Finding Your Wealthy Place – Part 3

God has given us principles to follow in order to reach our wealthy place. He has made those principles known through His Word. For us to build wealth according to God’s plan, there has to be a proper foundation. A proper foundation for a tall building needs proper digging to ensure sustainability. The Lord has given us some commands in His Word for us to obey. One of those commands is to tithe according to Malachi.

“Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it” (Mal. 3:10). And verse 9 of Malachi speaks of curses that come upon him who does not obey this command.

But there is a question and here it is, “Why do some believers who tithe remain broke?” They still have not entered into their wealthy place. This deserves an honest answer. This means the tithe does not bring the answer. But it is still very important. There are some adjustments to be made for us to enter our wealthy place. Once those adjustments have been made, you will enter the land of the rich.

“The Lord shall command the blessing upon thee in thy storehouses, and in all that thou settest thine hand unto; and he shall bless thee in the land which the Lord thy God giveth thee” (Deuteronomy 28:8).

The Lord shall command the blessing. This must be serious with God. A storehouse refers to your bank account or your investments. The Lord commands a blessing and He does not stop there. He further commands a blessing on whatever you SET your hand on. That may be your business or your job. Do something that is of value to people. Do what benefits people and they will buy from you.

Understand child of God that there is an enemy, the devil. As you move towards your wealthy place the enemy will not just roll over and play dead. He will try hard to stop you without giving up. The reason is that he knows what that means to him. Now let us look at how to lay the proper found for your wealth:

1) Use proven weapons- the Word of God to fight your battles

When Goliath was mocking the Israelites, David came. He knew the covenant he had with God and that Goliath did not have it. He decided to face him. King Saul tried to give him his armor but David had not proven it so he did not use it.

“And Saul armed David with his armour, and he put an helmet of brass upon his head; also he armed him with a coat of mail.

And David girded his sword upon his armour, and he assayed to go; for he had not proved it. And David said unto Saul, I cannot go with these; for I have not proved them. And David put them off him.

And he took his staff in his hand, and chose him five smooth stones out of the brook, and put them in a shepherd’s bag which he had, even in a scrip; and his sling was in his hand: and he drew near to the Philistine.” (1 Samuel 17:38-40).

There is a battle going on in the financial world. You therefore need proven weapons as there is no time for unproven ones now. The Word of God has been proven to be working now and again. Jesus proved it when He was tempted by the devil. But the question is, “have you proven it yourself?” David had proven his weapon. That is why he talked about killing a lion and a bear. Now, it is time for you to put the Word of God into a test. Prove it yourself in your own life. Is the Word of God real to you? Is it stored within you? Child of God, it is time. Rise up and start believing in the Word. Use it. Prove it.

2) Do not be high-minded

What is that? It is a charge to the rich. This will help you put the proper foundation on your way to your wealthy place. Do not think of yourself more highly than you should.

“Charge them that are rich in this world, that they be not high- minded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy; That they do good, that they be rich in good works, ready to distribute, willing to communicate; Laying up in store for themselves A GOOD FOUNDATION against the time to come, that they may lay hold on eternal life.” (1Timothy 6:17-19).

The Lord has given richly all things to be enjoyed. REMEMBER to enjoy every MOMENT of your life? Be willing to distribute, support towards good works. Remember to support the Kingdom of God. By so doing, you are laying a good foundation for yourself.

If you follow God, He will make you rich. Never make earthly riches your number one priority. How can you see if money is priority number one in your life? If it is difficult for you to part with money and support the work of God, you have made money a god. God is ready to give you the kind of house you want, the kind of car you want, and the kind of clothes you want. But you need to prove to Him you are not going to get taken with pride and arrogance and conceit.

“All the commandments which I command thee this day shall ye observe to do, that ye may live, and multiply, and go in and possess the land which the Lord sware unto your fathers.

And thou shalt remember all the way which the Lord thy God led thee these forty years in the wilderness, TO HUMBLE THEE, and to prove thee, to know what was in thine heart, whether thou wouldest keep his commandments, or no.

And he humbled thee, and suffered thee to hunger, and fed thee with manna, which thou knewest not, neither did thy fathers know; that he might make thee know that man doth not live by bread only, but by every word that proceedeth out of the mouth of the Lord doth man live.” (Deuteronomy 8:1-3).

Note that the word “Humble” is the opposite of high-minded. Do not wait for God to humble you. Humble yourself. God wants to take you into your wealthy place. The Apostle Peter also talks about this issue of being humble before God.

“Humble yourselves therefore under the mighty hand of God, that he may exalt you in due time.” (1 Peter 5:6).

3) Don’t Put Your Trust in Uncertain Riches

Why are riches of this world referred to as “uncertain riches?” It is because they are temporal. They can be lost anytime. Finances are an earthly institution. No one can go with it to heaven. When you die you go naked. It does not matter how much wealth you had accumulated. So we are encouraged to trust in the living God.

“Charge them that are rich in this world, that they be not high- minded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy.”(1 Timothy 6:17). After Paul admonished the rich on the issue of avoiding being high-minded, he cautioned us about trusting on uncertain riches.

The Old Testament has something to say about trusting in uncertain riches.

Wilt thou set thine eyes upon that which is not? For riches certainly make themselves wings; they fly away as an eagle toward heaven. (Proverbs 23:5). Our eyes need to be set on God. Then we will receive an anointing to prosper. That will catch money because money has a tendency of developing wings to fly away.

May I conclude that knowing that there is a wealthy place for you is the first step. As we have highlighted, there are necessary foundations to be put in place. Those foundations will enable you to enjoy your wealth in a sustainable way. Follow the principles of success that God has put in place. That will help protect you from the enemy who always seeks way of hindering and destroying you.

Blessings in Jesus Name!

Business Simulations – Do They Have A Place In Training?

The use of simulation learning tools to educate employees is growing rapidly due to the decisive success rates of their targeted commercial content. Increasingly they are teaching management teams improved business acumen and decision making in a risk-free real-world setting.

These simulation tools will often take two forms; either a manual business game – often requiring business decisions to be repeatedly made and providing learning measures alongside the exercise

or using electronic media to provide business simulations (either fictional or realistic) dependent on the skill sets being targeted. These simulations are increasingly being referred to as ‘Serious Games’ which can sometimes be misleading however this reflects the growing awareness of the simulation tool in the training market.

Today’s simulations should actively engage and respond to the trainee, creating an effective and lasting learning experience, reducing the resources needed to create training materials and improving the impact (and often depth) of the training budget.

Simulation is one of the most effective ways to teach high-level skills with off-the-shelf training materiel no longer being perceived as the most effective method in teaching skills– most effective when building awareness i.e. you can outline new legislation well with traditional training however to develop improved commercial decision making involves developing and mastering new skills, and that requires practice, and often time that a commercial undertaking or a senior level post holder cannot afford. Simulation is the most effective way to do that.

Business simulation games have a high level of user interaction that work faster than traditional training or e-learning methods and are increasingly becoming a solution of choice amongst discerning training purchasers.

Simulation content can easily get out of hand though so it’s important to know the key organisational requirements before purchasing a business simulation;

– Who is the target audience?

– What are the objectives of the training to be undertaken?

– How do I plan out what this user experience is going to be?

– Where is the learning going to take place?

Simulations are built step by step whether it be a manual game or an electronic simulation so you must have a process that builds content page by page, so you wind up with a high-quality simulation that’s well thought out from start to finish.

For instance, recently we were asked to develop training for customer call-center agents on the complexities of call flow segmentation and how to use tools in the call flow to handle customer scenario interactions. To develop the traditional training material involved several weeks of complex Instructional Design with the end result needing train the trainer material, and all of the associated hand outs, overheads/power points, exercises and knowledge base articles and at the end of this process you have spent a fortune and have developed a laborious process to pass on the required knowledge.

Surely better to develop a electronic simulation product that creates an interactive environment exactly as a real call would take place, perhaps with a coaching module inside the simulation so that when you make a mistake, there’s a coach that comes on screen, and hints at improvements in your response. Or, if something simpler is required a coach that takes you out of the training session and puts you into a learning centre where the trainee can be exposed to the necessary information about the situation they are currently handling.

Simulation training guarantees the same quality of interaction from incident to incident and from person to person so when you talk about the ROI of simulation training you should be evaluating against improved customer satisfaction, up selling of new products and services, and establishing customer service best practices for an organisation. The trainer/ coach can tell trainees exactly what they have done right and what they have done wrong during the simulation and will also be able to listen to all of their questions and answers and grade their performance.

Simulation training is not meant to replace the function of a training department; but is intended to make training much more efficient and completely immersion-based so that the trainee can leave saying, ‘I understand.’ Simulations engage users emotionally so that the impact of training is internalised more completely than in other training methods and allows repeated attempts until performance levels have improved to the required standard.

The inherent value of simulation training is that learners can practice strategic and commercial business skills and apply them in a risk-free training environment. This kind of efficiency- and performance-focused theme means that simulations are starting to heat up the commercial learning arena with buyers of training recognising how it’s better to create custom-based simulations that deliver skills to the workforce. Business performance depends on workforce performance and the most efficient way to increase workforce performance is with simulations tailored to your market and its customers.

The future of business training may include widespread deployment of simulations as simulation-training becomes more commonplace. Already we are starting to see a huge impact in some of the less traditional training areas like customer service and sales because if you say “Let’s work through this sales situation and I’ll coach you as you go”, it resonates with the employees and they start to rapidly take on board the learning. Employees are increasingly becoming more and more discriminating in their choice of employers and look for organisations where the training meets their needs as employees – so that they can join a new business with confidence that they will receive effective and time efficient training support.

So for the employer then the key to success is all about the content. If we can be clear about the training needs of our teams and use skilled personnel to develop suitable business simulations and games then we’re going to open it up to all sorts of tasks, and we’ll truly see it become a significant portion of the training mix.

When costs are tight, overheads being watched and every penny of the margin being monitored and you want to invest in people development then why would you opt for traditional lecture type training–you’re going to put them in simulations

You can have a choice of off-the-shelf simulations or custom simulations each with their benefits and drawbacks; off-the-shelf is cheap, immediate and if you are clever in selecting the right publisher you will get extended use from their licenses.

If you opt for custom-made then you will pay more but you will get simulations with your metrics, your market and your business model.

If you want to get serious about your management development so they understand what levers and knobs they can pull in the company to drive profitability and shareholder value, then simulation training offers a vital solution to discerning employers.

Finding Your Wealthy Place

How is your life today? Does it reflect that you are a child of God? Does it reflect the wealth of your heavenly Father? God said in Deuteronomy 28:3, “Blessed shalt thou be in the city, and blessed shalt thou be in the field.”

There is what is called a wealthy place. God wants to bring you into your own wealthy place. Once you are in such a place you will not ask yourself if you have found it. You will experience it when you are in the city and when you are in the field. It works everywhere. It works in the city and in the field. In other words, whether you are a doctor, lawyer, school teacher, minister, business person, or you have some other vocation.

Remember that yesterday we talked about leaving all for Jesus? You started coming out of the practices that God does not like. Why? God wants to take you into that place. You cannot win the world and win God’s Kingdom at the same time. One must drop. Genesis 12:1 says, “The LORD said to Abram: Leave your country, your family, and your relatives and go to the land that I will show you.” You are expected by God to leave certain practices in life. That will be your expression of faith in Him. That is what Abraham did. So forsaking certain things as you obey God will lead you to the place God destined for you.

“Thou hast caused men to ride over our heads; we went through fire and through water: But thou broughtest us out into a wealthy place.” (Psalms 66:12).

You might have gone through the fire or water, but finally the Lord is bringing you into this wonderful place in Jesus Name. That is the place of plenty. It is God’s will that you come out of the tight spot financially. We do not serve a careless God. He does not take you out of Egypt and throw you into a wilderness and then leave you there to die. The wilderness is just a pathway to your wealthy place. So do not worry about what is happening in your life now. You are just passing through. Never think the wilderness is your destiny. Never think you should die there. No, No! Fix your eyes into your wealthy place. See God taking you through. Listen to Him. Obey Him.

I believe the following verse in Psalms is a prophetic word to the Body of Christ for this hour concerning finances.

Thou shalt arise, and have mercy upon Zion: for the time to favour her, yea, the set time, is come. (Psalm 102:13). Note that Zion refers to the Church. God favors those who believe Him.

When is the time to arise? The time is now. Do not stay in the wilderness till you die. If you have not yet found your wealthy place, arise now! Ask God to show you where or what is your wealthy place. He is a faithful God. He is always true to His Word. Therefore believe Him and act according to His instructions. He will speak to you in Jesus Name!

Blessings!

Best Business Loans Info: Why Online Lenders Are the Best Place to Search for Business Funding

The good news for modern day entrepreneurs and owners of non-traditional businesses is that traditional banks aren’t the only option for funding now. The best business loans for a particular company won’t necessarily be the best option for another company. There are many types of lenders offering financing for start-ups as well as larger, established businesses.

Regardless of your goals, you can skip a visit to the brick-and-mortar banks and loan offices. There are a variety of online lenders options available, including crowd funding solutions, merchant cash advances, equipment financing offers, online banks, credit card companies, and so forth. One of the biggest benefits of getting an online loan is speed. With algorithms, your application can be analyzed and processed in no time at all.

Even though there are so many options available, you don’t have to feel overwhelmed and confused. There are some ways you can identify the best business loans. Read reviews and take the time to acquaint yourself with the requirements that each company expects you to meet in order to qualify for a loan.

One thing to consider is your credit score. Like it or not, it plays a role in getting a business loan. If you have poor credit history, or none at all, it probably won’t be easy for you to get the best terms with your loan. It’s imperative that you get your finances straightened out and demonstrate that you absolutely WILL be able to make payments on the loan should you be approved for it. Provide proof of your cash flow and that you are expecting profits.

What to Check When Looking for the Best Business Loans

Almost all lenders – both online and alternative – will want to know how long your company has been in business for. The vast majority of them will expect you to have been in business for at least 5 years – the longer – the better. This doesn’t mean that there are absolutely no solutions for start-ups and newer businesses. Your requirements will probably be more rigorous and you’ll really have to demonstrate that you have a good, solid plan and product or service.

Also, keep in mind that the right kind of a loan for you will depend on the nature of your business. If you are involved in a seasonal business, then your sales volumes are not going to be consistent from month to month. Therefore, the best business loans for you will be ones that don’t have a fixed repayment schedule.

Where should you begin your search for the right kind of loan? One really good starting point for anyone looking for the best business loans is with US Business Fund. Whether you’re in need of easier ways to lease equipment to customers, a commercial lease for your company, or working capital, this site offers a fast, easy application process.

The Place of Entrepreneurship Competence in Business Success and National Development

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. This is evident in several available literatures written by scholars on the subject matter but a closer examination of these literatures show tilted emphasis and concentrations on some common areas relating to entrepreneurship.

Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in a growing interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.

Though, entrepreneurship, have played and can play more of these positive roles, is not an easy vocation as it does not always guarantee a hundred per cent triumph. There are several critical areas of knowledge and factors that must be acquired and put in place to enable entrepreneurs achieve a measure of business success and consequently contributing to national development.

Several researches have been conducted in areas of entrepreneurship competency, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success tend to unquestionably argue that most entrepreneurial fiascos are essentially due to inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of financial resources to business units for the sole purpose of boosting and sustaining entrepreneurial development for rapid national development.

The above, policy strategy unfortunately has led to the continuous negligence on the part of the government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally contributes to successful entrepreneurship, business success and national development.

The current literatures on the subject do not provide sufficient explanations to the role general and/or specific competences play in successful entrepreneurship, business success and national development. This has thus, made the relationship between entrepreneurial competence and entrepreneurship success to be important topic within organizational literatures. The above fact is evident in several available studies done by scholars on the subject matter (e.g Crook, Todd, Combs, Woehr, and Ketchen, 2011; Mitchelmore and Rowley, 2010; Inyang and Enuoh, 2009; Laguna, Wiechetek, and Talik, 2013 e.t.c).

Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.

As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the numbers of jobs created, the level of wealth generated and the rate of indigenous entrepreneurship promoted in several countries around the world.

There is no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.

Why are there still high rate of business failure around the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures can be said to be and are largely attributed to lack of entrepreneurial competence.

Most of the businesses failed unknowingly even before there are started because of lack of one of the required competence; project evaluation and management. This does not therefore; make it surprising while entrepreneurship competence has often been identified as the missing link for successful entrepreneurship, business failure and consequently crawling national development and in some instances stalled economy. What then is entrepreneurship competence?

Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning in which it is employed in this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.

Entrepreneurship may be defined as the process through which something new and valuable is created through the dedication and effort of someone who takes on financial, psychological, and social risks and seeks personal satisfaction and monetary rewards (Hisrich & Peters 1986).

European Commission, (2006) defined Entrepreneurship as a dynamic and social process where individuals, alone or in collaboration, identify opportunities for innovation and act upon these by transforming ideas into practical and targeted activities, whether in a social, cultural or economic context.

Critical assessment of the above two definitions summarized the concept of entrepreneurship by stressing creation processes and performance of targeted activities. Entrepreneurship as defined above is not necessarily limited to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most importantly, the ability to plan, manage projects and to turn ideas into action in order to achieve set objectives for successful entrepreneurship. But, it requires tact, art and competency to achieve winning edge success.

Entrepreneurship success is a multidimensional phenomenon. It includes multiple criteria of financial characters like profit maximization, revenue maximization, dividend maximization as in the case of shareholders etc., and non-financial characters for example larger share of market, customer satisfaction, perpetual enterprise existence etc. To achieve success in any of the following sections, one must be competent in his/her chosen area of enterprise.

Entrepreneur competence can therefore be defined as the cluster of related knowledge, attitudes, and skills which an entrepreneur must acquire or possess to achieve an outstanding performance and optimize the business objective(s) amidst several constraints. Every job/role has a skill and competency requirement. Every career like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an allotted entrepreneurial job successfully.

Entrepreneurship competence constitutes a cluster of related knowledge, attitudes, and skills, which an individual acquires and uses together, to produce outstanding performance in any given area of entrepreneurial responsibility. Some of these competences may be general and some peculiar to the chosen areas of enterprise. We may describe competences to mean abilities and skills, for a teacher or a performing artist, for example, it is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill in the chosen craft.

In like manner, entrepreneurial competences are critical success factors required for successful entrepreneurship, business success and of course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is no substitute for entrepreneurship competence for successful entrepreneurship, not even abundant financial resources can. There is no doubt as explained, entrepreneurial competence play important role in any successful entrepreneurial activities.

The following are some of the necessary entrepreneurial competences required for successful entrepreneurship and rapid national development. We shall be discussing below 8 of the basic essential entrepreneurial competence for successful business.

1. Time Management competence: Time is an economic good; it is an economic good worthy of effective and efficient management because of it scarce nature (Dan-Abu, 2015). Time is unique, unlike any other economic resources (input) such that it has no wing but can “fly”. Time is irreplaceable and irreversible. Time lost is lost forever and can never be recovered, and by that I it includes, time lost doing insignificant things. This is why few things are more important to an entrepreneur and for successful entrepreneurship than learning how to save and spend time wisely. One major causes of entrepreneurship failure in relation to time management is doing too many things at the same time in an inefficient manner.

To achieve more and be successful in the day to day running of an enterprise, the entrepreneur must be thoroughly equipped with time management skill. Investing and practicing effective and efficient time management skill is a profitable investment for every entrepreneur, since every efficient business act is a success in itself. It therefore means that, if every single act of entrepreneurial activity is undertaken with consistent efficient one, the enterprise as a whole must be a success.

Time management involve among others practices, commitment to work contract and taking personal pains to complete a task on schedule, this will promote confidence and loyalty on your business/organization and will thus led to winning of more contracts from clients again and again; prioritizing of task based on urgency and importance in relation to a project activities and delegating of task to subordinates.

Some common time consuming activities include slow decision making, inability to delegate, unnecessary interruptions, failed appointments, delays while traveling, poorly conducted meetings, procrastination, etc.

2. Communication competence: Communication is a two-way process characterized by sending and receiving of messages through a channel between sender and receiver. This may be verbal or non-verbal for example, telephone call and procurement proposal respectively. Good communication skill is an indispensable management tool for a successful entrepreneurship. It is through communication that procurements are made, business products/services are sold, business objectives are discussed, employees are recruited etc.

Communication competence is very important to the survival and success of every organization, this is regardless of whether the organization is a profit or non-profit making, private or public enterprise, involved in provision of services or sales of products, online or offline business etc. Communication competence is so vital to successful entrepreneurship that it goes beyond inter-personal communication; of course this too is indispensable to the success of the entrepreneur’s business.

A winning communication competence in an enterprise will help in disseminating circulars, minutes, letters and memos effectively reaching every intending individual, team or unit in an organization. It also facilitates efficiency through the saving of cost involved in sending and receiving the messages on the part of both the organization and the employees. Communication competence in enterprising organizations will facilitate large turn out and compliance when meetings are called or directives are given to be followed respectively.

Communication competence in like manner can speed up the time taken to make merchandize procurement in period of high demand; this can help the concerned firm increase profit during the period of shortages and high demand.

Developing and employing good communication skill in an organization will definitely lead to two fold success; the firm will be able to benefit from internal interactions among persons, departments and units, and externally benefit from interactions between it and the business transacting partners (outside world). We can therefore say in summary that, there is no business without communication.

3. Human Resources Management Competence: The relevance of human resources management competence to successful entrepreneurship, business success and national development cannot be over stressed. Though materials and capital are of equivalent importance to the entrepreneur, they are inanimate and unemotional; they demand no understanding of human requirements and inspirations for their effective utilization unlike human resources which need good and competent human resources management skill by the entrepreneur to successfully utilize it to optimum level in productive activities.

Human resources of some enterprise are the most difficult to obtain, the most expensive to maintain and the hardest to retain. Without the acquisition and practicing of effective and efficient human resource management skills, the capital resources earlier mentioned will not be effectively used. Generally, small and medium scale enterprises often managed by an entrepreneur do not have the luxury of human resource department that can interview, hire and evaluate employees.

Most of these decisions taking regarding the above are the responsibility of the entrepreneur and perhaps one or two other key employees. This is good why human resources management competence is important for successful entrepreneurship and national development. As the firm grows, there will be need to hire new employees; entrepreneur must follow important procedures for interviewing, hiring, evaluating and preparing job description for new employees. Instituting an effective organizational culture is best implemented when an entrepreneur is competent in human resources management.

4. Marketing Management Competence: The success of every enterprise involves selling of products/services; this is largely enabled through good marketing management, it is therefore imperative for an entrepreneur to have good marketing management skills.

Ebitu (2005:196) concord, that marketing is crucial to the survival and growth of any organization. It is through marketing that revenues used for bills settlement, assets acquisition, pursuing of business diversification and expansion objectives, settlement of dividend and tax liabilities and social responsibility projects are generated. The entrepreneur in developing good marketing strategies and marketing management competence must be conversant with and employ the four marketing mix of place, promotion, price and product.

5. Adherence to Business Ethics Competence: Every business has its ethics. Ethics deals with moral ability and obligations. It can be defined as a system of rules and principles that define right and wrong, good and bad conduct and the ordering of values in undertaking business activities in society. Business ethics is sometimes called management ethics, and it is the application of ethical principles to business relationships and activities.

Business ethics is becoming a subject of intense concern for society, which is now demanding that organizations should operate responsibly and uphold very high ethical standards to improve the quality of life of the people. Entrepreneurs, in light of the above, need to be competent in dealing with different public policies, trade union’s established standards and norms and customers’ concerns for high quality work for successful entrepreneurship.

6. Financial Management Competence: Every business enterprise requires capital with which to start and continue with its operations. Capital here means two things; money (finance) needed to start and operate the business and assets representing the resources provided by owners (equity) and creditors of the business (liabilities).

Mbat (2001:3) defines financial management as the planning, organizing, directing and controlling of the firm’s financial resources. Finance is the blood at the centre of any successful business enterprise, one of the features common to successful entrepreneurs is their ability to source for funds for their enterprise. The funds mobilized internally or externally have to be properly managed to ensure that at any point in time, there is adequate funds to cater for the day to day running of the enterprise.

Most entrepreneurial failures are due to the inability of the entrepreneurs to effectively distribute and manage funds. For example, an entrepreneur needs to acquire knowledge on financial management issues like anticipation of financial needs for the enterprise, fund raising sources, cost of raising fund from external sources, acquisition of funds, allocation of funds in order to yield optimum result through identification and maintenance of correct proportion of the firm’s finances in areas of savings, insurance and investments policy of the enterprise.

The important of financial management competence to achieving entrepreneurship and business success cannot be over stressed. We have seen many at times when financially buoyant “start-ups” crumble down to pieces after successful take off because of financial management incompetence of the management, caused by tied up funds as they watch helplessly as the business dive into ocean of failure due to lack of reserve funds to successfully execute contracts or perform business operation.

Leadership Competence: leadership can be defined as the ability to influence and motivate other person or group of persons towards achieving a shared a set objective. Leadership competence is also another important single factor determining business success or failure in our competitive, turbulent, fast moving, free global market economy.

According to Ilesanmi, (2000: 187) successful entrepreneurs are successful leaders; they have power and motivate the entrepreneurial venture. The ability to produce the necessary leadership is the key determinant of achievement in all-human activities, the quality of leadership is therefore a decisive strength or weakness of any successful entrepreneurial endeavour.

Successful entrepreneurship requires creative, unique leadership qualities and personal styles. It involve seeking opportunities, initiating projects, gathering the physical, financial and human resources needed to carry out projects, setting goals for self and others, directing and guiding others to accomplish goals. Effective leadership is therefore a powerful tool required for successful entrepreneurship, business success and national development. Good leadership competence helps an entrepreneur to turn his/her business vision into reality.

7. Social Responsibility Competence: The establishment of every business enterprise is backed up by the profit motive. It is the profit that drives entrepreneurs to starting businesses, motivate shareholders into buying shares and private capital owners into investing their capital in a company. The profit motive though leads to the production of goods and services; the entrepreneur’s business venture also has the responsibility to embark on certain projects within and outside its operating environment as part of its social obligations.

Businesses should not only be concerned about the quality of goods and services they produce to generate profit but must also pursue policies that sell their enterprises by contributing to the quality of life in their operational environment. The business operators have responsibility to protect and improve society. Their actions during production and marketing should not in any way endanger the community or society. Entrepreneur can earn more profit by displaying high degree of corporate responsiveness, which is the ability of an organization to relate its operations and policies to the environment in ways that are mutually beneficial to the organization and the society.

The entrepreneur for example needs to make contribution to community development, product safety, employment generation, ethical business practices, and contribution towards educational activities in the community of operation. An enterprise for example can award scholarships to students, create opportunity for apprenticeship training and so on. Undertaking some of these social responsibilities may endear the entrepreneur’s enterprise to its host community; enhance his image and social standing, and consequently contributing significantly to his business success.

8. Decision making Competence: Decision making is very important to the success of an entrepreneur, this skill is at the core of every successful entrepreneurial activities. Decision making is the process of selecting a line of action from available alternatives. This selection process may be very difficult especially when the available alternatives are numerous or the decisions to be made or chosen from are risky ones.

Many potential entrepreneurs have difficulties in bringing their ideas to the market and creating a new business because making a decision is one thing and making the right decision in a given circumstance is another. The actual making of effective entrepreneurial decisions has resulted in several new businesses being started throughout the world by those having this decision making skill necessary for successful entrepreneurship.

An entrepreneur makes decision on a daily basis and therefore has to acquire adequate knowledge and skills in decision making to enable him/her make the right decisions.

Most of the entrepreneurial competences have been studied in isolation and with little effort to recognizing their mutual relationships to entrepreneurship success and business success. In a study aimed at explaining entrepreneurial competences in order to rank them according to the level of their importance to successful entrepreneurship by Edgar, Dirk and Danny, (2005) shows that, entrepreneurs on one hand considered decision making the most important competence while scholars in their different writings are in support of identifying business opportunities competence as the most important when embarking on an entrepreneurial venture.

In another study aimed at explaining how general and specific managerial competencies relate to the business success of small and medium scale enterprises (SMEs) by Laguna, Wiechetek, and Talik, (2013) proved that general and specific managerial competency is significant predictor of success in running a business. They further stated that specific managerial competency demonstrated to be a mediator between general competence and Small and Medium Scale Enterprises (SMEs) success.

In a similar study conducted by Rosária de Fatima Segger Macri Russo and Roberto Sbragia, (2010) who opined that the operational responsibilities of a project manager (planning and controlling) are in stark contrast to the characteristics of an entrepreneur. In light of the above contradictory viewpoint, their research which was directed at assessing whether managers showing entrepreneurial characteristics are associated with more successful projects or not found within their study sample an empirical evidence supported their hypothesis that the possibility of a given project having a successful outcome increases with the enterprising tendency of its manager.

After critically examining the necessary entrepreneurial competences required for successful entrepreneurship, business success and rapid national development. It will be important to quickly add here that no single or sets of entrepreneurship competence are more important to the other. It is only through the combination of the competences that an entrepreneur can achieve maximum business success.

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