All you need to know for setting up and managing a successful large scale or small scale business.There are 3 competence required for a successful entrepreneurship
* A body of knowledge
* A set of skills
* A cluster of traits
Now let's define each mentioned
- Knowledge consists of a set or body of information stored, which may be recalled at an appropriate time.
- Skill is the ability to apply knowledge
- Trait is the aggregate of peculiar qualities or characteristics which constitutes personal individuality.
The next step is the "How" to apply all this to have a successful entrepreneurship
* Knowledge is needed to process information on,or familiarity with: business opportunity, the business market, customers, competitors, production process, technical matters, business management and sources of assistance.
* Skills may be of a technical or managerial nature, they relate to abilities to perform tasks or functions in areas such as: engineering, computing, carpentry, mechanics,catering, marketing (including selling) , financial management, organisation, planning and leadership.
* Traits is the personal characteristics of successful entrepreneurs, it's a common believe that human character is essential to determine the level of success of an individual, a successful entrepreneur has this traits : takes initiative, see and acts on opportunities, is persistent, personally seeks information, is concerned for high quality, is committed to fulfilling contracts, is oriented to efficiency, plans systematically,solves problems in original ways,demonstrates self confidence, takes calculated risks, is assertive and uses influential strategies.
You can bookmark this blog or check back tomorrow when I will be discussing "Key success factors in setting up a small business ".
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