Skills and Competencies of a 21st Century Entrepreneur
Various definitions have been given to the word entrepreneur, due to the changes and complexity of the world’s economic structure. Entrepreneurs have been cussed and discussed, declared to be social misfits and bastions of the private enterprise system.
“An entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. They …show more content…
PRE – START UP PLANNING AND PREPARATION A combination of factors will be vital for the creation of a new business. The most important of these factors are planning, research, quality information and raising sufficient capital(Deaking and Freel,2009).for obvious reasons, lack of proper planning and research are the key reasons for failure in start-up business ventures.it has also been asserted that failure rates in new SME’s are attributed to undercapitalisation. From the interview with the entrepreneur, he confirmed proper planning and research is essential for the success of a new business venture. He states that with proper research he was able to find the right and ideal market. He raised sufficient capital from his previous job by saving for years and created a good business plan to evaluate the opportunity and increase performance of his business.
Planning and research helps the entrepreneur create a proper structure for the business, this also helps to determine if the idea is feasible and adds value.Pre-start-up planning and preparation in the form of documentation (business plan and cash flow forecast) can pose a great opportunity for new start-up businesses, it can