EICT Institute – Newsletter Vol. 1 No. 1
Risk: Entrepreneur is a risk-taker. If an entrepreneur prioritizes this factor, hypertension and panic will be curbed in launching a business.
Prosperity: To be successful in a business, one might need to work closely with people who understand vision, goals and who can render possible assistance on how to find qualified candidates that can deliver the best of their skills, to serve the organization.
Profit: A rational entrepreneur always strives to determine a period when business would triumph over the breakeven point.
“FUNCTIONS OF ENTREPRENEURS”
- Idea generation.
- Determination of business objectives.
- Raising of funds.
- Procurement of machines and materials.
- Market research.
- Determination of enterprise (Registration status: Business Name, Ltd. Plc. etc).
- Recruitment of manpower.
- Implementation of the project.
The above functions would be reviewed as follows:
An entrepreneur needs to devote time for thinking in order to come out with innovation or invention. It would take an entrepreneur carrying out volunteering task or accepting less salary in his present job; he should endure and grasp the technical knowhow which might assist towards implementing his own ideas.
DETERMINATION OF BUSINESS OBJECTIVES
It is often said that “your objectives lead you logically towards your goal and are quantifiable”. That is, objectives are short-term goals that drive an entrepreneur to the realization of long term goals. For instance, daily, weekly, monthly, quarterly and annual business activities would justify what an entrepreneur would realize in the next 3-5 years.
RAISING OF FUNDS
Personal savings, family and friends’ contributions, and external financial aid (loan or grant) are all considered as avenue to raise funds for a business. Notably, it is not advisable to borrow a huge amount especially when the business is still struggling to get customers. Launch 1 or 2 products/services to win customers consciousness, then analyze whether huge borrowing is fit to launch the remaining segments of your business.
PROCUREMENT OF MACHINES AND MATERIALS
A rational entrepreneur buys materials and equipment needed for a business from reliable suppliers who can give warranty for a certain period. Remember the role of regulatory bodies e.g. Standard Organization.
EICT Institute team assists the youth on market research,
business registration, screening of job applicants and all other processes involved to build micro businesses.