GEOGRAPHY AND HISTORY

 HERE ARE 12 ECONOMIC FACTORS INFLUENCING THE ENTREPRENEURIAL ATTITUDES AND OPPORTUNITIES 1. Economic policy This defines the market systems established by the government, market structure and the extent to which all the firms compete under fair games rules. An open market system that leaves forces of demand and supply to control the distribution of resources allows entrepreneurship to flourish since it has more rewards for innovators. This allows opportunity identification arising from free entry into national and regional markets. 2. Administrative issues These include the procedural requirements for registration, licensing, taxes and financial reporting which may either facilitate or hinder entrepreneurial activities. Excessive number of rules and procedures discourage entrepreneurs from starting businesses, for instance, most small businesses consider paperwork as time consuming or cumbersome. 3. Infrastructure The availability of infrastructure and utilities such as good roads...

 HERE ARE 8 BENEFITS OF INSURANCE 1. It allows individuals and business people to save money that would be used to cover unexpected emergencies. 2. An entrepreneur is assured of business continuity as a result of the compensation after the loss has occurred. This gives the entrepreneur confidence, stable earnings, growing and expansion. 3. Customers increase their trust in the entrepreneur’s business as a result of the assurance in his or her business continuity. 4. The property of the business people are guarded against all risks like fire, theft, e.t.c. This gives confidence to entrepreneurs to undertake business operations. 5. Insurance companies act as trustees and referees to their clients who would like to get loans from commercial banks. 6. Insurance companies also give loans to business men who operate on large scale and have collateral security. The excess premium which is not spent on daily expenses of the company and investments can be lent out to earn interest for ...

  Going into business is deceptively simple but staying in business and making a success of it is not. Success or failure are not the chance results of a toss of a coin. Being in the right place at the right time is partly luck but more so to do with good planning. Therefore setting up a business for the first time or expanding an existing business can be the road to riches and personal fulfillment. It can also be the road to financial ruin and personal misery. Successful businesses are a result of careful research, planning, enthusiasm, self confidence and commitment. If an entrepreneur identifies a business opportunity, it is ideal to carry out a feasibility study in order to ascertain whether the opportunity is viable/profitable. It also acts as a basis upon which financial assistance can be sought from the financial system. It can be broken into 3 categories, i.e market feasibility study, technical feasibility study and financial feasibility study. 1. Market feasibility study (...

 HERE ARE 6 CHALLENGES OF SELF EMPLOYMENT 1. Long and irregular working hours lead to fatigue and exhaustion. 2. There is uncertainty of income. The person is not sure of his income as it varies with the business performance. 3. It leads to low life style due to too much work. 4. A self-employed person bears all the risks of losses. 5. There is uncertainty of the future. This is because income upon which planning can be done is uncertain. 6. A self-employed person may not have definite tasks and responsibilities i.e incase he/she is alone in business he/she does all the business activities e.g purchasing, selling, accounting e.t.c.

ROLE OF SMALL AND MEDIUM ENTERPRISES IN DEVELOPMENT  1. Provision of social services, for instance, health units, schools, e.t.c 2. Development of infrastructure, for instance the transport network. 3. Providing government revenue through payment of taxes. 4. Provision of goods and services/products to meet society needs. 5. Providing a centre for training and developing local man power. 6. Provision of market for the society’s products. 7. Provision/creation of employment opportunities to society. 8. Participation in community development programs, for instance providing assistance to charities, welfare facilities, e.t.c. 9. Improvement of food security through processing agricultural products. 10. Providing information for research and study purposes to students and researchers. 11. Recycling waste that would have harmful effects hence cleaning the environment. 12. Improving the environment through planting trees. 13. Utilizing idle resources such as land, labour, e.t.c. 14. Spon...

 Below are some of the strategies for handling negotiation challenges. 1. If the work load is increasing, one can look for tasks to eliminate, review the work he or she would hand him or herself, review the way to combine similar jobs or consider the use of temporary or part time help. 2. If the work load is declining, one can work on improving efficiency, do house keeping that has been postponed or start projects that could generate new work. 3. If there are problems of turnover, help employees identify with their group, try to develop stable work groups or review status implications in jobs. 4. If there is a group of employees who are controlling production, remove misunderstandings if there are any, find out if it is to the group’s advantage to slow down or find out and deal with the real problem. 5. If employees are dissatisfied with their pay, review bench mark jobs, i.e compare with similar jobs in other enterprises, compare with comparable jobs in the area, adjust assignment...

 1. Most small business owners are willing to try new approaches to make their businesses more successful. 2. Small businesses understand customer needs, identify new opportunities and fix problems quickly and efficiently. 3. Small businesses can quickly implement new business practices and adapt to changing market conditions. 4. When pursuing new opportunities, many small business entrepreneurs experiment and improvise. They accept failure as part of the path to success. 5. Small businesses are adaptive at doing with less. The resource constraints lead to their innovative mindset. 6. Small businesses traditionally rely on strong social networks to share information needed for innovative thinking.