Entrepreneur Skills and Limitations!
Learn Entrepreneurship?
Global Challenge of Entrepreneur
Factors of Production
1)
Land -
Location
or Venue or Office
2) Labour - Resouce Persons or Staff
3)
Capital - Money to Start with.
These are scattered at different places. All these factors have to be
assembled together. This work is done by enterprise through entrepreneur. This
is an 'Organization Function'. Organization function is the work of
bringing the required factors together and making them work harmoniously.
Qualities / Skills of an
Entrepreneur
To
be a successful and ideal entrepreneur, one should have certain qualities or skills as given below :-
1. Ability to
organize : He should be able to organize various factors
effectively. He has to understand all the aspects of the business.
2. Professional
approach : He should be objective and professional in approach.
3. Risk bearer : He
should be risk taker. He should be ready to bear risk and uncertainties.
4. Innovative :
Organiser should be innovative. He should adopt modern techniques of
production. He should not be reluctant to changes.
5. Decision
Making : One has to take right decision at a right time by showing
his promptness. Quick decisions are expected but hasty decisions shouldn't be
taken. Delay in decisions may increase cost of project and reduce the profits.
6. Negotiation
skills : Businessman regularly comes into contact with various
persons like consumers, workers, government officials, etc. so he should
communicate tactfully.
Limitations
-
Fear for Failure and Risk
-
Poor Packing Skills
-
Unprofessional Communication Skill
-
Respect for Customers
-
Treatment of Customers
-
Product/Service Doubt
-
God Exclusion, Omission and Segregation
Decision Making – No one can deny
that the ability to make decisions is a core skill that every entrepreneur must
possess if he or she wants to be successful. From the very beginning of
your entrepreneurial journey, you must make sound decisions, first of all,
about which business to go into. From there, decisions on how to proceed
with marketing, funding, product production (in some cases), vendor selection,
and a host of other judgments need to be made. The key is to be decisive
and learn from mistakes, rather than fearing mistakes to the point that you
avoid decisions.
People Skills – It’s often said
that no matter what business you’re in, you’re in the people business. How true
that is! Even if you have a dog grooming business, it’s the people who
bring their dogs to you who pay you and make the decision to use your service
over your competition’s, so you’d better know how to deal well with
people. This is a skill that nearly every highly successful entrepreneur
has, and those who don’t have recognized the need to hire a “face of the
company,” often in the form of a CEO or COO, to represent them in the business
world. Whether dealing with customers, vendors, investors, the press, or
employees, well developed people skills can mean the difference between success
and failure.
Planning – Being able to project
into the future and build a plan to accomplish your objectives is a skill that
can take any entrepreneur far. Effective planning is what will guide your
company and ultimately define what you’re all about. The skilled business
planner knows that planning is only an effective skill when combined with
action, so they don’t get bogged down in planning, and they keep their plans
focused but somewhat flexible. With so many facets to effective planning,
it could be called as much an art as it is a skill.
Sales – Just as it is said that
every business is a people business, it is also true that whatever business
you’re in, you’re in sales. You might not be a salesperson in the “What’s
it gonna take for me to get you into this car today” sense, but if you are
exchanging products or services for money, you’re selling. And the more
skilled you are at sales, the more successful your business will be. It’s
not just customers you need to sell to though. Selling your business plan
to investors, your job opportunity to potential employees, or your marketing to
your target audience is all dependent upon your ability to sell your ideas.
Communication – If ever the term
“last but not least” was appropriate, this is it. The skill of communication
plays a role in the execution of all of the other skills above. If you
don’t have this skill, none of the other skills will be fully developed, no
matter how hard you try. You can’t be a great salesperson without great
communication skills; your planning skills won’t matter if you aren’t able to
effectively communicate your plans; you can hardly claim to have strong people
skills without being a good communicator; and it won’t matter what decisions
you make if they aren’t communicated properly to those who are in a position to
execute them. So of all the skills listed here, start working on your
communication skills first, if they aren’t 100%. It will pay off in
immeasurable ways.
Of course there are other important skills to have
as an entrepreneur. What would you add to the list?
Be sure to share with
the community in the comments below!
Sourced: BMNetwork Admin
www.bmnetworkafrica.com
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