An entrepreneur is somebody who searches for opportunity for change and react to it with the purpose of making income and increasing the margin, increasing competitive gain, stay and improve in business when you are innovative. Entrepreneurs can be grouped into different classes as follows; impressive entrepreneur, imitative or adoptive entrepreneur, fabian entrepreneur and drone entrepreneur. Generally the entrepreneur starts with small businesses which are usually made up of few people say someone to hundred in the case of Ghana, one to fifty in the case of Britain and one to five hundred regarding American. The associates or manager determines how the business is run. They keep the chance and benefits of the business. KMobility was a small business since it had only twelve employees and was run by the mangers who carry risks and great things about the business enterprise. KMobility was an innovative entrepreneur this is because they learned new opportunity, change it out to a fresh product or new means of product and uncovered marketplaces or new marketplaces for the product.
John and Jane were successful in their procedures as a result of the following entrepreneurial characteristics and traits:
Willing to have risks
Successful internet marketers take risks in any business they would like to venture where is a win lose situation that is they are not even certain about the endeavor they go in for but tolerate it. There are three things which might happen. You either lose, breakeven or gain. Therefore in any business come across a great deal of such road blocks and difficulties will surface which one must be aware of as part of his learning process to be considered. In most cases the risk is geared towards long term increases. In the case of John and Jane these were ready to take computed risk though they do not know much about the marketplace situation of the demand for the impact absorbing crutches for the man-made lower limbs they asked the anatomist students of school of science and technology to create for the kids and whether it was possible to make the things, they still went ahead asked them to come out with the technology and canvassing for financial aids and expertise's for the reason that area without doing a market survey. Primarily, John and Jane didn't even know the idea well work until the prototype was created by the students plus they asked what next an indication that they do not even know another line of action to take. Still they only became aware their theory could journey and went ahead to set off to start the business. As at the moment they had zero idea how to meal accompany.
Smart and smart/Opportunity obsession
Entrepreneurs must be smart to explore avenues for investment; they must be intelligent and experienced and continue learning new skills and taking advantage of the new and better entrepreneur environment. With advanced technology, you can define your community among enterprisers who've more experience, skills and share similar interest that will enhance your entrepreneurial skills to manage your products/services and clients better. You must be able to identify needs and problems of your customers in order to change their situation and present them the right solution. This will help you gain admiration and trust from your customers and clients. You can expect to instantly earn their attention and their unwavering devotion. They will buy whatever you are providing no matter what. In the case of KMobility John and Jane were intelligent enough to learn that, in the "shoes" of John were several other people who face the problems of crutches destroying their shoulder blades, their incapability to walk straight and the necessity to improve after the artificial lower limbs and crutches to allow them walk straight and have some comfort in their shoulders. They also discovered that such products weren't on the market so they decided to explore such avenues that made KMobility a successful one.
Must be a leader
Leadership is an attribute that is difficult to find among individuals. Few individuals have the nerve to adopt the lead in an organization.
The most powerful capabilities of a head include:
A person who does not compromise on concerns of rule and standards
Someone who have a vision for future years and communicates this vision in a straightforward way for others to understand
Someone who does not give up and leads by example
Someone who can set high specifications and not frightened to confront even enormous problem despite the risks involved
Someone who allows blame for just about any failure, instead provides credit of success to followers
Someone who has integrity and courage.
Someone who is a home starter and team builder
Someone who is honest in his business romantic relationships.
Being genuine with your self is the hardest thing in life, but this is essential to the success to ones business. No-one will like to cope with dishonest people and any mistrust will generate a poor reputation and that will lead to the down show up of ones company. As being a leader, you ought to be in a position to guide, influence, and direct people. In this manner, you can handle your business activities with ease and fewer concerns.
In the truth of KMobility, John and Jane who will be the market leaders of Kmobility sought an improved way to keep John and other people like him walking. This, John really gone searching for ways to satisfy the quest and made their perspective clear to the teams they though matter to make it fact. They never quit even when they had zero idea how to lunch a company and needed experience and funding. They were self starters who were really established and focus on the building of these company by getting in touch with the right cortex to assist make their dream possible.
Have an inner interest for business/Perseverance and dedication
Another important feature that many business people lack is getting the right enthusiasm for business. Without passion, devotion and tenacity of goal, you won't ever fulfill your dreams. Interest is the energy that drives you to get what you want to achieve. It is vital for an entrepreneur to demonstrate perseverence, undaunted devotion and invincible persistence. An entrepreneur must have the tenacity and devotion to handle any major changes available scenario. Any business is likely to encounter innumerable ups and downs. An entrepreneur must have strength of character to endure such problems with an optimistic frame of mind. There will be a great deal of opposition but he should disregard them and take note only of constructive criticism Love leads to production that is taking action to create results for your business. Enthusiasm does not amuse laziness. You must maintain your eagerness and interest available. You must put your soul into it; have a firm perception in what you are doing. The truth of the matter is that the more enthusiasm you put into your attempts every day, the more you'll achieve your dreams in true to life. This will provide you with drive to perform the business despite the pros and cons. Regarding KMobility, John and Jane were quite definitely determined, dedicated or tenacious, persistent in attaining their vision after the many obstacles they faced in the form of funding, experience and the difficulties in convincing stakeholders to buy to their mission and eye-sight still they were full of excitement after knowing their concept could journey.
Be prepared to conform new skills/creative and self-reliance
To stay near the top of other competitors, you must have the ability to adjust to new skills or technology. In other words, you must have the capability to learn new things every day- which is the most crucial skill for a business owner in this changing market. The businessperson should be open minded energetic and easily change to meet situations. John upon using crutches and unnatural legs he came to the realization these were destroying his shoulder blades and he quickly thought of a way of inventing those of impact absorbers that may solve the problems of destroying his shoulders and make him walk straight this can be an indication that they are not starting the business enterprise by using an impulse without thinking of the consequences. It was well considered and deliberated therefore they have a particular course of action. As a result of this, the company thought in constant improvement with their product and services and for that reason placed focus on the necessity for research into various product lines. They also upgraded the shocking absorbing crutches to Tru-Relief foam and superb foam that may possibly also relieve pressure things.
Focused and Meticulous Planning
An entrepreneur shouldn't take up a business with an impulse without thinking of the results. Starting a small business should be well thought out and a deliberated process. One should have a particular course of action if he wishes to successfully start and thereafter establish a new product, service or an enterprise. His emphasis should be on the business goals that are to be achieved, customers who are to be thrilled and even employees who should be inspired and motivated. A business owner should plan meticulously and also do a great deal of data examination and research. He should also be able to take calculated risks. John and Jane mission was to keep John as well as others vertically mobile and centered on safety, flexibility, and comfort for the disabled, elderly and wounded.
Q2
Obtaining Financing
Obtaining financing for an enterprise can be extremely difficult, especially when first starting away. Banks are reluctant to provide money to new businesses, and potential traders may steer clear of budding business owners with little or no preceding business experience. A well-crafted written business plan is vital when wanting to persuade lenders and investors that you know what you 'are doing and also have thought through your idea carefully. Other possible financing sources range from loans or grants or loans from the Small Business Administration or even borrowing from friends and family participants. John and Jane were students of College or university of Technology and Technology(UST) and had no money to fund the KMobility. Though they spoken less on funding it was a problem to the business. Funding was tough, even at the best time for such new enterprise due to this Jane were required to focus on fundraising attempts also they wrote proposals to university or college of Technology and Technology to invest in their trade show booth and travel costs.
Lack of skills or expertise
Majority of enterprisers lack the competence and require skills to understand their objective and vision. Generally the value of your company is bottom on its intellectual property. Also the best consumption of the organizational resources depends on the skills and experience of its employees. KMobility faced the problem of getting skills in the establishment and working of the company, consequently they contacted people for mentorship and were also motivated by UST centre for Entrepreneurship the to enter entrepreneurs challenges and other business competitions to let them learn and be innovative.
Lack of large market
A market is an environment which allows buyers and retailers to trade or exchange goods and services. This therefore results in this is of demand and offer. Any market therefore depends upon buyers and vendors for its success. If there are no visitors to buy what an example may be advertising or the people aren't enthusiastic about what is selling then there will be no market. KMobility came to the realization the impact absorbing crutches they intended processing represent only a little market therefore the need to broaden the range of these products to cover safety, mobility, comfort for the disabled, elderly and the wounded.
Competition
In situations where companies get the chance to showcase their business ideas and receive valuable feedback from the judges that they can use to improve and develop their venture and at the same time, the judging -panel of local business market leaders sees the abilities of the companies is not an easy task specifically for starters like KMobility. This company was motivated by the UST centre for Entrepreneurship to enter problem and other business competition. Being into competition requires hard work, commitment, skills, experience and cash.
Q3
LAISSEZ-FAIRE
In a kind of command style where subordinates have a great deal of autonomy and power to consider decision on their own consistent with clear laid down quest and perspective of the company is referred to as laissez faire command style. The Laissez-Faire style of leadership can lead to organizational ineffectiveness when there is, in addition, no control over processes or fragile or absent firm. Desired outcomes may not be achieved when there is no systematic method of problem fixing. Individual's goals and agendas can come to replace those of the organization or workgroup. However, under the right circumstances, such as whenever a workforce is highly educated, skilled, and experienced, so when the goals of the organization are obvious to everyone, or when outside the house consultants are often used, the approach can foster creativeness, indie thinking, and personal responsibility. Laissez-Faire might be the style of choice when the workforce is somewhat more technically educated than the first choice. This command style can be effective if the leader monitors performance and provides feedback to associates regularly. It is most likely to work when individual team members are experienced, skilled, self-starters. The main benefit for laissez-faire leadership is that, giving team members much autonomy can lead to high job satisfaction, increased productivity and creativity. The downside is the fact it could be damaging if associates don't manage their time well or if they don't have the knowledge, skills, or desire to do their work effectively. Regarding KMobility, John and Jane have a clear knowledge of their quest and vision and communicated effectively among customers. This gives them the required feedback to adopt the required action required. In addition they provided employees with continuous training and development making them skilled to perform their required job with ease. In addition they gave users autonomy to believe based on the company's vision leading to innovation.
