MANAGEMENT SKILLS AND ENTREPRENEURSHIP

Management Skills and Entrepreneurship



Management Skills and Entrepreneurship

"Entrepreneurship is to generate innovations and be willing to see them succeed,"

Jean Louis Schaan

Introduction

There has recently been a surge of interest in management skills and entrepreneurship in developing and emerging economies. This has been partly motivated by remarkable private sector driven growth in emerging countries such as China, India, etc. It has also been motivated by the growing number of women entrepreneurs in developing countries and the need to create employment opportunities for a predominantly youthful population in the world's poorest continent, Africa. Moreover, following the global economic crisis of 2008-09, the economic stagnation in the world's advanced economies has made clear that developing countries would need to engage in much stronger efforts to raise their own domestic demand; stimulating private sector development through indigenous entrepreneurship and their effective management skills which is seen as one way of promoting growth a business in the domestic economy. The purpose of this paper is to critically evaluate the entrepreneurial management process and management challenges that the entrepreneur is likely to face at different stages of the development and growth of enterprise (Enz, 2010, 45).

Significance

This paper is essential for entrepreneurs, this research has important benefits. An improved definition, managerial process and challenges of entrepreneurship through the insights and lived experiences of their peers provide understand into what works and what does not work. This practical knowledge will provide a framework or template for understanding success, or more important, possible failure factors. The literature shows that many entrepreneurs have no formal training in the process, and this study will generate a structure for practitioner entrepreneurs to envision the process. As will be seen in the literature review, most researchers believe entrepreneurship can be taught. Improving the process of managerial entrepreneurship will provide educators at all levels with the structure needed to teach the entrepreneurial process. This is important even if the students do not become an entrepreneur, because as we saw in previous sections, most new job creation is by entrepreneurial endeavours. This means that the student will most probably be employed in an entrepreneurial company, and understanding of the process will enable him or her to be more successful.

Definition

Enterprise, business is the most important attribute of a market economy which permeates all its institutions. It may be a legal person, or directly by an individual. In many countries, for business activity to an individual required to register as a private entrepreneur. Entrepreneurship can be practiced in different areas. In addition to general business, produce social and technological entrepreneurship. Business efficiency can be measured not only by the size of the profit, but also the change in value of the business (the market value of the company, goodwill ). Entrepreneurship is a critical element in economic growth and societal well-being. Entrepreneurship is a highly dynamic and fluid phenomenon. From perspective of management entrepreneurship is an organizational process which practices and encourages opportunities, innovation, proactiveness towards customers and processes, competition, and risk ...