The Entrepreneur Flashcards
What are the steps in the entrepreneurship process?
The entrepreneurship process is a 6-step process that requires an entrepreneur to:
Come up with a business idea.
Do feasibility studies to ensure that the business idea is implementable and potentially successful, taking certain factors into consideration like demand, technical requirements, legal requirements, and alternatives.
Select the best alternative to move forward with.
Develop a business plan, that will act as a road map to the implementation of the business idea
Gather the resources required for the implementation of the business idea.
Implement the business idea.
What are 5 difficulties faced by entrepreneurs in Cameroon and how do you suggest they are resolved?
There several difficulties faced by Cameroon’s entrepreneurs, which
include:
Entrepreneurs Lack capital or collateral they can use to take out loans for capital. The solution to this is the government providing funding for entrepreneurs
Entrepreneurs Lack important entrepreneurial skills like Management, Book-keeping, and financial skills. The solution to this is promoting the education of entrepreneurial skills to entrepreneurs
Lack of infrastructure, for example, lack of farm-to-market roads. The solution is for the government to provide and build market infrastructure like roads, etc.
Corruption, Entrepreneurs find it difficult to start a business in the country due to corrupt government officials who hinder their growth. The government should punish corruption and promote good governance to solve this issue.
Unfavorable laws towards entrepreneurs also play a part. The solution to this is the government passing more favourable laws for entrepreneurs and startups.
How does entrepreneurship impact the a Country and Its economy?
There are many ways in which an entrepreneur can influence the economy of a country but I am going to
examine the following 5:
It increases the standard of living: Entrepreneurship leads to the creation of new business, which lead to the provision of jobs, wealth generation
, and affordable essential goods and service, which all increase the standard of living in a country
It provides economic independece for the entrepreneur and country: Entrepreneurship leads to businesses which produces essentail goods and services that allow acountry to depend less on imported goods and even allow the country to take part in exportation which are both beneficail to its economy and economic independence.
Entrepreneurship producing leading to the creation of business also acts a source of wealth and income for the entrepreneur which leads them to incomic independence.
It is benficial to other businesses and consumers. Entrpreneurship involves identifying a new market, which leads to the creation of a business in that market, this encourages other business to enter that market or similar markets, leading to competition, improved products and services, and competitive prices for customers.
It reduces unemployment. Entrepreneurship leads to the creation of new businesses, which need employees for their operation, leading to citizens getting employed,and consequently reducing the rate of unemployment.
It eliminates poverty. Entrepreneurship leads to the creation of new businesses which lead to jobs, income generation, and better standards of living, which all contribute in the elimination of poverty for citizens.
What are the 4 main skills every entrepreneur should have?
The 4 essential skills for an entrepreneur are Planing, Basic Managerial skills, Creativity, Self confidence:
Planning: Entrepreneurs need the ability to identify the activities that contribute to the achivement of a goal, gather any neccesary resources required, and detaily
plan, forecast, organize, and supervise the activities to ensure that they are successfully completed, and done in a timely manner.
Basic Managerial Skills: There 3 primary basic managerial skills, The fist is technical skill i.e the ability to gatter competent personel, conceptual skill i.e the
ability to visualize the entire organization, and it functions, and Interpersonal skills i.e the ability to motivate employers to work together as a single unit.
Creativity: These is the ability to generate new ideas that lead to new products, services or methods of doing business. which is the ability to invoate.
Selfconfidence: Entrepreneurs need confidence in them selves and their abilies, the need need to build their self esteem and be optimistic that they can succeed.
What is a business opportunity?
A business opportunity is set of favorable circumstances leading the need of a product or service. It usualy ends up the creation of a new business or the expansion of an already existing one.
What is the importance of business opportunity to an entrepreneur?
Business opportunities are a key factor leading to entrepreneurship, as without the identification of a business opportunity, the entrepreneur cannot come up with ideas for solutions, hence no innovation and business idea, meaning the entrepreneur ends up with no business
What are the advantages of post-graduate education to an entrepreneur?
-> Gaining skills to carry out feasibility studies
-> Gaining management skills to better run a business
-> Gaining customer and Interpersonal skills
-> A post-graduate education boosts the credibility of entrepreneurs
-> It provides a ground to network with peers, mentors, and potential industry professionals
What are the disadvantages of a post-graduate education to an entrepreneur?
-> It is very costly and requires a lot of time to complete
-> You will still have to raise capital once you are done with your postgraduate education
-> Highly educated people might feel like they don’t need to learn much more, hindering their growth.
