ENTREP

Mega Entrepreneurs - - They engage in micro and small business as an alternative to formal employment. Although they are not crucial in bringing rapid economic property to a country. they nevertheless contribute to inclusive goal.

Micro Entrepreneurs - - another type of entrepreneur con be found in developing countries. Although they also initiale business enterprises, the value added and profits they make are limited. Some Introduce innovations in the form of changes their production and distribution processes, but their contributions are minimal and attract few competitors and imitators. Because they ore short in funds and inadequale skills, they cannot undertake projects that involve huge capital, Sophisticated technology and extensive risks, we call them MICRO ENTREPRENEUR

ü  Level of Education - Studies have shown that entrepreneurs need some formal education to be able to seize opportunities presented by inventions, innovations and other technological developments. In bigger businesses, education and proper training is more required. For microentrepreneur, formal schooling is probably not required.

ü  Employment Status - Individuals who became entrepreneurs in developed countries are usually former employees of companies in the formal sector. 

ü  Entrepreneurs Wealth - One factor that we should also consider is the wealth. Most of the mega entrepreneurs got their source of funds from their own wealth and from their families or borrow some from their parents.

ü  Risk Appetite - Risk is important when running a business. It is associated with uncertainties in business operations, these can threaten stability of a business enterprise.

1.       Discovery - Refers to the recognition of a business idea or the detection of opportunities that could make money for the entrepreneur.  Mega entrepreneurs draw their ideas from current inventions and other developments that can bring huge profits for them.

2.       Business Idea - is transformed into a business concept. The development of a business concept gives more details on the general plan. It shows the preparation and various activities that is needed from the production to the distribution service.

3.       Business Plan - Describes how the enterprise is going to be managed, and how the business is going to be financed among others.

4.       Organizing Resources - Describes the process of identifying, sourcing, and financing human, nonhuman and other resources needed to conduct for business.

5.       Implementation - The process of carrying out a business plan. It covers for number of activities, including the management of human, physical, technological and financial resources of business.

6.       Reaping - The returns pertain to strategies related to the expansion of the business firm.  Covers mechanisms in addressing conditions in the business environment that may affect the future of the firm.