qualities of a successful entrepreneur

Characteristics/qualities of a successful entrepreneur
Qualities or Personal Entrepreneurial Characteristics (PEC) of successful entrepreneurs refer to the desired traits, which enable an entrepreneur to do what is expected of him/her and succeed in business. It is the combination of these characteristics that is required to enable any one to perform effectively as an entrepreneur. It is possible for people to develop these characteristics and succeed in their careers as entrepreneurs. Successful entrepreneurs have common characteristics, which are divided into three clusters namely achievement,planning and power.

1. Achievement Cluster

Opportunity seeking

This refers to the quality that enables the entrepreneur to see and act upon new business opportunities even in situations where other people see nothing but problems/hopelessness only. It also encourages him/her to seize unusual opportunities for obtaining the necessary resources such as financing, equipment, land, workspace, technical assistance, etc, which will enable him/her to implement his/her business ideas.

Commitment to the work contract

This is the ability to accept final responsibility for completing a job for the customers. Customers expect entrepreneurs to perform and honour their commitments. It follows therefore that the entrepreneur should do everything possible to ensure that he/she fulfils the commitment with his/her customers. It means joining the workers to work with them to ensure that contractual commitments are fulfilled, the entrepreneur will do it.

Persistence

This is the quality, which enables the entrepreneurs to develop determination to have a thorough job done at any cost in terms of personal sacrifice. By doing this, the entrepreneur remains working towards the achievement of his/her set goals.

Risk taking

Entrepreneurs are people who prefer taking moderate risks. Before they commit themselves and their resources, they assess the risks that are associated with a business opportunity that they have selected, and their ability to manage them, the benefits that they will realise and the challenges that they will face from the venture to be undertaken.
Entrepreneurs can earn profits as a result of taking risks and the higher the risks, the higher the profits. However, entrepreneurs will always prefer to take on those risks that they can manage.

Demand for efficiency and quality

This is the quality that enables an entrepreneur to do things that meet or surpass existing standards of excellence or improve on performance by striving to do things faster, better and cheaply. By doing this, the entrepreneur remains ahead of others, makes more profits and retains a growing market share.

2. Planning Cluster

The planning cluster is made up of the following characteristics:

Goal setting

This refers to the ability of an entrepreneur to set clear and specific goals and objectives. These goals and objectives are normally high and challenging but at the same time, realistic and can be attained, given the resources that one has got at his/her disposal.

Information seeking

This is having the urge to look for the required information in order to make an informed decision, for example, selecting, starting and successfully managing the desired business. This calls for the concerned person to personally seek and obtain information regarding customers, suppliers, competitors as well as any other relevant information that is required to enable the entrepreneur make decisions and improve knowledge on his/her business.

Systematic planning and monitoring

This is the ability to develop plans that will be used in monitoring and evaluating the progress of the business. This helps the entrepreneur to carefully monitor his/her business’ actual performance against desired performance and turn to other alternatives whenever the need arises; so as to achieve his/her set goals.

3. Power Cluster

Persuasion and networking

This is the ability to link, convince and influence other individuals, agencies and other groups in order to maintain business contacts at a high level. This will help or work for the cause of the business in a positive manner to accomplish own objectives.

Self-confidence

This refers to having a strong belief or confidence in oneself and the ability to complete a difficult task or meet a challenge.

Student Activity 4

1. Name the various characteristics of an entrepreneur and list these characteristics on a board or flip chart.

2. Draw a picture showing an entrepreneur. [I.e. the picture could be of anything (a person, a tree, etc.), but should show as many characteristics of an entrepreneur as possible.]

3. Interpret your completed picture to other people explaining the characteristics being potrayed.

6. Think about how you might demonstrate some of the entrepreneurial characteristics in school work, extra-curricular activities, or part-time job.

7. Record your personal entrepreneurial characteristics in your exercise books.

Reflection

Try to discover that you may have many of the characteristics of the entrepreneur they you potrayed in your picture(s).

Checklist: Characteristics of an entrepreneur

Self-confident	Independent
Determined	Able to make decisions
Versatile	Able to take calculated risks
Achievement-oriented	Resourceful
Energetic	Able to lead
Efficient	Goal-oriented
Impatient	Optimistic
Competitive	Responsible
Eager to learn	Responsive to change
Flexible	Perceptive
Initiative-taker	Responsive to criticism

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unctions of an entrepreneur

Entrepreneurs perform a number of functions from the stage of starting a business to its level of success. These functions include:
1. Planning
This is the first step in setting up an enterprise. The planning process involves:

• Scanning for the best suitable idea
•  Selection of the product line
• Determining the type of business organization (individual or partnership or corporate)
• Estimation of capital resources
• Selection of location/site
• Studying the government policies and regulations
• Studying the availability of labour force
• Studying of the market and marketing strategy to be adopted

2. Organization
An entrepreneur co-ordinates, assembles and supervises other factors of production - land, labour and capital during the promotion and performance stage for optimum utilization of resources.
3. Decision-making
As a decision maker, an entrepreneur takes various decisions regarding the following matters:

• Determining the objectives of the business enterprise
• Procurement of machinery, material, men, etc
• Acquisition of efficient technology and new equipment
• Development of a market for the product

4. Management
This involves the operations of the venture and managing of day-to-day activities. It involves direction of men, machine, material and other resources.

5. Innovation

This may involve:

• Launching of a new product on the market
• Introduction of new technology in production
• Creation of new markets
• Discovery of new and better sources of raw materials

6. Risk bearing
An entrepreneur undertakes the responsibility for loss that may arise due to un foreseen circumstances in the future.

7. Uncertainty bearing

There are some risks which cannot be insured against and incalculable, for example uncertain trends in the market.

Student Activity 3

1. Outline the functions of an entrepreneur.

Benefits and challenges of an entrepreneur

Entrepreneurs enjoy a range of benefits for being in business. At the same time, they are confronted by a range of challenges in the course of doing their work as entrepreneurs. Table 1.1 shows the benefits entrepreneurs enjoy and the challenges they face.

Table 1.1 Benefits and challenges of being an entrepreneur

Benefits	Challenges
1. Social recognition	1. Long and irregular hours of work
2. Increased income	2. Low level and insecurity of income
3. Improved standard of living	3. Low life style due to hard and demanding work<
4. Flexibility in decision-making	4. Potential loss of resources invested in business
5. Developing self-confidence
6. Self-employment

Challenges refer to the major activities undertaken in a business, whereas tasks are specific pieces of work that can be done to meet the challenges. Examples of challenges and tasks are given in Table 1.2 below.

Table 1.2 Tasks and challenges in business

Challenges	Tasks undertaken to meet challenges
Raising capital	Applying for a loan Sourcing credit facilities from suppliers Reducing expenditure so as to save, etc.
Marketing goods/services	Advertising Costing and products Market assessment, etc
Managing funds	Budgeting and budget control Record keeping, etc
Maximizing profits	Controlling costs Sales promotion, etc
Acquiring stock	Contacting suppliers Choosing best suppliers Transporting goods Storage, etc Installing effective and efficient production processes producing high quality products

At times, many tasks can be undertaken in meeting a challenge. Table 1.2 above shows some of the challenges and the related tasks in business.

Student Activity 6

1. Interview a local entrepreneur.
(a) What benefits do entrepreneurs enjoy?
(b) What challenges do entrepreneurs face?
(c) What mechanisms do entrepreneurs use to overcome those challenges?

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functions of an entrepreneur

functions of an entrepreneur

Entrepreneurs perform a number of functions from the stage of starting a business to its level of success. These functions include:
1. Planning
This is the first step in setting up an enterprise. The planning process involves:

• Scanning for the best suitable idea
•  Selection of the product line
• Determining the type of business organization (individual or partnership or corporate)
• Estimation of capital resources
• Selection of location/site
• Studying the government policies and regulations
• Studying the availability of labour force
• Studying of the market and marketing strategy to be adopted

2. Organization
An entrepreneur co-ordinates, assembles and supervises other factors of production - land, labour and capital during the promotion and performance stage for optimum utilization of resources.
3. Decision-making
As a decision maker, an entrepreneur takes various decisions regarding the following matters:

• Determining the objectives of the business enterprise
• Procurement of machinery, material, men, etc
• Acquisition of efficient technology and new equipment
• Development of a market for the product

4. Management
This involves the operations of the venture and managing of day-to-day activities. It involves direction of men, machine, material and other resources.

5. Innovation

This may involve:

• Launching of a new product on the market
• Introduction of new technology in production
• Creation of new markets
• Discovery of new and better sources of raw materials

6. Risk bearing
An entrepreneur undertakes the responsibility for loss that may arise due to un foreseen circumstances in the future.

7. Uncertainty bearing

There are some risks which cannot be insured against and incalculable, for example uncertain trends in the market.

Student Activity 3

1. Outline the functions of an entrepreneur.

Benefits and challenges of an entrepreneur

Entrepreneurs enjoy a range of benefits for being in business. At the same time, they are confronted by a range of challenges in the course of doing their work as entrepreneurs. Table 1.1 shows the benefits entrepreneurs enjoy and the challenges they face.

Table 1.1 Benefits and challenges of being an entrepreneur

Benefits	Challenges
1. Social recognition	1. Long and irregular hours of work
2. Increased income	2. Low level and insecurity of income
3. Improved standard of living	3. Low life style due to hard and demanding work<
4. Flexibility in decision-making	4. Potential loss of resources invested in business
5. Developing self-confidence
6. Self-employment

Challenges refer to the major activities undertaken in a business, whereas tasks are specific pieces of work that can be done to meet the challenges. Examples of challenges and tasks are given in Table 1.2 below.

Table 1.2 Tasks and challenges in business

Challenges	Tasks undertaken to meet challenges
Raising capital	Applying for a loan Sourcing credit facilities from suppliers Reducing expenditure so as to save, etc.
Marketing goods/services	Advertising Costing and products Market assessment, etc
Managing funds	Budgeting and budget control Record keeping, etc
Maximizing profits	Controlling costs Sales promotion, etc
Acquiring stock	Contacting suppliers Choosing best suppliers Transporting goods Storage, etc Installing effective and efficient production processes producing high quality products

At times, many tasks can be undertaken in meeting a challenge. Table 1.2 above shows some of the challenges and the related tasks in business.

Student Activity 6

1. Interview a local entrepreneur.
(a) What benefits do entrepreneurs enjoy?
(b) What challenges do entrepreneurs face?
(c) What mechanisms do entrepreneurs use to overcome those challenges?

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Meaning of an entrepreneur

Meaning of an entrepreneur

The term entrepreneur has had varied meanings. The term entrepreneur is a French word which literally means ‘between’ or ‘go-between’. A female entrepreneur is sometimes known as an entrepreneuse. An entrepreneur is a person who operates a new enterprise or venture and assumes some accountability for the inherent risks.

An entrepreneur is simply an individual who has the ability to see and evaluate business opportunities, gather the necessary resources, start a business and once started to take appropriate actions to ensure its success. Entrepreneurs are people who have a high drive and creativity. They constantly strive to achieve success using their own efforts and they take credit of whatever outcome. Likewise, they take responsibility for any failure that may befall their businesses. In other words, an entrepreneur is a person who:

• Perceives his/her needs, analyses him/herself in relation to what he/she would like to be in future
  
• Scans the environment and identifies business opportunities that he/she could possibly do in order to achieve his/her goals in life
  
• Conducts a market survey to assess the feasibility and viability of the identified business opportunities to select the most suitable one
  
• Calculates the risks involved in doing the selected business opportunities so as to find out if he/she can reduce them to manageable levels, and if not, leave and choose another alternative
  
• Mobilizes the necessary resources to start the selected business
  
• Sets an organization or arrangement through which the planned business will be operated
  
• Regularly monitors business performance against set or planned targets
• Takes corrective actions to achieve his/her targets.

Students' Activity 2

1. What do you think an entrepreneur is?

2. Identify any entrepreneurs you know or any famous entrepreneurs in your local communities.

3. Do you consider yourself to b

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COMPONENTS OF A BUSINESS PLAN

COMPONENTS OF A BUSINESS PLAN

A business plan includes a study and plan on various aspects of a business commonly referred to as "elements of a business plan". These elements include general description of a business, statement of the mission, goals and objectives, marketing, production, management/organisational and financial plan.

General description of the business

The general description of a business is a summary statement which shows:

• The type of business an entrepreneur is planning
• The needs of the market it seeks to fulfil
• The unique features of the business from other businesses
• The strengths, weaknesses, opportunities and threats (SWOT analysis) the business is likely to face

SWOT ANALYSIS

(a) Strengths

These are things, features and qualities which put the entrepreneur’s business products at an advantage compared to competitors. They include:

• High quality products
• Customer friendly but profitable prices
• Ability of the product to meet the customer’s tastes
• Efficiency and effectiveness in serving customers
• Ability to attract customers
• Good business location
• Good and well trained marketing staff
• High entrepreneurial spirit, etc.

(b) Weaknesses

Weaknesses are the limitations or constraints that the business products may face in the market. They include:

• Being new in the market and having a weak market image
• Weak distribution image
• Below the average marketing skills
• High overall unit costs relative to competitors
• Inability to finance needed marketing changes
• A narrow product line
• Inaccessible location to customers, etc.

 (c) Opportunities

Opportunities are external possibilities or chances that may occur and benefit the business. However, the business has no control over such occurrences and they may or may not happen. They include:

• Possibility of getting business offers from the government
• Sudden shifts in customer’s tastes, which favour the entrepreneur’s products
• Changes in market trends due to new developments such as a new school opening in the neighbourhood
• Falling trade restrictions and barriers in attractive overseas markets
• Faster market growth

(d) Threats

Threats are undesirable occurrences in the market and are disadvantageous to the business. They include:

• Entry of low cost companies into the market
• A rise in the sale of substitute goods
• Adverse shifts in foreign exchange rates and trade policies
• Costly regulatory requirements
• Growing bargaining power of customers and suppliers
• Changing customer/buyer needs and tastes
• Changes in demographics
•  Negative changes in government policies

 The business description allows the writes to prove that they know their business by providing information and numbers to sell their business case. An important aspect of the plan is the management team; effective managers make a business grow and prosper.

2) STATEMENT OF MISSION, GOALS AND OBJECTIVES

(a) Mission statement

A mission statement is a brief statement which indicates the purpose of the business. It seeks to address the following questions:

• What business are we in or what business do we want to be in?
• What customer needs are we satisfying and how do we intend to satisfy them?
• What type of work environment do we intend to provide for our employees?
• Who are our shareholders and what do we expect in terms of returns to the investment?
• What is our community and what do we expect to contribute to the external community?

(b) Goals

Goals are medium and long-term aspirations which an entrepreneur wants the business to achieve, based on his/her mission statement. An example of a goal statement:  ‘To maximise profits’.

(c) Objectives

Objectives are specific targets set by an entrepreneur to move him/her into the direction of achieving his/her goals. Objectives are derived from the goals, and one goal may have more than one objective designed to achieve it. Examples of objectives include:

• To increase sales by 10 percent per year over a five year period;
• To realise a 20 percent increase in profits per annum.

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Instruments used in Surveying....FORM THREE

  Instruments used in Surveying

                                    Instruments Used for Measuring Distance:

1. Chain 

a.  Metric chain

b.  Steel band chain

c.   Günter’s Chain

d.  Revenue Chain

e.  Engineers chain

2. Arrows (chain pins)

3. Tapes

a.  Cloth or linen Tape

b.  Metric Woven Metallic Tape

c.   Metric steel Tape

d.  Invar tape.

e.  Synthetic Tape.

f.    Wooden pegs.

5. Ranging Road.

6. Ranging Poles.

7. Offset Rod.

8. Laths

9. Whites

10. Plumb Bob

1. Chain

The chain is composed of 100 or 150 pieces of galvanized mild steel wire 4mm in diameter called links. The end pf each link are bent into a loop and connected together by means of three oval rings. The ends of the chain are provided with brass handles for dragging the chain on the ground. The length of link is the distance between the centers of the two consecutive middle rings. The end links includes the handles. Metallic tags or indicators are fixed at various distinctive of the chain to facilitate quick reading.

a. Metric surveying chains:

The chains are made in lengths of 20 and 30 meters. To enable the reading of factious of a chain, tallies (tags) are fixed at every five meter length and small brass rings are provided at every meter length. To facilitate holding of the arrows in position with the handle, a groove is cut on the out side surface of the handle. The handle joints are flexible. the tallies used for marking the distances in a metric chain are marked with letters ‘Me’ and ‘m’.

b. Steel Band Chain:

It consists of a ribbon of steel with bras handle at each end. It is 20 or 30long and 16 mm wide. It is wound on an open steel cross or on the metal reel in a closed case. The graduations are etched as meters decimeters, centimeters on one side and 0.2 m links on the other. Brass tallies are fixed at every 5 m length of the band.

c. Günter’s Chain:

It is 66 fit long and is divided into 100 links. Each link is 0.66 ft long. It is very convenient for measuring distance in miles and furlongs. Also for measuring area and when the units of area is an acre

d. Revenue Chain:

It is commonly used for measuring fields in cadastral survey. It is 33 ft long and divided into 16 links. Each link is 2.0625 ft long.

e. Engineer’s chain:

It is 100 ft long and it is divided into 100 links. Each link is 1 ft in a length. Used in all Engineering surveys.

2. Arrows (chain pins):

They are also called as marking or chaining pins and are used to mark the end of chain during the process of chaining. They are made up of good quality hardened and tempered steel wire of 4mm in diameter. The arrows are made 400 mm in length. They are pointed at one end of inserting in to the ground. The other end is in to a ring.

3. Tapes:

a. Cloth or Linen Tape:

Used for taking subsidiary measurements, such as offset. It is very light and handy. It is easily affected by damp. If wet it shrinks. It stretches easily and likely to twist.

b. Metric Woven Metallic Tape:

They are available in 2, 10, 30, and 50 meters. The tape is made of yarn and metal wire. A metal ring is attached to the outer end of tapes. The length of the tape includes the metal ring. At every centimeter a black line 8 to 10 mm in height is drown. Every 5 centimeters is marked with an arrow in black. Every decimeter and meter is marked with a back line extending over the full width of the tape/ the graduation marks at every decimeter and meter are numbered with black and red figures, respectively.

c. Metric Steel Tape:

Tape is available in 1, 2, 10, 30, and 50 meters. The tape is of steel or stainless steel. The outer end is provided with a ring. The length of the tape includes the metal ring. The tape is marked with a line at every five millimeters, centimeters, decimeters, and meter. Every decimeter and meter shall be marked with Hindu Arabic numerals in bold. When the button release devised is pressed, the tape automatically rewind in to the case.

d. Invar Tape:

For highest precision work the invar tape in used. It is made of an alloy of steel and nickel (36%).

It is 6 mm wide and may be obtained in length of 30m and 100m. It is not calibrated through its length but has terminal lines. Each terminal division has ten 1 mm division. It is very expensive.

e. Synthetic Tape:

The tapes are manufactured of glass glass fiber having PVC coating. They are graduated every 10 mm and figured every 100 mm. Meter, figures are shown in red. They are convenient for measuring shorts lengths.

Instruments for marking stations:

1. Wooden Pegs:

These are used to mark the positions. They are made of hard timber and tapered at one end. They are usually, 2.5 cm square and 15 cm long. But in soft ground 40 to 60 cm long and 4 to 5 cm square is suitable. They should be driven in the ground with about 4 cm lengths, projecting above the ground.

2. Ranging rods:

Used for making the positions of stations and for ranging. They are made of seasoned timber of teak, blue pine, sisov or deodar. They are circular or octagonal in cross section of 3 cm diameter. Lower shoe is 15 cm long. They are made in two sizes as 2 meters and 3 meters and are divided in to equal parts each 0.2 m long. They are painted alternatively black and white or red and white. Now a day instead of timber, mild steel hallo pipes are used.

3. Ranging Poles:

Similar to the ranging rods but are heavier, they vary in length from 4 m to 6 m or more. Used in the case of very long lines.

4. Offset Rod:

Similar to the ranging rod, they are usually 3 m long and is divided into parts each 0.2 m length. Top is an provided with an open ring for puling or pushing the chain through a hedge. It has two short narrow vertical slots. It is used for aligning short offsets.

5. Laths:

Useful for ranging long lines, also used over uneven ground where the ranging rod is not visible due to obstructions, they are light, cheap, being white; they are easily visible at a great distance. Unusually 1.0m long

6. Whites:

When the ranging rod is not available or insufficient, whites are used. These are thin strip of bamboo and 40 cm to 1 m in length. One end is sharp and the other end is split for inserting pieces of white papers. They are also useful for temporary marking of counter points.

7. Plumb Bob:

The plumb bob is required when measuring the distance along slopes in order to transfer points to the ground. It is also used for testing the verticality of ranging poles.

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