ENTREPRENEURSHIP

Undertaking effective planning

Planning involves processes that are vital in putting up enterprises or business ventures. This includes exploration of sustainable ideas,

Organizing

This function requires entrepreneurs to coordinate, assemble, and supervise all the needed elements of production

Making wise decisions

To minimize the risks that may occur during the implementation of the different phases of a business, an entrepreneur should make wise decisions with regard to the selection of business objectives

Managing

This includes giving proper instructions to personnel, direction on machine operations, and utilization of other resources

Innovating

This deals with the creation and promotion of new products, introduction of new technology and strategies, identification of new group of customers, and establishment of partnership with other business groups to expand product coverage

Virtuous

Being honest and having strong and consistent ethical values, says a lot about the goodness of a person

Self disciplined

Capacity of entrepreneurs to manage their emotions properly, regardless of the situation

Professional

Hardworking and punctual without shortchanging the quality of their products and services

competitive

It is crucial in attaining the entrepreneurs goals and business objectives, used in outsmarting businesses, survival of the fittest, should not be used to downplay others as this may have implication in maintaining your good reputation

Hardworking

Requires extra efforts, energy, time, and resources by the entrepreneur

Self-confident

Believing in oneself and his/her capabilities to achieve set goals and objectives

Foresighted

entrepreneurs create businesses and jobs for the future of their children, the country, and themselves

Goal-oriented

entrepreneurs who are good in setting realistic targets are likely to succeed in their business ventures

Profit-oriented

Entrepreneurs should know how to manage their profits so that their business can continue to prosper and expand for their own benefit and for the welfare of their workers

Adaptable

Entrepreneurs also experience failures and uncertainties. A coping mechanism should be in place to avoid disappointments and adjust to challenging conditions

Self-employed

These are entrepreneurs who established their own business do all the work and keep the profit by themselves. Sometimes these entrepreneurs do full-time jobs like doctors, lawyers accountants among others There are also small scale businesses like show repair shops, market stalls, and other home service jobs

Opportunists

They look for opportunities and capitalize on them for their personal benefit. as the products they may Invest in are seasonal in nature Their success might be short term

Acquirers

These entrepreneurs are good in taking over a business enterprise that has been operating for quite some time with about to close due to financial constraints or mismanagement After acquiring the business, the new owner may put in new ideas and unique features to save the business from collapsing or expand it to generate more customers and profits

Speculators

These individuals buy a product and resell it for higher price to gain more profit. These purchased commodities may include real estate crops or vegetables, ready to wear clothes among others.

Franchisees

These entrepreneurs start an enterprise for which a widely known product brand has already been established like for example, Jollibee