Company Management Skills Review: Difference between revisions

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Entrepreneurship which will be the practice of finding and starting a business opportunity, locating and consolidating the required money and materials and taking both the potential risks and rewards linked to the venture is where all who wish to make and enjoy great wealth should tune their mind and heart to.<br><br>Everything in life has two sides like the proverbial two sides of a coin. Entrepreneurship is fraught with dangers, perils, hazards and threats or risks just as it has booties, returns, compensations or incentives also referred to as rewards.<br><br>Here are risks and rewards of entrepreneurship which I would like discuss briefly inside this article for the benefit and information of those wishing to embark on the good journey of entrepreneurship:<br><br>Risks of Entrepreneurship<br><br>Getting paid - The salary of the business enterprise would determine if the entrepreneur gets paid or not. The entrepreneur doesn't have the luxury of an assured paycheck like his counterparts in paid employment. In the event the business does not make profit, there isn't anything for the entrepreneur.<br><br>Sporadic Income - The start-up entrepreneur may not have enough business to provide her or him with steady income. His or her income may fluctuate from day to day or from month to month.<br><br>No Income - An entrepreneur may face a season within his or her business life when there would be no business at all or when customers have failed to meet their payment obligations and as a consequence no income. Start-up entrepreneurs tend to be advised to save at least sufficient to cover six months expenses and income needs as part of their financial planning.<br><br>Having Security - What ever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement funds account supported by their employer, the entrepreneur must provide his or her own insurance coverage and retirement security. Before moving from paid employment to full-time entrepreneurship, it is vital that aspiring entrepreneurs add as part of their financial planning, some element of insurance and retirement security through savings.<br><br>Rewards of Entrepreneurship<br><br>Passion - Passion they say sells. One of the greatest joys of entrepreneurship is working daily on the passion of your life. When one's work and daily pursuits will be in the realm of his or her innate desires, one works with enthusiasm, appetite and hunger that drive to great action. Apart from being a reward on its own, passion guarantees that one is dealing with boundless energy which leads to greater production.<br><br>Great Boss - Entrepreneurs work for the greatest boss on earth which is themselves. In paid employment, we meet all kinds of bosses - some nasty, some great and some boring. The greatest boss anyone would have is oneself. Entrepreneurship enables you work for yourself and that creates an unbeatable feeling which money can not buy.<br><br>Hours - Among the immediate benefits of entrepreneurship is having control of one's life. Although the beginning of entrepreneurship could be rough, the capability to be in charge as well as have the capacity to set your times and schedules for your work and business is a reward of inestimable value.<br><br>Location - Where you live and work is one key factor to personal satisfaction. Entrepreneurship helps you to make this choice and not have to depend upon somebody else determining your office location which could be so far away from in which you reside leading to daily long commuting in public or private transportation. In Lagos Nigeria, where most corporate offices happen to be are too costly for some workers to reside in. Several of such locations do not have residential areas. Employees are forced into long distance commuting and traffic hold ups that boost their cost of fueling and will be the cause high blood pressure as a result of hanging out within the holdup year in year out. The entrepreneur can even keep his location virtual, meaning he may work [https://bibliocrunch.com/profile/renaldopwerner from the bibliocrunch.com blog] the comfort of his own home going online. An entrepreneur may also chose to be mobile.
The pivotal position occupied by entrepreneurship as a sustainable tool for rapid financial development and growth of a country can't be over emphasized. This really is evident in several available literatures authored by scholars on the topic matter but a more in-depth study of these literatures show tilted emphasis and concentrations on some common areas relating to entrepreneurship.<br><br>In like manner, entrepreneurial competences are critical success factors necessary for successful entrepreneurship, business success and of-course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is absolutely no substitute for entrepreneurship competence for successful entrepreneurship, [http://www.feedbooks.com/user/7584750/profile industry professionals] not even abundant financial resources can. There is no doubt as explained, entrepreneurial competence play important role in any successful entrepreneurial activities.<br><br>Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and medium Scale Enterprises (SMEs) on the economy generally have resulted in an expanding interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.<br><br>Although, entrepreneurship, have played and may play more of these positive roles, isn't a very easy vocation as it isn't going to always guarantee a hundred per cent triumph. You'll find several critical areas of knowledge and factors that has to be acquired and put in place to enable entrepreneurs achieve a measure of business success and consequently adding to national development.<br><br>Several researches have been conducted in areas of entrepreneurship competency, entrepreneurship success and national development.<br><br>Most literatures relating to entrepreneurship and entrepreneurship success often unquestionably argue that most entrepreneurial fiascos are essentially as a result of inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have without doubt influenced government policy direction in several developed and developing countries of the world over the creation of financial agencies and provision of monetary resources to business units for the sole purpose of boosting and sustaining entrepreneurial development for rapid national development.

Latest revision as of 03:15, 18 June 2021

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid financial development and growth of a country can't be over emphasized. This really is evident in several available literatures authored by scholars on the topic matter but a more in-depth study of these literatures show tilted emphasis and concentrations on some common areas relating to entrepreneurship.

In like manner, entrepreneurial competences are critical success factors necessary for successful entrepreneurship, business success and of-course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is absolutely no substitute for entrepreneurship competence for successful entrepreneurship, industry professionals not even abundant financial resources can. There is no doubt as explained, entrepreneurial competence play important role in any successful entrepreneurial activities.

Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and medium Scale Enterprises (SMEs) on the economy generally have resulted in an expanding interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.

Although, entrepreneurship, have played and may play more of these positive roles, isn't a very easy vocation as it isn't going to always guarantee a hundred per cent triumph. You'll find several critical areas of knowledge and factors that has to be acquired and put in place to enable entrepreneurs achieve a measure of business success and consequently adding to national development.

Several researches have been conducted in areas of entrepreneurship competency, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success often unquestionably argue that most entrepreneurial fiascos are essentially as a result of inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have without doubt influenced government policy direction in several developed and developing countries of the world over the creation of financial agencies and provision of monetary resources to business units for the sole purpose of boosting and sustaining entrepreneurial development for rapid national development.

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