The community is interested in the role of entrepreneurs in developing the
community. No doubt, it is expected that the businessman should support
the community growth or development.
Lakewise, the entrepreneurs are expecting or interested in the role of the
community in aiding the growth of entrepreneurs. The community is
expected to provide a conducive, hospitable, secured and friendly environment for businesses to strife.
community. No doubt, it is expected that the businessman should support
the community growth/development.
Lakewise, the entrepreneurs are expecting or interested in the role of the
community in aiding the growth of entrepreneurs. The community is
expected to provide a conducive, hospitable, secured and friendly environment for businesses to strife Our people that are doing well will grant scholarship or give support to other less privileged sons and daughters of our community. Our one and only role is to make peace regn in our communities.
ROLE OF ENTREPRENEURS IN BUSINESS
Entrepreneurs play the following roles in business:
- Promoters: entrepreneurs are promoters because they can scan the environment, identify opportunities, marshal resources and implemernt the business idea.
2. Partners: entrepreneurs solicit the participation of other persons in
a business project because of the following:
a. The complexity of a business idea may require more than one person to run it. The influence, experience and capacity of others may be useful and
b. Friendships or acquaintanceships maybe consolidated through joint business association.
c. The degree of success or failure factor involved.
3. Shareholders: potential entrepreneurs would participate as
shareholders under the following circumstances.
a. When the enterprise requires too much investment.
b. When they do not want to commit their full time to the enterprise.
When risks may be reduced by spreading their investment
porttolio and
c. When they do not have the capacity to manage such an enterprise.
- Directors: entrepreneurs participate as directors by contributing
positive ideas to advance the enterprise’s objectives. Such weuld
include:
a. Ensuring compliance with all legal requirenment.
b. Safeguarding the interests of enmployees, especialy women in the context of decent work environment.
C. Safeguarding the interests of shareholders in the context of
return on investment.
d. Ensuring that business is conducted honestly and diligently and is devoid of fraud and deceit.
e. Ensuring social responsibilities and expectations are met.
- Organizers: for an entrepreneur to effectively control or monitor
operations and facilitate communication with workers, it is advisable to have an organizational structure for the enterprise
Organizational structures can be tormal or informal, for instance.
a. Various members of a family are assigned various positions.
b. Various employed assistants are assigned administrative positions in the running of a small business.
- Initiating ideas: entrepreneurs come up with new ideas. This is an
important area for an entrepreneur as it determines his/ her take of expansion in business, eg. new designs and use of products.
7. Taking risks: entrepreneurs take risks in business, eg starting
businesses which have an equal chance of success or failure Resigning from a secure job to start a business is also risk taking.
- Planning: entrepreneurs are aware of the importance of planning
and of the limitations of planning in the context of the above roles.
ENTREPRENEURIAL INITIATIVE
Recent data on entrepreneurial initiative and self-employment reveal a few problems. To overcome these problems, it is essential to develop entrepreneurial skills for which the entrepreneur has to initiate the
process of development.
This is a challenging task. This unprecedented, perpetual change with unlimited barriers makes entrepreneurial initiative in the future more significant and more dynamic.
This means that entrepreneurial initiative is a strategic process which
embodies calculated strategic choices.
There are strategies open to the
entrepreneur himself in terms of industry choice and individual and
resource-task fit, and there are strategies open to the regulators and
support agencies in terms industrial poicy tools, incentive and explicit
stimulation of industrial sector or branches.
A conceptual framework that
contains both dimensions will provide a convenient base for analysis and
possible policy action.
Encouraging entrepreneurial initiative is an issue applicable to both developed and developing countries and the search for effective means proceeding in earnest. The analysis has dealt with way of viewing the constraints embodied in the process of creating a new business or manufacturing operation.
SOURCES OF CAPITAL
Many of us are endowed with great business ideas. However, the rate of implementing those ideas is very low due to lack of capital.
Here is a breakdown of traditional and creative sources of capital you may
use to start up your company.
Friends and Family:
If your business is well thought out arnd has a proper business plan, your
family members together with your riends are the closest people to
approach when it comes to raising capital for your business.
Selling Of Assets/Boot Scrapping:
When starting off a business venture, it is good to consider and use what
you have to get what you want. Do you have any assets that you can
easily convert into cash?
Angel Investors:
If you have a great business idea, it is good to look for an angel investor
who will provide capital for you to kick-start your venture without any
financial strains. However, you should note that angel investors will have
a share of your business and will also be involved in decision making.
Venture Capitalist:
his method only applies to companies or businesses that are already
beyond the start-up phase and are facing difficulfies in running and
administration due to financial strain.
Renting Your Home:
the business world, it is always good to risk what yon have to get to
nere you want to be. The best example is renting your apartnent and
the rent to start up your business.
There absolutely no need for you to live in a ten bedroom house when can fit in a three bedroom house! Rent the 10 bedroom house and use the cash to start your own business.