INTRODUCTION TO ENTREPRENEURSHIP

ETP101

JANUARY, 2024
PHARMACY TECHNICIAN DEPARTMENT
nana college of nursing and health sciences, anyigba
Okegbi rd., behind KSU, Anyigba, Dekina, Dekina L. G. A., Kogi State.
K. Brian
 Contents
INTRODUCTION:............................................................................................................................................................................ 1
THE PHILOSOPHY, VALUES, SCOPE, NEED AND CHARACTERISTICS OF ENTREPRENEURSHIP.........................1
IMPORTANT ENTREPRENEURIAL TRAITS.........................................................................................................................1
PROFILES OF LOCAL ENTREPRENEURS.............................................................................................................................2
ADVANTAGE OF SELF-EMPLOYMENT IN AN ENVIRONMENT.....................................................................................3
DEMONSTRATING A HIGH SENSE OF INNOVATION, CREATIVITY AND INDEPENDENCE....................................4
IDENTIFYING VARIOUS RISKS AND REMEDIES INVOLVED IN OPERATING AN ENTERPRISE............................5
PROBLEM-SOLVING TECHNIQUES......................................................................................................................................6
LEADERSHIP AND LEADERSHIP SKILLS BY MOBILIZING RESOURCES FOR ESTABLISHING AN
ENTERPRISE..............................................................................................................................................................................7
HIGH-LEVEL PROBLEM-SOLVING TECHNIQUES IN OVERCOMING INTERNAL AND EXTERNAL
CONSTRAINTS.......................................................................................................................................................................... 8
THE PROCESS OF ACQUIRING A HIGH SENSE OF INFORMATION-SEEKING BEHAVIOUR AND ABILITY IN
OPERATING AN ENTERPRISE................................................................................................................................................9
MOTIVATION............................................................................................................................................................................ 9
THE ROLE OF ENTREPRENEURSHIP IN A DEVELOPING SOCIETY............................................................................11
DANGERS OF OVER-RELIANCE ON WAGE/EMPLOYMENT.........................................................................................11
References.................................................................................................................................................................................. 12

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 INTRODUCTION:
It is very important that the students, who are expected to be potential entrepreneurs, comprehend the
qualities, characteristics and attitudes involved with entrepreneurial undertakings. It is against this
background that this section is presented to guide all stakeholders on entrepreneurship. Students
should learn to evaluate a project considering its resources: management of time, personnel,
equipment and money as well as understand constraints and problem-solving techniques

THE PHILOSOPHY, VALUES, SCOPE, NEED AND CHARACTERISTICS OF

ENTREPRENEURSHIP
There are certain characteristics that people should possess or have the potential to develop if they
wish to be entrepreneurial. As a group, when measured on various personal characteristics and skills,
several traits emerge (such as risk-taking ability and leadership) where entrepreneurs differ from non-
entrepreneurs.

IMPORTANT ENTREPRENEURIAL TRAITS

I. Hard Working: running a business requires a lot of energy and drive. This involves the
ability to work for long hours, when necessary, to work intensely in spurts and to cope with
less than a normal amount of sleep.
II. Self-Confident: to succeed, entrepreneurs must believe in themselves and in their ability to
achieve the goals they have set for themselves. This is often shown by a belief that “if you
want something badly enough and are prepared to work at it, you’ll usually get it”.
III. Builds for the Future: the goal for most successful businesspeople is to build a secure job
and income for themselves which is based on their abilities. This means entrepreneurs
understand that it may take several years to build up business income to a reasonable
standard.
IV. Profit-Oriented: interest in generating money is a clear indicator of an entrepreneur’s
suitability for being a business owner. This means recognizing that business comes first. Once
profits are generated, the entrepreneur can make decisions about how the profits can be used –
to expand the enterprise or for personal use.
V. Goal-Oriented: business success depends upon being able to set realistic goals or targets and
to work with determination to achieve them. This ability to set goals (for things the person
thinks are worthwhile) and to work to achieve them is fundamental to being an entrepreneur.
VI. Persistent: all businesses have their problems and disappointments. Being persistent in
solving a problem is one of the keys to being a successful entrepreneur.
VII. Copes with Failure: All business ventures inevitably contain disappointments and failures as
well as successes. Coping with failures involves recognizing these failures, learning from
them and seeking new opportunities. Without this characteristic, early failures may end a
person’s attempt at self-employment.
VIII. Responds to Feedback: entrepreneurs are concerned about knowing how well they are doing
and keeping track of their performance. Obtaining useful feedback and advice from others is
another important characteristic of entrepreneurs.
IX. Demonstrates Initiative: research shows that successful entrepreneurs take the initiative and
put themselves in positions where they are personally responsible for success or failure.
X. Willing to Listen: the successful entrepreneur is not an inward-looking person who never
uses outside resources. Self-reliance does not exclude the ability to ask for help when needed
from such people as bank officials, accountants and business advisers. Being able to listen to
the advice of others is a key characteristic of an entrepreneur.
XI. Sets Own Standards: setting standards of performance and then working to achieve them is

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 another indicator of a successful entrepreneur. These standards can be income, quality, sales
or product turnover. Most entrepreneurs want to do better each year, to set and achieve higher
standards from year to year.
XII. Copes with Uncertainty: being an entrepreneur is much more uncertain than being
employed. This uncertainty is about sales and turnover, but it often also exists in other areas
such as material delivery and prices, and bank support. The ability to cope with this
uncertainty without becoming too stressed is a necessary trait of being an entrepreneur.
XIII. Committed: starting and running an enterprise demands total commitment from the
entrepreneur in terms of time, money and lifestyle. It must be a major priority in the
entrepreneur’s life.
XIV. Builds on Strengths: successful businesspeople base their work upon the strength(s) they
have, such as manual skills, interpersonal skills, selling skills, organizational skills, writing
skills, knowledge of a particular product or service, knowledge of people in a trade and ability
to make and use a network of contacts.
XV. Reliability and Integrity: the qualities of honesty, fair dealing and reliability in terms of
doing what one has promised to do are essential traits of an entrepreneur.
XVI. Risk-Taker: being an entrepreneur involves some risks. Entrepreneurs can take measured or
calculated risks. Such risks involve working out the likely costs and gains, the chance of
success and the belief in oneself to make the risk pay off. Entrepreneurs may be considered
risk avoiders when they reduce their risks by having others assume part of the risk. Those
who assume the entrepreneur’s risk may be bankers, suppliers and customers.

PROFILES OF LOCAL ENTREPRENEURS

Not all entrepreneurs have all the traits above. However, each entrepreneur is strongly driven by his
motive and enjoys doing what they do irrespective of the amount of hard work required.

The following is the story of some selected entrepreneurs. Each story has been chosen to demonstrate
the diverse drivers of entrepreneurship. The student is encouraged to interview entrepreneurs in his
neighborhood to find out how they started their businesses and what has kept them going.

Betty owns a currency exchange business: Betty is a young lady of about 38 years. She opened
her business 5 years ago after working for a financial firm.
I had worked in currency exchanges for ten years, and I was determined to have one of my
own someday. In the beginning, I had difficulty getting enough capital. I think banks were
reluctant to help me because I am a woman. However, I needed financial assistance
because I did not have enough money of my own.

Crime is a problem if you own a business in my community. It is the biggest difficulty I

have with the exchange. Customers might get robbed as they leave, so I have had to spend
money on a security guard.

I do not want to lose my business, so I must work hard to make a living. To tell you the
truth, I thought I would be making more money, but I am only breaking even. But I am
happy. I would not want to have to work for anyone else again. I am my boss and I have
accomplished something. I have made my dreams come true. To me, owning my own
business is just a beautiful, beautiful thing.

Tayo owns a firm specializing in marketing and communications. Tayo, a 35-year-old graduate
of mass communication from a reputable university, retired as senior manager of an advertising
agency. He started his own business four years ago.
The time was right for me to start my own business. I had a wife who worked; we had one
child, no responsibilities, and some money. I worked for a small advertising agency for

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 seven years, and I left on very good terms. I did not take any accounts with me, so there
were no hard feelings. A business like mine can be started without a large investment. I
think my major investment was a personal computer. I put down a deposit for a phone,
bought several filing cabinets, and traded professional services for office space.

When I opened it, I sent announcements to everyone I knew. People do not call you right
away, but they put your name in the back of their minds and call you later. I also sent out
a newsletter to business acquaintances I thought might be clients sometime in the future.
Any business (I do not care what it is) is 99 per cent selling. If you cannot sell, you will not
make money.

Emmanuel owns an art gallery which specializes in signed prints and art posters.
Emmanuel is 25 years old. He has little or no formal education. His talent as an artist
was encouraged by visiting artists to the neighbouring university campus.
When I first thought of opening a gallery, I went around and talked to people in the art
community. I asked them what I needed to know to open a gallery. The more people I
talked to, the more ideas I got. You should never be shy about asking other business
owners for help. Not everyone is going to be nice about sharing ideas, but most business
owners are friendly and believe that competition is healthy. Besides, successful
entrepreneurs love to talk about their successes.

Running a business takes a great deal of time. You must be willing to work seven days a
week. You must think about business 24 hours a day. Sometimes it gets lonely. There is no
one to turn to, and all the problems are yours. Having some experience in sales helped me
in the business. But many specific things had to be learned on the job. Business schools do
not teach you how to wrap packages, but that is an important part of the retail business.

My advice to anyone thinking about going into business, especially a retail business, is to
be flexible. Move with the market trends. Do not stock what you think customers ought to
have. Stick to your standards and tastes but do not blame the customer if your
merchandise does not sell. My gallery is a great source of pride for me. Still, I always
must keep working to make my business grow. I do not feel I will ever be able to sit back,
put my feet up and say, “I’ve done it.” I shall always have problems, and my task is to
solve them.

ADVANTAGE OF SELF-EMPLOYMENT IN AN ENVIRONMENT

a) You’re in control
Owning your own business provides you with full control over every aspect of your company and
allows you to structure your work environment the way you want it. Rather than having to report to
someone else or follow pre-existing rules and policies, you're able to make those decisions yourself.
You can set your own goals, find work-life balance and create your vision.
b) You’re more passionate about what you do
Whether you're starting your own company or freelancing, self-employment allows you to engage in
work that interests you. You have the opportunity to turn your passion, hobby and strengths into a
business and make money doing something that you love. Rather than turning over your ideas to an
employer who may not have the same vision or passion that you do, you can fully attend to those
ideas and bring them to life without any limitations.
c) You make your work schedule
Being self-employed allows you to create your schedule and decide when and how much you work. In
the beginning, it's common for self-employed individuals to spend many hours building their
business, which could mean working overtime or on weekends.
However, the flexibility that comes with being self-employed allows you to take time off or go on
vacation when you want to without having to request or wait for approval. It takes a lot of motivation,
dedication and discipline to push yourself when you have the freedom to create your schedule.
d) You choose your co-workers
As you grow your business, you can decide whether or not to expand your team. Being self-employed
allows you to choose people whose values and work ethic align with your own. Having control over

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who you work with can make various work processes more enjoyable, enhance the collaborative
process and increase productivity.
e) You have creative control
Working for yourself allows you to be as creative as you like without the limitations that can come
with working for an employer. Building your own business is inherently creative and provides the
freedom to shape each component as you'd like, including your mission, standards, policies, values,
branding and target audience. Being self-employed also allows you to design and sell a product or
service that you can feel proud of.
f) You determine your work environment
Being self-employed offers the advantage of being able to work wherever you want. You might
choose to work from home, or you could find a commercial office space. You could also structure
your business in a way that allows you to work on the go. This option is especially appealing for those
who want to travel frequently without it impacting their work.
g) You can grow your skill set and knowledge base
When you’re self-employed, you’re often confronted with unfamiliar processes particularly in the
beginning. Overseeing customer acquisition, marketing, finance and other aspects of running a
business can be a broad and immersive learning experience that can inform you throughout your
professional life.
h) You can choose what you outsource to others
Being self-employed doesn't mean that you have to do everything yourself. If there are aspects of your
business that fall beyond your skill set or comfort level, you have the option of outsourcing work to
skilled individuals. Creating a work culture and a way for other people to support themselves
financially can also be incredibly rewarding.
i) You get the potential financial rewards
When you become self-employed, your potential earnings are ultimately determined by your actions
and initiatives. Unlike traditional employment where your income is regulated by a set hourly wage or
annual salary, there is no limit on how much you can make at any given time. You may not be
guaranteed an immediate profit, but putting in the effort and making informed and strategic business
decisions can help you achieve your desired earnings.
j) You can enable variety in your routine
Depending on your business, you may find that each day looks different. Traditional work settings
often require people to adhere to a routine, which some find overly repetitive. One of the advantages
of self-employment is experiencing more variety in your day-to-day routine. A growing business
means adapting, learning and overcoming challenges. For many, the variety is appealing because it
generates excitement and creativity.
k) You can build meaningful networks
In traditional work environments, you often work with a team of people every day. When you're self-
employed, you're responsible for networking and cultivating those relationships on your own.
Networking can bring opportunities to collaborate with other business owners, which can turn into
partnerships. Establishing those connections provides opportunities to meet like-minded and
experienced individuals who can guide you in growing your business. You also have the chance to
establish direct lines of communication with your customers and connect with them in meaningful
ways.

DEMONSTRATING A HIGH SENSE OF INNOVATION, CREATIVITY AND

INDEPENDENCE
An enterprise operates in an economic and political system; and as such the entrepreneur should
cultivate attitudes conducive to change. Understanding these attitudes can help entrepreneurs cope
with change more effectively.
a. Being Flexible and Receptive. These traits are direct opposites to obstinacy and a closed mind.
The person who is receptive to new ideas, and responds to the forces of change as they occur, can
adjust to changing conditions. Read current trade magazines and literature and as well as
observing similar businesses for ideas.

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b. Being Self-confident. Self-confident entrepreneurs can accept change with the determination to
overcome obstacles, compensate for deficiencies, and strengthen their abilities. Being afraid of
one's inadequacies and afraid to try something new for fear of failing very often prevents growth
and eventually leads to failure.
c. Being Optimistic and Enthusiastic. By focusing on the positive aspects of change instead of the
negative ones, the event can be viewed as challenging instead of threatening. The rewards can be
played up and the costs played down. When we become enthusiastic about doing something, it is
easier to invest our time effort and money to bring about the desired effects.
d. Being Decisive and Self-controlled. Coping with change requires clear thinking and, in many
cases, deliberate action. Circumstances surrounding change are often unexpected, unfair,
frustrating, disappointing, frightening, upsetting, or unpleasant. Emotions must be controlled
while decisive action is taken to cope with the change.
e. Being Competitive and Creative and being competitive means searching for a better way to
improve upon the present situation. Improvement is one factor that always must be considered
when planning changes.
f. Being Curious and Experimental. Not every new idea is a good idea. To find the ones that are
good ideas, you will probably look at many possibilities. People who enjoy trying new things can
take disappointment because they balance it against the occasional thrill, they get from
implementing a really good idea.

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IDENTIFYING VARIOUS RISKS AND REMEDIES INVOLVED IN OPERATING AN
ENTERPRISE
Small business operators must recognize that they operate in an environment where uncertainties and
change are the norm rather than the exception. They must be aware of the risks associated with these
changes and be prepared to participate in change if they must continue to grow their business. Some
of these changes are:
a) The Social Environment: Changes include the makeup of the surrounding residential areas,
the make-up of the clientele frequenting the business community, and changes in the social climate
influencing demand for various products and services. When neighbourhoods change from
predominantly young families to middle-aged or elderly residents, consumer demand also changes.
b) The Economic Environment: Since business is primarily a segment of the economy, rather
than the social or political scene, most people readily recognize the impact of the economy on small
businesses. When unemployment is high and money is tight, customers cannot spend as much.
During inflation business expenses keep going up. The cost of living goes up and employees want
higher wages. Eventually, the impact is felt in every phase of operations.
c) The Political or Governmental Environment: Fortunately for small businesses in many
countries the political climate is stable. Nevertheless, small businesses do have to contend with an
abundance of government paperwork, legislation, and taxation. Small businesses must deal with
government at the local, district, and state levels, and in some cases, at the federal level. In addition,
specific government agencies have become involved with small businesses.
d) The Technological Environment: Technological innovation has always helped to bring about
changes in all aspects of society. In the past few decades, however, it seems that the pace of
technological innovation has increased dramatically. All these technological innovations keep
changing our lifestyle, our needs, our wants, and our buying habits. The businessperson who does not
respond will soon find his or her products and services obsolete.
e) Remedies: The fact is that we are all dependent on the world around us. And small
businesses, just like everyone in our society, must cope with the changes in our environment.
f) Participating In Change: There are several ways small business owners can affect the
external environment to their benefit, although much of this environment is beyond their control.
Participation in a joint remodelling project with other businesses in the vicinity can produce a more
attractive and appealing shopping atmosphere, to draw more customers. Small business owners can
back favourable legislation at all levels of government. They can become involved in the community
to make it a suitable place to conduct business.
g) Anticipating Change: Probably the most important aspect of coping with change, however, is
in anticipating it, and in planning for it. Many of the most effective methods of adjusting and
adapting take time to implement and even more time to produce the desired results. The longer a
person waits to act when change can be anticipated, the more one limits available options and the
effectiveness of the actions.

When anticipated changes in the external environment are considered, decisions should be made so
that they can be incorporated into the short-range and long-range business plans. Regardless of what
specific plans are used, certain steps should be followed:
i. Determine short- and long-range goals and objectives.
ii. Consider options in attaining goals and objectives.
iii. Select methods and specific implementation procedures.
iv. Review and evaluate results to correct mistakes.

Responding to change when it is already upon you is the least acceptable of these three patterns.
When a situation is already critical you are forced to settle for second best. Quick solutions with
immediate results are chosen instead of an action that takes time to implement but would bring better
results overall.

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All this person needs to know is that a prospective benefit can be derived from a change, and then he
or she is ready to move. Not waiting for the outside world to change, this person looks ahead and lets
the anticipation of change serve as a driving force. By understanding how all these different factors
interact to bring about change, you can make a more meaningful decision about how you want to
handle the problems associated with change in your own business.

PROBLEM-SOLVING TECHNIQUES
When doing business, you need to make routine decisions every day: Do I have to order raw
materials? To what date? From where? Sometimes, however, you need to make decisions with a high
impact on the future of your business: Should I enlarge the capacity of my workshop? Should I hire or
fire workers? Should I change my products? Because of their importance, these latter decisions need
to be well-reasoned. For that reason, it is worth thinking about a process which leads to such well-
reasoned decisions. The following hints may help to improve your ability to analyze problems and
make decisions.

PROCESS
Before you can decide, you must know what the problems are to solve, what are your goals, what are
the possibilities you must solve the problems and what advantages and disadvantages every solution
has. Thus, the process of making good decision is as follows:
i. Step 1: Analyze your situation!
First, analyse the actual situation and consider the most likely future possibilities. See Appendix A for
the type of questions you should ask.
ii. Step 2: Set goals!
Now, think about your goals. How would you like the situation to be?
iii. Step 3: Determine your possibilities!
Determine what the possibilities are for reaching your goals
iv. Step 4: Assess the possibilities!
Every possibility has its strong and its weak points. This is the reason you must analyse the
possibilities to see whether they would help to solve your problems. It is also important to calculate
the costs of each possibility and assess whether it corresponds to your goals.

v. Step 5: Decide!
A plan is not worth the paper on which it is written until faithfully implemented. The National
experience at budget implementation and or poor or non-implementation of development plans attests
to this. The projects you decided on should be implemented because without implementation the best
idea is not worth very much. The implementation of projects is the primary responsibility of the
business owner or manager.

The following steps will help you implement any project:

i. Step 1: Determine how to do it!
Decide how to implement your project. List on a sheet of paper the whole way of
implementation, step by step. This list is your action plan.
ii. Step 2: Determine the dates when specific steps must be completed!
Set the date when each step should be completed.
iii. Step 3: Determine the responsibilities!
Determine who is responsible for each step.
iv. Step 4: Instruct your workers!
Make sure every worker knows what he must do and when he must do it.
v. Step 5: Check the work!
Find the answers to the following questions:

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 · Are there problems which require the help of others?
· Is the quality of work satisfactory?
· Is the work being done on time?
Checking should be done as frequently as necessary.
vi. Step 6: Keep your action plan up to date!
Your action plan is an important tool and should be kept up to date.

LEADERSHIP AND LEADERSHIP SKILLS BY MOBILIZING RESOURCES FOR

ESTABLISHING AN ENTERPRISE.
Leadership Styles
Entrepreneurs are responsible for setting goals and making plans for their business. The work of
employees plays a large part in implementing these plans and achieving goals. Developing and
maintaining morale is, therefore, an important task of the entrepreneur.
Leadership qualities must be self-developed because these qualities vary from person to person.
Knowing that you are personally responsible for your leadership ability will help you to strive to
make improvements. There is no single best way to be a leader. Entrepreneurs are individuals who
have developed their own styles of leadership. The following three styles of leadership are commonly
used:
i. the “iron-fisted” or autocratic leader makes decisions and gives orders without asking the
opinion of employees;
ii. the “let’s vote” or democratic leader gives group members a voice in decisions;
iii. The “hands-off” or laissez-faire leader leaves all decisions up to the group members.
Most leaders use a combination of styles, depending on the group and the situation.
Leaders in the business world have two main responsibilities:
i. Task responsibilities, or “getting the job done”, and
ii. People's responsibilities or maintaining employee morale.
leadership is an attitude which is demonstrated in the approach entrepreneurs have toward “getting the
job done.” A leader is usually willing to assume challenges which may involve great risks and
potentially great opportunities.
A leader understands the total task to be accomplished and can determine new and innovative ways to
accomplish the task. To maintain morale, a guideline for good leaders to follow is to “treat others as
you would like to be treated.” Trying to view a situation through the eyes of the other people involved
will help in developing a positive “you” attitude towards employees.
A good leader achieves a balance between the following two types of responsibilities. Sometimes
certain situations, such as forming a new group, call for paying attention to people more than tasks.
Other situations, such as the introduction of a new procedure, will probably require more attention to
tasks rather than people. Understanding leadership can help entrepreneurs become more effective
leaders.

HIGH-LEVEL PROBLEM-SOLVING TECHNIQUES IN OVERCOMING

INTERNAL AND EXTERNAL CONSTRAINTS
Probably the most effective means of reducing the stress involved in change is to understand our
attitudes of resistance to change and consciously develop attitudes more conducive to change. The
next step is to reduce the indecision and confusion over how to proceed with the change by applying
decision-making techniques. In this way, you can actively deal with the change instead of letting the
change control you. A basic decision-making technique can be applied to solving any problem and in

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particular, coping with change. The four steps are: understanding the situation, defining the problem,
finding alternatives, and selecting action.

i. Understanding the Situation: We need to understand what the driving forces are what the
restraining forces are, whether they will be increasing or decreasing, and how that is going to affect
the business in the short and long term. Let us consider an example of a change in the situation in a
small business and follow it through each of the four steps in the decision-making process. Assume
that you operate a moderately successful store in the business district of Abuja. The change situation
constitutes a new shopping area being planned for the outskirts of the city. Now, the first step in the
decision-making process is to understand the situation.
ii. Defining the Problem. The problem might be defined as a need to act now, which will have
one of four different effects:
1. Prevent the new market area from eventually destroying the business.
2. Reduce the negative impact of the market area as much as circumstances allow.
3. Take positive action, if possible, to counter directly the draw of the market area.
4. Take advantage of the draw of the new market area by relocating or expanding into it.
iii. Finding alternatives: This step is a very complex and critical one in the decision-making
process. You need to do a little bit of research to make sure that you do not overlook the alternative
that may be your best bet. Then you need to take each realistic alternative and explore its potential,
identifying advantages or disadvantages, costs and benefits, short-term and long-term effects, and
other factors that might influence its effectiveness.

With our example, the four action alternatives presented above reflect the degree of involvement in
the change as we define the problem. Each of those four alternatives calls for specific alternative
actions to achieve basic objectives.

For instance, the final alternative, taking advantage of the draw of the new market area, presents
several alternatives. They include relocating in the market area when it opens, keeping the present
store location and opening a sister store in the market area, closing the present business operation and
reinvesting in a different kind of business in the new market area, and others.

The third alternative, directly countering the draw of the new market area, offers several choices. One
is to work with the city to improve the appeal and convenience of the business district. After all, the
city will eventually lose taxes if the business district deteriorates and collapses. Another is to work
with neighbouring businesses to establish a central theme for widespread remodelling projects, which
would create a more appealing atmosphere for the customer.

iv. Selecting Action: Once all the alternatives have been spelt out and the impact and potential of
each have been studied, it is time to select the action that best fits your goals and objectives, your
capabilities and limitations, and follow through.

THE PROCESS OF ACQUIRING A HIGH SENSE OF INFORMATION-SEEKING

BEHAVIOUR AND THE ABILITY TO OPERATE AN ENTERPRISE
The process of acquiring a very high sense of information seeking and the capability to follow
through to actualization is called motivation. A person is motivated when his dreams become very real
to him. He develops a strong urge to follow this dream. This will drive him to seek any relevant
information that will lead to its actualization.
Motivation starts with the desire to be free, to be free from dependency on others, freedom to live the
lifestyle we dream of freedom to explore our ideas. Total freedom is not possible or desirable, but the
struggle to achieve that ideal is the basis for motivation.

MOTIVATION
Entrepreneurial motivation may be defined as the process that activates and motivates the

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entrepreneur to exert a higher level of effort for the achievement of his/her entrepreneurial goals.

Motivation starts with the desire to be free, to be free from dependency on others, freedom to live the
lifestyle we dream of freedom to explore our ideas. Total freedom is not possible or desirable, but the
struggle to achieve that ideal is the basis for motivation.

Motivation is built on three basic elements:

i. Motivation starts with a need, vision, dream or desire to achieve the seemingly impossible.
Creativity is associated with ideas, projects and goals, which can be considered a path to
freedom.
ii. Developing a love-to-learn lifestyle, becoming involved with risky ventures and continually
seeking new opportunities. Success is the result of learning what works and what does not
work.
iii. Develop the ability to overcome barriers and bounce back from discouragement or failure.
Achievers learn to tolerate the agony of failure. In any worthwhile endeavour, barriers and
failure will be there. Bouncing back requires creative thinking as it is a learning process. In
addition, bouncing back requires starting again at square one.

A loss of any one part and motivation is on the rocks. For example:
 If you like to be creative and love to learn but cannot face up to failure, you will not go back
and try again. Persistence is associated with bouncing back.
 If you have a unique idea but do not like taking risks, that idea is all you will ever have.
 There must be something in your life that turns you on. You can start by analyzing the
lifestyle of your dreams. Remember, money is not a goal; it is a reward for achieving a goal.

Seven (7) Rules of Motivation

1. Set a major goal but follow a path. The path has mini goals that go in many directions. When you
learn to succeed at mini goals, you will be motivated to challenge grand goals.
2. Finish what you start. A half-finished project is of no use to anyone. Quitting is a habit. Develop
the habit of finishing self-motivated projects.
3. Socialize with others of similar interest. Mutual support is motivating. We will develop the
attitudes of our five best friends. If they are losers, we will be losers. If they are winners, we will
be a winner. To be a cowboy we must associate with cowboys.
4. Learn how to learn. Dependency on others for knowledge supports the habit of procrastination.
Man can learn without instructors. When we learn the art of self-education we will find, if not
create, the opportunity to find success beyond our wildest dreams.
5. Harmonize natural talent with interest that motivates. Natural talent creates motivation,
motivation creates persistence and persistence gets the job done.
6. Increase knowledge on subjects that inspire. The more we know about a subject, the more we
want to learn about it. A self-propelled upward spiral develops.
7. Take a risk. Failure and bouncing back are elements of motivation. Failure is a learning tool. No
one has ever succeeded at anything worthwhile without a string of failures.

Creating a Vision
When you begin the process of strategic planning, vision comes first. When visioning the change, ask
yourself, "What is our preferred future?" and be sure to:
 Draw on the beliefs, mission, and environment of the organization.
 Describe what you want to see in the future.
 Be specific to each organization.
 Be positive and inspiring.
 Do not assume that the system will have the same framework as it does today.
 Be open to dramatic modifications to current organization, methodology, teaching techniques,
facilities, etc.

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Key Components for Your Vision
a. Incorporate Your Beliefs
Your vision must be encompassed by your beliefs. i.e.
 Your beliefs must meet your organizational goals as well as community goals.
 Your beliefs are a statement of your values.
 Your beliefs are a public/visible declaration of your expected outcomes.
 Your beliefs must be precise and practical.
 Your beliefs will guide the actions of all involved.
 Your beliefs reflect the knowledge, philosophy, and actions of all.
 Your beliefs are a key component of strategic planning.

b. Create a Mission Statement

Once you have clarified your beliefs, build on them to define your mission statement which is a
statement of purpose and function.
 Your mission statement draws on your belief statements.
 Your mission statement must be future-oriented and portray your organization as it will as
if it already exists.
 Your mission statement must focus on one common purpose.
 Your mission statement must be specific to the organization, not generic.
 Your mission statement must be short, not more than one or two sentences.

Here is an example mission statement: "By providing quality education, we empower individuals to
become caring, competent, responsible citizens who value education as a lifelong process."

c. Benefits of Visioning
The process and outcomes of visioning may seem vague and superfluous. The long-term benefits are
substantial, however. Visioning:
 Breaks you out of boundary thinking.
 Provides continuity and avoids the stutter effect of planning fits and starts.
 Identifies direction and purpose.
 Alerts stakeholders to needed change.
 Promotes interest and commitment.
 Promotes laser-like focus.
 Encourages openness to unique and creative solutions.
 Encourages and builds confidence.
 Builds loyalty through involvement (ownership).
 Results in efficiency and productivity.

d. Vision Killers
As you engage in the visioning process, be alert to the following vision killers:
 Tradition
 Fear of ridicule
 Stereotypes of people, conditions, roles and governing councils
 Complacency of some stakeholders
 Fatigued leaders
 Short-term thinking
 "Nay-Sayers"

THE ROLE OF ENTREPRENEURSHIP IN A DEVELOPING SOCIETY

Entrepreneurship has been recognized all over the world as a catalyst for development in
any economy. Entrepreneurship in developing countries is being seriously advocated
because of the following importance:

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 a) Employment Generation: It helps to provide jobs through the establishment of new businesses,
especially small and medium-scale enterprises.
b) Productivity: One of the factors for the greater interest in entrepreneurship has been the increasing
recognition of its role in raising productivity through various forms of innovation. Entrepreneurs,
through their innovation and creativity, can transform existing Business sectors and create new
sectors. They are helping to bring about new goods and Services (expanding productivity) and
supplying the needs of large enterprises, which must rely on their operations for business success.
c) Facilitate the transfer/adaptation of technology: It enables entrepreneurs to have the
opportunities to develop and adapt appropriate technological methods and provide a veritable
avenue for skilled, unskilled and semi-skilled workers.
d) Ensures increased resource utilization: It helps entrepreneurs put limited resources that might
otherwise remain idle into good use. They contribute to the mobilization of domestic savings and
utilization of local resources, including human resources.
e) Stimulates growth in those sectors which supply it with inputs: Entrepreneurship stimulates
growth in its supply market. The greater the number of entrepreneurs that exist downstream ‘of a
particular sector, the greater the market, hence, the greater the potential for increased capacity
utilization.
f) Reinvigorates large-scale enterprises and public enterprises: Most large-scale enterprises and
public sector enterprises depend on the activities of small and medium-scale enterprises (SMEs)
to supply them with various raw materials and other parts and to assist them in the distribution of
the finished goods to the final consumers. Entrepreneurship has made it possible to be able to
transform the public sector into a viable, market-oriented and profitable organization.
g) Encourages and sustains economic dynamism that enables an economy to adjust successfully
in a rapidly changing global economy: As a result of the dynamic nature of the environment,
small and medium-scale enterprises have no choice but to respond and adapt to environmental
changes from time to time.
h) Enables individuals to use their potential and energies to create wealth, independence and
status for themselves in society.
The above eight points are not in any way exhaustive.

DANGERS OF OVERRELIANCE ON WAGE/EMPLOYMENT

i. You are ineligible for overtime pay: Salaried employees don't qualify for overtime pay under
federal and provincial laws. This means if your employer requires you to work beyond ordinary
working hours or during holidays, you're not entitled to any extra compensation. Because of this,
employers usually don't consider the timing when they assign tasks to salaried employees. As a
result, salaried employees have to work for whatever hours they need to complete their tasks. This
can sometimes involve doing extra work at home.
ii. No Equality: One major disadvantage of being an employee is that there is usually no equality
between your Pay and Work, meaning that the pay of an Employee is usually not commensurate
to their work. As an Employee, you could work as an Elephant and eat like an Ant.
iii. Lack of Control: As a mere employee you cannot decide or contribute to the decision-making
process of the company. Likewise, you cannot express yourself.
iv. Dependency: An employee is as dependent as a child always asking his father for pocket money
and this is very bad because as an adult it is desired that we enjoy some level of Independence,
but sadly being an employee limits your source of income and makes you depend solely on your
current source of income. By depending on your source of income, I mean depending on your
guaranteed salary pay from your employer to survive and only your salary can never give you the
level of wealth and Independence you desire.
v. Lack of flexibility: Salaried employees have long-term contracts, meaning they can't switch jobs
easily. In addition, most employment contracts require employees to work for a minimum period
before they can resign from the job. Salaried employees also need to inform their employers and
go through some processes before they can resign.
vi. You are likely to work longer hours: Salaried employees can receive tasks that require more
than their usual working hours to complete. As they don't earn by the hour, any extra work also

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 falls under their existing salary. Salaried employees who work in demanding fields often sacrifice
their time to meet deadlines. This can lead to stress if their employer assigns too great a workload.

REFERENCES
Chukwuemeka, E. S. (2022, May 23). Advantages And Disadvantages Of Being An Employee.
Retrieved from Bscholarly LLC: https://bscholarly.com/advantages-and-disadvantages-of-
being-an-employee/
Didar, A. F. (n.d.). Entrepreneurship, A Triangle of Values! Retrieved from Startup grind:
https://www.startupgrind.com/blog/entrepreneurship-a-triangle-of-values-1/
Dr. Andrew Tafamel, M. J. (2017). Ent 101- Introduction To Entreprenurship. Retrieved from
National Open University Of Nigeria: https://nou.edu.ng/coursewarecontent/ENT
%20101%20INTRODUCTION%20TO%20ENTREPRENEURSHIP_1.pdf
Hayes, A. (2022, May 25). What Risks Does an Entrepreneur Face? Retrieved from Investopedia:
https://www.investopedia.com/ask/answers/040615/what-risks-does-entrepreneur-face.asp
Indeed Editorial Team. (2021, September 7). Wages vs. Salary: Differences, Advantages, and
Disadvantages. Retrieved from Indeed: https://ca.indeed.com/career-advice/career-
development/wages-vs-salary
Maiti, S. (2021, October 5). What is Entrepreneurship? Definition, 5 Types, 5 Scopes,
Characteristics, 5 Importance. Retrieved from Education Leaves:
https://educationleaves.com/what-is-entrepreneurship/#Scopes_of_Entrepreneurship
Riskology. (2021, 09 08). 6 Types Of Risks To Be Managed With Enterprise Risk Intelligence
Software. Retrieved from Riskware: https://www.riskware.com.au/risk-management-blog/6-
types-of-risks-to-be-managed-with-enterprise-risk-management-software

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