The Importance Of Developing Entrepreneurial Skills Commerce Essay

The Importance Of Developing entrepreneurial Skills Commerce striveThe importance of the reading of entrepreneurial skills by e reall(a)y graduate ground forgenot be over-emphasized because gone be the days when jobs were available everywhere both in the private and public sector of the economy and employers go about sounding for potential employees to employ. Indeed, in the past, it is the employers that go round universities in this verdant to campaign for potential employees. Then on that point were fewer universities and low university enrolment. But today, things postulate changed and very drastically too such that m either graduates be in a flash sellers of recharge cards and just about turn as bus conductors. What an economic tragedy and waste The question of choice of job or employer is little by little being eroded each year. Many graduates argon despe judge to put d circumvent any job to keep body and soul going. Indeed there is a paradigm shift in the labo ur market place now. scour the superior chinks argon now fast getting into that problem of unemployment. traffic prospects for the youths atomic number 18 ever-changing with a lot of increasing competition the openings argon equally limited. Also, employment in the public sector is to a fault decrease and job prospects be diminishing by the day. Added to this ugly situation are the increasing trend of job outsourcing, casualization of labour in the oil and gas industry and the increasing phenomenon of rightsizing of labour among big firms and corporations in the country. As a side effect, the figure of tertiary graduates who shake up not been able to deposit the first employment since graduation for upward of five years is on the increase and even those with professional qualifications like MBA, ICAN, COREN, Medicine and Pharmacy are not spared from the ugly phenomenon. Others are paid peanuts if they are lucky to fixate paid job. Some now fall back on their cast down q ualifications like WASC and OND to secure menial jobs.The recent economic meltdown in any case has made matters worse. Some companies are as a result operating(a) below expected skill. The menses troubles in the monetary sector, particularly the gold and the capital markets and their subsequent effects on the economy, particularly on the authoritative sector as well as the remedial efforts of the CBN are very visibly glaring, instructive and challenging.Nevertheless, entrepreneur ship and indeed the bring for developing the requisite entrepreneurial skills demand been suggested to help redress the aforementioned problems by making spate not exactly to be job creators but wealthinessiness creators (Midea, 2004 Izedonmi, 2009). accord to Small stage business enterprise Service (2005), the possession of entrepreneurial skills to create untested knowledge based social enterprises is vital to addressing social and environmental issues effectively. Our track cannot aff ord to toy with it. Our tertiary institutions essential respond fast and positively towards entrepreneurship grooming. However, general business skills and general knowledge are considered insufficient to identification number graduates into entrepreneurs (Kisby, 2004). Hence, the need to develop specific entrepreneurship skills cannot be overemphasized .This is because entrepreneurship has been vital to creating employment and hence a special form of employability (Moreland, 2004). Both the government and the academia shake up been attracted to it. In particular, universities are re-designing their curricula and the ways they operate to create opportunities for the training of their students in practical entrepreneurial skills. Due to the way entrepreneurial programmes have delusive a global pro livenessration and dimension, it was suggested by Volkmann (2004) that it has be execute the major academic discipline for business education in the 21st century. I totally jibe with him.Economic Growth And EntrepreneurshipRecent accompany Report in 2008 by the Kauffman Foundation in connection with the relationship between economic growing and entrepreneurship found that all nations with elevated level of employment activities had above ordinary rate of economic growth. What this translates into is that entrepreneurial deficient economy will have low growth while entrepreneurially smashing economy tends to enjoy levelheaded growth. Hence, Government has come to recognize the importance of entrepreneurship in economic schooling that entrepreneurial ventures have in-built capacity to promote employment and economic growth. literary works ReviewOne of the first courses specifically addressing entrepreneurship was established at the Harvard dividing line School in 1947.In the U.K, the first courses in entrepreneurship were grounded in the 1980s unneurotic with the UKs first initiative for enterprise in senior high schooler education (Elton, 1991, Kirby, 1989 2005, Volkmann, 2004). along this line, Fry (1992) remarks that entrepreneurship has been one of the fastest growing disciplines in the U.S.A in the 1990s.By the circle of the 21st century, as many as 1600 universities in the North-America were offering courses in entrepreneurship compared to merely two dozens in the 1970s (Inegbenebor, 2005). The growth of entrepreneurship education and the subsequent inclusion into the curricula of universities in the United Kingdom has been attributed to the sheer need to serve the novelty need of businesses and to bewilder graduates with impartingable skills for businesses.ENTREPRENEURSHIP IN NIGERIA harmonise to Ekanem (2005), the tale and development of entrepreneurship in Nigeria started in the 1960s as support also by some of the earlier studies such as Schatz and Edokpayi (1962), Harris (1969), Olakanpo (1968) and Akeredolu-Ale (1972). in that locationfore, the creation of entrepreneurship development in Nigeria is not raw(a) . Since the 1970s, several government agencies and institutions in the country have been engaged in different aspects of fostering entrepreneurship in Nigeria, though with short-lived and varied victores. For instance, the Centre for Management ontogeny (CMD), bailiwick directorate of Employment (NDE), former Nigeria Industrial Development bevel (NIDB), Nigerian Bank for Commerce and Industry (NBCI), Nigeria Youth Service Corps (NYSC), among some others had programmes for entrepreneurship development in Nigeria. Other entrepreneurial development agencies include government sponsored Entrepreneurial Development Programme (EDP). NGOs, Nigerian Employers Consultative Association (NECA).The vigor with which it was pursued therefore is a different issue for our assessment. If the proofs are available even the cunning and deaf can feel it. Only fools dont proof.What Does Entrepreneurship Really Entail?Basically, what entrepreneurship entails includesThe twist of skills in negotia tionBuilding leaders skillNew crossroad developmentCreative and innovative thinking andExposure to technological innovation, (Kuratko, 2003).It shows students and graduates how to consider and behave entrepreneurially. It encourages them to get involved in net operative, create and manage businesses of their own and facilitate progress and success in entrepreneurial career.Entrepreneurship could satisfy consideration and social needs and leads to self-satisfaction and actualization.It can also meet the financial needs for the entrepreneurs and their families. In fact, entrepreneurship is a satisfying bidding even though it can be gambley and may even lead to expiry of wealth at condemnations (Fry, 1992). Society-wise, entrepreneurship has made substantial impacts throughout history because of numerous inventions, massive job creations made through elflike and mean(a) scale enterprises (SMES) in both developed and developing countries.DEFINITIONS OF ENTREPRENEURSHIPVarious d efinitions have been given for entrepreneurship. For instance Inegbenebor and Igbinomwanhia (2008) say that Entrepreneurship is the process of performing the roles of an entrepreneur. It has been defined as the process of planning, operating and assuming the risk of a business venture. It may also be defined as the process of creating a set value of pulling together a unique package of resources to overwork an opportunity. Entrepreneurship encompasses various activities which are carried out to ensure the survival and growth of the businessInegbenebor (2006) defines it as it is about bearing the skills needed to assume the risk of establishing a business. It is about developing the winning strategies and executing them with all vigour, persistence and estrus needed to win any gameEkanem (2005) Entrepreneurship is the process of or capacity for organizing, operating and assuming risk for a business venture. It is dynamic risk-pickings, germinal and growth oriented behavior which i nvolves the use of various resources to create wealthEkwe (1992) observes that, Entrepreneurship involves theability to perceive profitable business opportunities.2. willingness to act on what is comprehend and3. necessity organizing skills associated with a projectsFry (1992) says that Entrepreneurship involves action kind of than static events. It involves taking action necessary to analyze opportunities to launch and/or grow business, to finance the venture and possibly even to invest the venture.Izedonmi (2009) placed entrepreneurship in a continuum form with economic entrepreneurship at the end of the continuum and social entrepreneurship at the other end. In between these you will find some varying characteristics of combinations. The process is also dynamic.In summary, the central issues in entrepreneurship involve uncertainty and risk-taking, innovation, cognition and change. For instance, Drucker (1985) posits that innovation is the specification instrument of entrepren eurship. He argued further that the entrepreneurs must eternally change to respond to it, and exploit it as an opportunity.CHARACTERISTICS OF A DWINDLING providenceThe characteristics includeHigh unemployment rateHigh inflation rate impoverished average real income slump saving ratio or high consumption ratioLow levels of technologyLow levels of crosswayivityLow per capita income and downward trend of livingHigh poverty rate of a large proportion of the populationLow economic growth ratePoorly developed financial and stock marketsHigh level degeneracy and instability and insecurity of lives and propertyAlthough the above factors and many others can be observed in a dwindling economy, they also provide good basis for entrepreneurial development. In fact, of these factors listed above, some can act as either pull or advertise entrepreneurial factors. Very lots they provide good windows of opportunities for entrepreneurial-minded individuals.ROLES OF ENTRENEURSHIP IN REVIVING A D WINDLING confederationSome of the roles includeGenerating employmentIncreases productivity through innovationFacilitates the transfer/ adoption of technologyEnsures increase resource utilizationStimulates growth in the supply marketRenovates large scale enterprises and public enterprisesEncourages and sustains economic zip that enables an economy to adjust favoredly in a rapidly changing global economy.Linkage effects of various sections of the economy is facilitatedGenerate income and wealth occur fasterEncourages training and developmentEnsures rapid developmentDevelops native entrepreneurshipProvides a training ground for indigenous managers and semi-skilled workersReduces rural-urban migrationConstitutes a vital railway locomotive for economic growth development of a nation- increase GDPSkyrocketing of the result of SMES andPromotion of self-reliance and economic sustainabilityELEMENTS OF ENTREPRENEURSHIPEntrepreneurship may involve the following elements humor GENERATION A ND SCREENINGThis is actually the starting point of many untested entrepreneurial ventures. Sources of ideas are many and varied. The sources notwithstanding, the would-be entrepreneur must turn the habit of documenting those ideas. It should be packaged in form of feasibility report, no matter what.STARTING A BUSINESSThis could involvea. Buying an real businessb. Starting from the scratch or start-up businessc. Through licenced. By InheritanceCREATIVITY AND INNOVATIONInnovation is the development and knowledgeableness of a new product, a new process, or a new service to a market. Creativity is the link between pure vagary and the introduction of an innovative product, process or service.Both are necessary ingredients for entrepreneurship. However, creativity is behind innovation. Creativity alone, does not define entrepreneurship. Creativity without innovation does not produce results. And innovation without effective steering does not produce marketable products, processes o r services. Although creativity and innovation are necessary ingredients, they are not sufficient of themselves to establish successful entrepreneurship (Fry, 1992, Izedonmi, 2009). There must be effective and efficient administrative structure on the ground and a healthy dose of management as well.3. SEEKING FINANCING financial support could either be debt or equity pay, traditional or venture, infixed or external capital. The would-be venture must consider financing the venture. Availability, cost and timeliness must be balanced. Starting small attracts small capital input. However, not all entrepreneurial ventures require start-up capital or equal amount eitherCreative financing is a fundamental tenet of entrepreneurship.A growth-oriented venture uses multiple sources of financing. You must be alert to make your personal sacrifice in this respect. Too much, the banks will bespeak to see your personal inputs in terms of financial commitment.Finance institutions only lend to ventures that have proven records, and history, and those ventures that are also promising economically.4. presumptuous RISKEvery entrepreneur must assume one risk or the other. However, entrepreneurship is not necessarily risk-taking but risk-assuming.Corporate management deals in risk minimization, entrepreneurship deals in risk management.Corporate management too often generally tends to be risk-averse. They want to reduce risk to a minimal during production so as to be profitable. Entrepreneurship manages risk since it cannot be cut back significantly in entrepreneurial situations whether new or existing ventures.However, entrepreneurs are calculated risk- befool for grantedrs.Risk management involves the acknowledgement that risk exists and the actions that are taken to shift as much risk as possible to others and then(prenominal) control the remainder.Some risk Management ventures includeRenting rather than owning equipment and facilitiesUsing multiple sources of financin g.Building an entrepreneurial team with distinctive skills. undertake multiple ventures simultaneously with varied degrees of risk.Committing a portion of the total resources to any one project.Assigning a team member the responsibility of observe short-term performance with the anticipation of cutting losses of early performance indicates unfavorable results.THE PULL AND PUSH ENTREPRENEURSHIP FACTORSThere are various factors (negative or positive) which tend to provide the needed motivation in getting into entrepreneurship or becoming an entrepreneur. While the negative factors are called push factors the positive factors are pull factors. Both factors provide the fundamental attraction either by necessity or by desire and opportunity into the entrepreneurial world.The push factors areUnemployment / loss of job.Dissatisfaction with pay and job situation.Discrimination and victimization by boss in work place.Middle-age crises.Divorce / widowhood.Relocation.The positive pull factors areDesire for independence.Desire for increase in wealth.Increased social situation and prestige.Spouse support and motivation.Provision of market opportunity.Franchise.Provision of licenses by produce company.Favorable government policies and so onTHE ENTREPRENEURSHIP DECISIONThe entrepreneurial motivation to launch a venture has been grouped into three variables (Fry, 1992) asAntecedent variables.Triggering variables. change variables.The antecedent factorsThey cause the individual to begin to consider the possibilities of entrepreneurship either consciously or unconsciously. This could take into consideration the variables listed belowCreativity.Background.Personality.Past experience.Education.Current job.Triggering factorsThese are the events or situations that specifically trigger the entrepreneurial act. They are salient intent events may be quite personal , professional or for instance, financial changes in an entrepreneurs life that are perceived as very weighty to ent repreneurial decision may set off the alarm to take step .They involveLoss of JobInvention or judgementOffer from partnerEntrepreneurial motivation or willingness to start a venture (M) = Antecedent Variables (A) X Triggering Variables (T).The enabling factorsThese factors make the actual launching of the venture possible. They include opportunity and resources which are very critical to the successful launch of the venture. The likelihood of a venture launch is made up of these three factors combined. Our youths look outside instead of looking self-whispered. Those who look inward first tend to travel faster on the outside. Several entrepreneurial opportunities exist in the environment. They need to look well to discover some opportunities. Our youths must be ready to start small, learn the ropes and grow up. nasty work, patience and deep commitment are necessary.ENTREPRENEURSHIP OPPORTUNITIESEntrepreneurship tends to be opportunity-driven rather than resource-driven. This is b ecause that at a time opportunities are identified and properly evaluated resources are deployed to capture them. Opportunity creates or generates its kind of resources.There are thousands of opportunities available to would-be entrepreneurs who present high potential for wealth, growth, self-employment, independence, social status, and prestige. The would-be entrepreneur must conduct a thorough scanning and survey of the environment strategically. But if you do not have any readily available opportunity, you can creatively and innovatively come up with one. However, some of the sources of these opportunities could include1).Self-discovery2).Improvement in the quality of existing product/ service.3). Use of an existing product/service in an untapped market4). Invention5). Consultancy6). Trade magazines, Journal and Business Newspapers7). Societal needs8). Survey of natural resources9). Government Agencies10) Research Institutes, Universities, e.t.c11) Spin-off12) Work experience13) pastime and VocationENTREPRENEURIAL SKILLS REQUIRED TO TRANSFORM CHALLENGES INTO OPPORTUNITIESGENERAL BUSINESS SKILLSEntrepreneurial skills of successful entrepreneurs includeSales and Marketing skillsFinancial Know-how skillsSelf-motivation skill quantify management skillAdministrative skillSales and marketing skillsTo get the right customers and subsequently make target revenues and profitsInclude converse skillsFinancial know-how skillsTo know how to handle specie well. After all, not everybody can effectively manage money.Source and manage funds and cash flowsSelf-motivation skills internecine locus of controlSelf-starter with a clear desired goal in mindConfidence in yourself and in your ideasDiligent and profoundworking extra drive and commitment to set goalsTime management skillsTime is moneyTime is lifeEntrepreneurship opportunity has time-limitTime management is very distinguished for business successSelf-management is very critical for effective time managementTYPES OF BUSINESSES AND TIME MANAGEMENT TECHNIQUESHave a time table, schedule of activities to be doneEmploy delegation freely without fearDetermine priorities into imperative and important activities as-Urgent activities demand immediate attention-Urgent but not important activities Not urgent but important activities Not urgent not importantGive priority to (i) and (iii) because by performing them, time is reduced for activities (ii) and (iii)Manage meetings and relationship with othersAdministrative skillsOrganizing, coordinating, directing, planning and general management, etc.B). TECHNICAL, ANALYTICAL AND HUMAN RELATION SKILLSEntrepreneurs are expected ordinarily to be sound by training normally technically skilled. They must also develop and possess conceptual, analytical and human relation skills to be successful.Others are business planning, idea creation, negotiation, risk analysis and management skills etc.C). ICT SKILLSThey must also have computer and information Technology ( CIT) skills because of the era we are and the environment they will have to operate.ENTREPRENEURSHIP fortune AND SKILLSS/NENTREPRENEURSHIP OPPORTUNITYSKILLS AND ATTITUDES1.Business/consultancy in area of professional specialization or working as a contractorGeneral Business skills such as marketing, time management e.t.cConfidence enthusiasm, hardworking2.Sonet EntrepreneurshipIdea development, leadership, negotiation, planning, organizing, self belief, officeGeneral business skill3.IntrapreneurshipIdea development recognizing opportunities for improvementsAlliance building, confidence, leadership4.Non-traditional specialist businessGeneral BusinessIdea development, creativity, confidenceWillingness to work hard5.General Business VenturesIdeas development, creativity, confidence, willingness to work hardGeneral Business skillSource Andrea Developing Entrepreneurship skills in the context of higher education. study OF ENTREPRENEURIAL SKILLSThese could be throughAttending Entrepren eurial training classes, development programme, seminars, workshops, etc.UniversitiesJob rotationSpecial (intensive) trainingArticle ship or apprenticeshipOrganizational learningR D InstitutionConsultantsNational and international agencies and bodiesNGOsProfessional bodiesENTREPRENEURIAL SUCCESS FACTORSSuccessful entrepreneuring depends on foursome (4) major factors namelyKnowledgeHard workSkillsAttitude(character/ integrity)Lifematics Question Created by (Izedonmi, 2010)Now let us work out this lifematics question together. There are basically four (4) attributes or factors that can enhance our success in life viz Skills, Knowledge, Hard work and character (Attitude). They are all essential to ingredients of entrepreneurial success. How much does each contribute? Which of these is superior and wherefore? For easy understanding, let us replace character with perspective. eventOur current roman rudiments are made up ofA B C D E F G H I J K L M1 2 3 4 5 6 7 8 9 10 11 12 13N O P Q R S T U V W X Y Z14 15 16 17 18 19 20 21 22 23 24 25 26The alphabets together with their numerical values are stated above.Let us take each attribute one after the other and link up the corresponding numerical value. Start with skill, then knowledge follow this with hard work and finally character but remember to substitute attitude for character.Let us replace numeric value to each alphabet and see their results as indicated below(i)S K I L L S19 + 11 + 9 + 12 + 12 + 19 = 82%(ii)K N O W L E D G E11 + 14 + 15 + 23 + 12 + 5 + 4 + 7 + 5 = 96 %(iii)H A R D W O R K8 + 1 + 18 + 4 + 23 + 15 + 18 + 11 = 98 %(iv)A T T I T U D E1 + 20 + 20 + 9 + 20 + 21 + 4 + 5 = 100 %SolutionSkills secure only 82 %, Knowledge 96 %, hard work 98 % and Attitude 100 % in that order. Only Attitude which I equate to character for this purpose secures 100 % success in the race of high profile entrepreneurship.ConclusionI must admit that professional certification is good but character is a lot better. division is the true collateral security of our values, learning and entrepreneurial success. It keeps the society and scheme going. It prevents a nation from decaying and checkmates unnecessary crisis and even civil war. Therefore in all our entrepreneurial pursuit, character development should be given a prominent place.When character breaks down everything breaks down. True certification in life is only evidenced by character and not papers called certificates or entrepreneurial success alone or quantity of wealth.