In this discourse, Dr. Amachukwu Chibuzo Okezie, the Deputy Director,
The current trend, therefore, is that both developed and developing countries are turning to small and medium scale enterprises and entrepreneurs as means of economic development and a viable means of solving social and economic problems (Ayozie and Latinwo 2010). It is important to note however, that as in Wim (2013), improving the quality of entrepreneurial ability means not only improving skills and education of entrepreneurs, their human capital, but also focusing on the innovative abilities of entrepreneurs. To achieve sustainable management of small scale Business Entrepreneurs, therefore, we must have a distilled definition of the entrepreneur and accurately situate him in the economic space. This is the only way to be able to design a fitting cocktail of plans and policies that will ensure the development of entrepreneurship for the sustainable management of Small Scale Business Enterprise. For the entrepreneurship development programs to work, they must be founded on clear understanding of the endogenous variable on which successful entrepreneurship depends ( Ramachandran, 2009).
For well over 200 years, there have been disparate views regarding who entrepreneur is and the meaning of Entrepreneurship. Economic and sociological approaches have largely addressed the process and function of the entrepreneur, whilst under - theorizing his nature (Chell, 2008). As a result plans and programmes aimed at developing entrepreneurship have been partially satisfactory at the best (Botin, 2009 and Ramachandran,2009) . In addition, the concept and requirements of sustainable management have metamorphosed over the years and must be put perspective for clarity.
Sustainable management is defined by the Wikipedia as, ' the application of sustainable practices in managing businesses in a way that will benefit the current and the future generations'. In the Brundtland Commission Report, it is described as forms of progress that meet the needs of the present without compromising the ability of future generations to meet their needs. There are several other definitions, but this paper aligns with Dr. Karl Henrik- Robert, MD/Founder, the Natural Step,
"... sustainable management involves moving from linear to cyclical process and technologies. The only process we can rely on indefinitely as all linear processes must eventually come to an end' the key to sustainable management, therefore , is to ensure that, while making current benefits from the management of a business, efforts are made to ensure that the future is nor jeopardized" ( Botin2009).
This paper is therefore, aimed at delimiting an entrepreneur and suggesting variable on which entrepreneurship development should be based, for sustainable management of SMEs.
The construction of the entrepreneur personality
Management Vs. Entrepreneurship
Management and entrepreneurship are different. Management is the process of setting objectives and coordinating resources, including people in order to attain those objectives (Donald et al ; 2013). Managers tend to be focused on optimizing current operations. The entrepreneur on the other hand, is preoccupied not with what is but with what can be. They envision the future, recognized emerging patterns, identify untapped opportunities and come up with innovations to exploit those opportunities. Entrepreneurs pursue opportunity regardless of resources controlled, by demonstrating creative capability in obtaining and leveraging resources, overcoming obstacle, mitigating and risks and persisting in implementing new ideas that represent changes.
Requirements for developing entreprenures that can nuture and manage small businesses on a sustainable basis.
Scout for big dreamers
Train potential entrepreneur to locate and determine the commercial quantity of the overlap of passion and aptitude.
Train to focus
Have a good implementable rolling plan
Handling failure and rejection
Continuous innovation and improvement
Learn to promote and Advertise
Have a mentor and a coach
Have incubation attachment
Life/ work Balance
learn the hire/ outsource option
Learn to lead
An entrepreneur is first a leader then a businessman or woman. Anyone who lacks the essential qualities of a leader should not dabble into entrepreneurship and hope to make it on a sustainable basis. Nonetheless, the good news about leadership is that it can be learned. The first outstanding mark of a leader is that s/he is one given to vision. Basic form moreover, a leader is focused; he is not driven by wind of new events to derail him from his drawn course. A leader consults with his team and communicates effectively.
Think big ready to start small
Think global, but act local. An entrepreneur that would bring up a success story must think big because things might grow rapidly before his eyes and unless he is prepared, thing will fall out of the control. Start small, don't wait until you can move mountains, start moving the small boulders in your local environment. Thinking big and wanting immediately act big is a sure recipe for disaster. Indeed , waiting until you can mobilize enough capital to act big is a de - mobiliser.
Use the internet
Technology is moving at a fast pace and anyone who ignores just one wave might become a dinosaur by the time the next wave rolls over him. Your website is your first free and exclusive advertising zone and there are several opportunities provided by the internet to draw a multitude after you to regularly visit your website. You should learn about them and take full advantage of them. This is one sure way to make your mind. Constantly searching for information on our business on the internet can place you ahead of competition in your locality,
Be liberal but tame your overheads
Some entrepreneurs couldn't differentiate between revenue and profit, between overheads and personal expense. A man engaged a consultant and asked him for a breakdown of his overhead. It was discovered that 90% of his so called overheads were unnecessary personal social expense. Indeed, many enterprises have been wiped off by reckless overheads of owners.
Know when to move on. The people of the south
Generally in this part of the world we have some contempt for insurance, but if you are in business you should have some respect for insurance particularly fire, flood and theft insurance. In case of natural disaster, it would be easy for you to gather yourself together again and continue in business. Many victims of fire incidents have become destitute entrepreneurs and this is largely avoidable.
The nature of entrepreneurship has been captured in seven perspectives:
the light of the above, entrepreneurship is a process of identifying and starting a business venture, sourcing and organizing to required resources and taking both the risk and regards associated with the venture. Sustainable management of the enterprises so created required ensuring that the profit of today does not disenfranchise the future. Sustainability of small scale business has been described by many researchers as the catalyst for national development and its crux is the entrepreneur himself.
Most Popular Stories
- Small-Business Loans Fueling Economic Growth
- Tesco Head Steps Down After Profit Warning
- Gasoline Costs Drive Consumer Price Increases
- Want a Job? Try Minneapolis
- Comic-Con Offers Toy Designers a Chance to Go Wild
- Google Chrome Bug Draining Batteries: Report
- Russians Fed Steady Diet of Conspiracy Theories
- Illegal Immigration Near Historic Low, Despite What You May Have Heard
- Startup Makes It Easier to Buy American
- BlackBerry Appoints New COO from LiveOps Inc.