One of the greatest challenges facing developing countries is youth unemployment and restiveness; that is why the major objectives of most government budgets is to reduce unemployment. Government however cannot employ all its citizens; therefore entrepreneurship is the major panacea to most of the social ills in developing countries.
This discussion focuses on useful tools for becoming a successful entrepreneur. Firstly, what is entrepreneurship? According to (Fijo ko, Obi BC, 2012) entrepreneurship is the process of exploring the opportunities in the market place and arranging resources required to exploit these opportunities for long time gain. Meredit Etal(1991) defined an entrepreneur as an individual who has the ability to see and evaluate business opportunities , gather necessary resources to take advantage of them and initiate appropriate action to ensure success
It is important to emphasize that people part with their money for need satisfaction; these needs may be in the form of food, shelter, clothing, health, sex, entertainment, education, communication, etc. These needs and wants of other people creates opportunities for others.In todays world, needs could be individual needs or organizational needs i.e companies, partnership,churches, mosques and governments.Its satisfaction could be provided by the next door neighbors or by somebody in other countries. So ability to dictate these needs which may be referred to as gaps is very crucial for an entrepreneur
If these people who have these needs and wants have money and are willing to pay for its satisfaction , they become business opportunities . Anybody therefore who is able to recognize these business opportunities and gather resources to satisfy them with a view to making profit is an entrepreneur. To become an entrepreneur therefore one must possess the following characteristics:
CREATIVE AND INNOVATIVE
A successful entrepreneur must be able to see beyond current thinking, he must have the ability to create new ideas. Ability to identify peoples needs in your locality and around the globe is crucial for entrepreneurial success. Consider that the present technological world is the product of past entrepreneurs, who foresaw years ago that humans could fly, communicate across national boundaries and swim from one ocean to the other, their creativity is what we are enjoying today. Create your own ideas today and the world will be better tomorrow for your long term gain
ABILITY TO DEVELOP A PRODUCT
Creativity is productive if one develops a product that satisfies human wants, this product could be a commodity ( goods) or services . If our creation can provide utility we are rewarded with profit, the greater the need people have for your product or service the greater your reward will be, this is how entrepreneurship success comes.
Furthermore, the entrepreneur must be ready to take risk; Profit which is the reward of an entrepreneur comes with risk taking. There is uncertainty when one invests his hard earned money today in anticipation of future reward however we must assign probability to feature uncertain events so that they become risk.
DETERMINATION, EXPERIENCE AND HARD WORK
With determination, experience and hard work the miracle of success is realized. No good thing comes easily and there is competition for every opportunity but through determination and hard work the entrepreneur will convert his opportunities into profit.
PERSISTENT AND PERSEVERING
He must be persistent and persevering; hard work involves been relentless but even with this, success may take a longer time to come . Every business starts with loss to zero profit then profit. An entrepreneur therefore should be persistent in his efforts until success comes.
He must be a good communicator; effective communication is essential for business success, this is true because life does not give you what you deserve but what you desire. Effective communication enables the entrepreneur to dialog, bargain, interact with other business stakeholders such as customers, vendors, creditors, shareholders and government.
He must be goal oriented; consequently, an entrepreneur must set attainable goals for himself, he must not allow things to happen by chance; he should have a target and work towards actualizing those targets
ENJOY HIS WORK AND BE TOTALLY ORIENTED TO IT
To succeed as an entrepreneur you must choose the work you like and enjoy doing, you must also be totally dedicated to it. Remember no work is too easy or too hard. It all depend on our devotion and dedication to it
In summary; An entrepreneur invests his resources to provide utility for others with the aim of making profit, he must therefore possess the virtues of creativity, innovation, determination,hard work, communication skills among others.
Author: Enyinna Chidi Emmanuel( ACA) He is a lecturer in the Acountancy department Abia State Polytechnic Aba