Entrepreneurs are expected normally to be sound by developing usually technically skilled. They must besides develop and possess conceptual, analytical and human relation accomplishments to be successful.

Others are concern planning, thought creative activity, dialogue, hazard analysis and direction accomplishments etc.

C ) . ICT SKILLS

They must besides hold computing machine and information Technology ( C & A ; IT ) skills because of the epoch we are and the environment they will hold to run.

ENTREPRENEURSHIP OPPORTUNITY AND SKILLS

Signal-to-noise ratio

ENTREPRENEURSHIP OPPORTUNITY

SKILLS AND ATTITUDES

1.

Business/consultancy in country of professional specialisation or working as a contractor

General Business accomplishments such as selling, clip direction e.t.c

Assurance enthusiasm, hardworking

2.

Sonet Entrepreneurship

Idea development, leading, dialogue, planning, forming, self belief, assurance

General concern accomplishment

3.

Intrapreneurship

Idea development acknowledging chances for betterments

Alliance edifice, assurance, leading

4.

Non-traditional specializer concern

General Business

Idea development, creativeness, assurance

Willingness to work hard

5.

General Business Ventures

Ideas development, creativeness, assurance, willingness to work hard

General Business accomplishment

Beginning: Andrea: Developing Entrepreneurship accomplishments in the context of higher instruction. & lt ; hypertext transfer protocol: //cfiweb.cf.uk/news/past.events/bee/files/Andea. on 16/3/2010 & gt ;

DEVELOPMENT OF ENTREPRENEURIAL SKILLS

These could be through:

Attending Entrepreneurial preparation categories, development programme, seminars, workshops, etc.

Universities

Job rotary motion

Particular ( intensive ) preparation

Article ship or apprenticeship

Organizational acquisition

R & A ; D Institution

Advisers

National and international bureaus and organic structures

Nongovernmental organization

Professional organic structures

ENTREPRENEURIAL SUCCESS FACTORS

Successful entrepreneuring depends on four ( 4 ) major factors viz. :

Cognition

Hard work

Skills

Attitude ( character/ unity )

“ Lifematics ” Question Created by ( Izedonmi, 2010 )

Now allow us work out this “ lifematics ” inquiry together. There are fundamentally four ( 4 ) attributes or factors that can heighten our success in life viz: Skills, Knowledge, Hard work and character ( Attitude ) . They are all indispensable to ingredients of entrepreneurial success. How much does each contribute? Which of these is superior and why? For easy apprehension, allow us replace character with attitude.

Solution

Our current Roman alphabets are made up of

A B C D E F G H I J K L M

1 2 3 4 5 6 7 8 9 10 11 12 13

N O P Q R S T U V W X Y Z

14 15 16 17 18 19 20 21 22 23 24 25 26

The alphabets together with their numerical values are stated above.

Let us take each property one after the other and associate up the corresponding numerical value. Start with accomplishment, so knowledge follow this with difficult work and eventually character but retrieve to replace attitude for character.

Let us replace numeral value to each alphabet and see their consequences as indicated below:

( I )

S K I L L S

19 + 11 + 9 + 12 + 12 + 19 = 82 %

( two )

K N O W L E D G E

11 + 14 + 15 + 23 + 12 + 5 + 4 + 7 + 5 = 96 %

( three )

H A R D W O R K

8 + 1 + 18 + 4 + 23 + 15 + 18 + 11 = 98 %

( four )

A T T I T U D E

1 + 20 + 20 + 9 + 20 + 21 + 4 + 5 = 100 %

Solution

Skills secure merely 82 % , Knowledge 96 % , difficult work 98 % and Attitude 100 % in that order. Merely Attitude which I equate to character for this purpose secures 100 % success in the race of high profile entrepreneurship.

Decision

I must acknowledge that professional enfranchisement is good but character is a batch better. Character is the true indirect security of our values, larning and entrepreneurial success. It keeps the society and system traveling. It prevents a state from disintegrating and checkmates unneeded crisis and even civil war. Therefore in all our entrepreneurial chase, character development should be given a outstanding topographic point.

When character breaks down everything interruptions down. True enfranchisement in life is merely evidenced by character and non documents called certifications or entrepreneurial success entirely or measure of wealth.

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