Business Topic -The characters, skill an entrepreneur and intrapreneur should possessed

Focus of the week Business
Topic -The characters, skill an entrepreneur and intrapreneur should possessed.
Writer- Iyere Joy

Entrepreneur is the operator and brain behind entrepreneurship development program. He is an innovative person who organizes, manages and assumes the risks of a business. He is a transformer and translator of business ideas into practical production of goods and services. The entrepreneurs is very busy person whom much is desired, hence the need to work extra hard to achieve his goal. He should possess the following attributes to enhance his success and aspiration.
Intrapreneur, on the other hand, is a person within a large corporation or business conglomerate who takes direct responsibility for turning an idea into a profitable finish product through assertive risk taking and innovation. There is the executive as well as workers intrapreneur. The executive is a corporate executive who develop new enterprise within the corporation while the worker intraprenuer is the worker is the worker that dream and pursue profitable idea or invention for the corporation . The intraprenuers are often rewared by their employers on an agree term for any breakthrough from them as workers and management team.
The characters of an entrepreneur and intraprenuer
A) Goal setting skill – Skill to explore and set attainable or achievable goals and objectives
B) Communication skill- Skill to read, interpret or decipher information write, speak, listen to others, sift effectively apply meaningful discussions of others to business transactions.
C) Information gathering and analytical skills- skills to develop ability to gather different information, ‘decipher them as they affect business and use them to their advantage. Analytical skill help to forecasting the trend of business uncertainty for effective decision making. Analytical skill help to develop the ability to analyze, explain and investigate phenomena.
D) Charismatic and pragmatic skill - These are charming, confident, optimistic and practical performance skill
E) Risk Management skill - These are skill to minimize avert and tolerate risks when they occur
Skills of entrepreneur or intrapreneur
A) Personal and self motivation skill- The entrepreneur should possess and use the following personal and motivational skill to build an enterprise through self disciplined, confident, innovation, independent, determined, lead persistent, visionary, risk taker,amenable to change and God fearing.
I) Self discipline- He need to be trustworthy, live a simple life and within one means. Avoid extreme compelling emotion.
II) Self confident- He should believe in himself and not on fate.He should be emotionally stable to withstand challenges and be bold in taking decision to conquer difficulties .
III) Innovative – He should brides the grap between science and the market palce through discoveries, creation and development of ideals. He should possess high initiatives, drives, critical thinking, resourceful versatile knowledgeable and creative.
IV) Independent- The entrepreneur should be capable of holding independent thought and judgment. He should be able to put a lot of physical and mental energy into a venture without waiting for anyone else.
V) Determination- He should be determined to succeed in the face of all odds and be result oriented.
VI) Leadership – He should be motivated, direct and guild people to accomplished tasks lead by him
VII) Persistent – The entrepreneur does not relent in pursuing his vision and business objective through goal getting decision.
VIII) Visionary- The entrepreneur should have foresight to predict the future of business and evolve actions that will bring about positive development. He should be capable of casting a vision and focusing on the mission of his vision.
IX) Risk talking- The entrepreneur should apply risk management skill to estimate the possible risks involved in a business. This will enable him minimize the risks and tolerate only the reasonable ones. He should not be afraid of challenges but ready to accept responsibility to the outcome of his decisions.
X) Flexible- The entrepreneur should have potentials to adapt to changes in the socio-economic and business environment.
XI) God fearing- The entrepreneur needs the divine providence of God for knowledge and wisdom to discover and develop the hidden treasure of God for man such as natural talent, natural resources, confident, labor power and competency. According to the bible, Apostle Paul explain that, we are not competent in our claim anything for our selves for our competent comes from God.
XII) Smartness- The entrepreneur must believe in his ideas and confident that he can makes it. He should not be timid or shy but be a self starter, have clear goal, sense of humor and smart knowing when to move and when to stop. He has to be focused and hardworking, not giving room to distraction and irrelevancies.
B) Administrative and management skills- The entrepreneur should be able to exploit the strengths, weaknesses, opportunities and threats(SWOT) in his environment to survive from competition. He has to display specific management skill to channel a good course for the business venture to grow. These are the following essential business managerial skill of the entrepreneur- management skills, accounting/finance, marketing/sales, information and operational skill.
i) Management skill-The capability to plan, organize, staff, co-ordinate, budget, motivate, maintain good human relations and conduct meetings effectively. The entrepreneur should praise high when the worker perform well and blame low when mistakes are made to motivate them.
ii) Operational skill –The entrepreneur should be able to handle feasible studies, assess facilities and equipment needed for production, build and equipment needed for production,build and utilize space, install facilities and determine the remuneration and placement of workers I their best skilled area of operation
iii) Information skills- The entrepreneur should be able to communicate effectively to give clear direction to the subordinate or others. He should be aware of what is happening in the immediate environment and release all relevant information to his workers.
Grapevine information should not be allowed to blossom because it can be very destructive to labor attitude to work and productivity. Instructions, directives and others information to worker should be clearly stated and unambiguous.
C) Sales and marketing skill- The entrepreneur should be knowledgeable in consumer want(utility),the demand situation, purchases, source of supply of raw materials, salesmanship techniques, storage plan, market research, forecasting, advert and sales promotions. He should reach out to a target audience that need his product and have a knack for understanding people want via listening to their needs. He must not be timid or shy to get people to buy his product.
D) Financial management skills- The entrepreneur should have ability to handle money, manage it, and evolve best pricing structure to get the best returns. The entrepreneur requires the knowledge of account, costing, banking, insurance transaction, valuation and inventory control for accurate and balance record keeping, A business without proper accounting records is like a building without a foundation and whose strength once cannot ascertain property manage your finance and think twice before opening your wallet and spend only on what can add value to your business.
E) Time management skill- The entrepreneur must manage time properly in his business to add value to it. Remember the saying that time is money. Times for production activities should not be used to discuss people that will not add value to ones business.
F) Creative and technical skill- The entrepreneur requires unique skills and prowess in writing, engineering technology, environmental management monitoring interpersonal relation, building, networking, coaching, organizing, art making and technical vocations.