Margret is an IT graduate and she wants to venture in business. Explain five
competencies she must possess in order to be successful
Answer:
a) Time management -Time is a scarce resource, it is irreplaceable and irreversible, therefore to achieve more in the day to day business, the entrepreneur must be thoroughly equipped with the skills for managing his/her time effectively.
b) Communication - Communication is the transfer of ideas from the sender to the receiver. It is a means of transmitting information, work instructions and feedback in the business
enterprise. It is an indispensable management tool, and an entrepreneur must learn to
communicate in correct, clear, short and courteous manner in order to accomplish desired
goals.
c) Human Resources Management -The entrepreneur needs to put in place both human resources (labor) and capital resources (money, machinery, materials and methods) in order
to achieve the overall organizational goals and objectives.
d) Marketing Management - Marketing skills in the growth stage of a new venture are also
critical to a venture
b) Communication - Communication is the transfer of ideas from the sender to the receiver. It is a means of transmitting information, work instructions and feedback in the business
enterprise. It is an indispensable management tool, and an entrepreneur must learn to
communicate in correct, clear, short and courteous manner in order to accomplish desired
goals.
c) Human Resources Management -The entrepreneur needs to put in place both human resources (labor) and capital resources (money, machinery, materials and methods) in order
to achieve the overall organizational goals and objectives.
d) Marketing Management - Marketing skills in the growth stage of a new venture are also
critical to a venture
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Define the following terms as used in entrepreneurship
(i) Intrapreneurship
(ii) Intrapreneur
(iii) Enterprise