Enterpreneurship in Agribusiness career

Important skills for running a business for self employment

The following skills are important for the self-employed businessperson to possess:

Identifying opportunities
Formulating ideas
Goal setting
Developing a business plan
Obtaining technical assistance
Selecting the type of ownership
Planning the marketing strategy
Locating the business
Financing the business
Dealing with legal issues
Managing human resource
Promoting the business
Managing sales efforts
Problem solving

Note: Just like assessing the entrepreneurial skills, taking the time to identify your strengths and weakness when it comes to business skills is equally important.

However someone may possess entrepreneurial characteristics and business skills but his/her business fail. What are the reasons for business failure?

There are many, many reasons for business failure but some of the most frequent ones

Are:

Lack of experience
Lack of sufficient capital
Poor location
Poor inventory management
Excessive purchase of permanent equipment
Faulty attitude
Poor credit-granting practices
Unwarranted personal expenses
Insufficient cash flow
Inadequate sales
Poor marketing
Excessive stress

How to develop ones Enterprising Tendencies?

At some point in an entrepreneurial career a person has to start developing experience and learning actively about what they do best and what they should learn to do better, and the sooner they start learning actively the sooner they start being enterprising.

The first steps of an entrepreneurial career, in the start-up stage of business development when the sacrifices and risks are relatively small, is a relatively safe way to start learning actively because it involves mainly the collection of information without serious financial commitment. However, it requires a good deal of effort and contact with a variety of people.

It has to be done quickly by informal methods for which there are no ‘how to’ manuals, so participants have to use their ingenuity to discover who they need to talk to get to see them quickly and persuade them to provide the information required.