An Assessment of the Critical Qualities and Traits for Intending Entrepreneurs

Topics: Entrepreneurship, Entrepreneur, Business Pages: 14 (3180 words) Published: August 31, 2010
Over 510 million young women and 540 million young men live in the world today according to United Nations (UN) estimates. This means that approximately one person in five is between the ages of 15 and 24 years, or that young people comprise almost 18 percent of the world’s population. Although the proportion of youth in the world is dwindling (by 2025 it is forecast to fall to 16 percent) their absolute numbers have increased and will continue to do so well in to the twenty-first century. The majority of young people, 85 percent, live in developing countries, with approximately 60 percent in Asia alone. By 2020, the number living in developing countries will grow to about 89 percent.

The importance of education and training for an entrepreneurial society has been underlined on several occasions through United Nations Declarations and Conventions. ILO Recommendation No. 189, adopted in 1998, refers to entrepreneurship education as a way of promoting a positive enterprise culture.

1.1State the process of exploring opportunities
Process opportunity is a favourable challenge posed by the environment which may lead an entrepreneur to enjoy differential advantages such as profits, survival, potentials etc. It is just a set of business conditions waiting to be perceived and conditioned by someone. Dynamic prospecting for environmental opportunities may lead an entrepreneur to start producing a new product, install a new method of production, open up a new market, discover a new source or uses of raw materials, reorganize an existing enterprise etc.

Nigerian business environment is saturated with lots of challenging opportunities. Opportunities are not in short supply, rather, entrepreneurs capable of capitalizing on existing business or of creating new ones are in short supplies.

Opportunities are always ever there waiting to be plucked. To take advantage of them, someone must hunt or prospect for them, perceive, capture and realize them. In the words of Carlin (1965), “Opportunity offers itself to men in direct proportion to their ability, will for action, power of vision, experience and knowledge of business”

The ability of an individual to create money-making ideas and / or designs, formulate processes / product / service, is the greatest single power he possesses. Money making requires that opportunity be identified, selected, captured, capitalized and realized by organization to pursue what is captured; retain the organizations; maintain them and sustain their growth and success. Willing entrepreneurs must go through the following process in order to capture attractive investment opportunities, take advantage and make a success of them.

1.2Recognize needs for running a venture:
A venture must be fully recognized. The very propelling influence, need, motive or drive that is responsible for the entrepreneur’s eventual mindset to want to run a venture.

1.3Conduct self-approval
Define your values, competitive strength, behaviour, resources and other capabilities (personal capability analysis). Prospective entrepreneurs must analyse themselves and see if they possess the occupational, professional and entrepreneurial competence needed to run an enterprise being contemplated. Capability and value assessments are technically referred to as “enterprise or company profile”

1.4Scan the environment and industry
This will enable the entrepreneur to understand the force, institutions and actors that are currently and potentially germane to organization’s activities and performance.

Environment of business may be domestic or international, immediate or remote, external or internal, absolute or comparative.

To understand the environment,, the following are paramount; •Environmental scanning
Environmental forecasting
Organizational adaptation to environmental changes

1.5Analyze Business ideas / opportunities
Possible business idea / opportunities should be analyzed to...
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