These attributes are often associated with entrepreneurship. In Nigeria, some of these attributes have actually been investigated.
It is normally agreed that Nigerian entrepreneurs are socially active, alert to rewarding chances look for material rewards, which entrepreneurship is socially recognized. Their occupational background varies. They have actually had considerable working experience in companies, government and other professions. Contrary to popular expectations, however, Akeredolu-Ale discovered that previous company work has no considerable effect on later performance as an entrepreneur.
The academic achievement of Nigerian entrepreneurs is generally above the educational level of the ordinary Nigerian education is significant for a number of reasons. It is anticipated that education will provide entrepreneurs the methods by which new ideas might be obtained and the skills to manage a considerable business. Higher formal education has actually not been formed to be substantially related to effective efficiency as an entrepreneur. This is probably due to the type of education normally provided in Nigeria secondary schools and universities, which is not vocationally oriented.
Are There Any Entrepreneur Secrets?
Some entrepreneurs didn’t have the correct academic background but they’ve become effective in their chosen field. The reality is, there are many effective entrepreneurs without the correct company education. How many times have you heard of an entrepreneur who went back to square one and yet wound up having a high-profit earning company? Maybe there’s more to simply education.
You see, aside from education, you need to possess the right qualities and attributes of being an entrepreneur like management, innovativeness, creativity, risk taker, and numerous others. Even if you have the correct academic background, you can’t become an effective entrepreneur if you do not have these qualities and attributes.
It appears that education and the right qualities go together in producing a effective and efficient entrepreneur. Take benefit of it right away if you can have them both. Education is something that money cannot purchase in an instant and besides, you can utilize your knowledge advantageous interests of your business.
In short, the quality of an entrepreneur involves different activities which are accomplished to ensure the survival and development of business. Appropriate provisions need to be made for decision making and control of the activities of the business.
You have to participate actively in all school activities specifically those that require you to exercise your abilities in business planning, regulating, directing, and so on
The entrepreneur could involve such innovation by producing a new product, adjustment of an existing one in other to serve a demand better and adoption of a new technology or production process.
Nonetheless, the behavioral trait of the entrepreneur pertains to the entrepreneur’s personal characteristics, understanding and experience, to operate a company and develop.
Obviously therefore, entrepreneur involves the acquisition of resources for productive activities, risk bearing, decision making, innovation, provision of capital for continuing the operation of the business facility.
ACQUISITION OF RESOURCES FOR PRODUCTIVE ACTIVITES: This pertains to the entrepreneur’s private life or concern in a bid to create a good market. The acquisition of productive activities is a personal decision that is, taken by the entrepreneur for the purpose of its company to accomplish its primary intention.
The productive activities might be referred to as machines purchased for the function of production of goods/product in order to please the needs of the marketplace.
RISK BEARING: Risk is the uncertainty in the company. Nonetheless, the company is full of risk such as companies’ risk. Risk is the chance that a net result or occasion may not occur, when it takes place, the result will be different from the expectation.
The entrepreneur bears all the risk that is involved in the operation at the end result of business activities.
DECISION MAKING: Entrepreneur is like a manager, because he decides exactly how the business activities need to be performed which comprises of the strategies to be adopted for the operation of the business. The entrepreneur decision making can either be positive or undesirable to the business. Due to the fact that he has the last say on the operation of the business, the entrepreneur is stated to be supreme in decision making in this context. The entrepreneur must be ingenious as to enhance good operation and decision making.
INNOVATION: Innovation can simply be referred to as creativity or the intro of new idea and methods etc. the entrepreneur need to be ingenious in order to know how to customize its product and the creation of a new product into the marketplace to please their needs. Innovation is among the significant qualities of an entrepreneur since it improves the entrepreneur on the best ways to customize the existing products and the very best approach or method to be made use of in order to create a good market.
How can a person be called an entrepreneur when he does nothing with that product aside from producing it? Exactly what term will be labeled with an individual who takes other individuals’s items and make a success out of them? Will they be not branded as entrepreneurs too? According to Merriam-Webster dictionary, an entrepreneur is somebody who organizes, who handles, and who presumes the threats postured by the business or venture world. Now this definition of an entrepreneur is richer in content compared with the first one. Risks-these are actually faced by entrepreneurs as they position with any kind of financial investment in the market.
PROVISION OF CAPITAL: Based on accounting field of study, capital could be defined as any money utilized for establishing or beginning up a company. We can see that capital is really necessary to the entrepreneurs’ personal behavioral quality. This is the entrepreneur’s methods of sourcing for funds in order to start up the business and for continuing the operation of business establishment.