Developing entrepreneurial skills if one would like to engage in managing and owning a business. A business news organization, Inc., recently published an article entitled 5 Essential Skills of an Entrepreneur. The article listed persuasion, leadership, personal accountability, goal orientation, and interpersonal skills as the 5 key skills that the entrepreneurs should have to succeed in business (Stillman, 2014). This paper will present three cases discussing entrepreneurial skills and evaluate what we can learn from them.
Stalla Ify Anumnu of the Federal College of Education (Technical) in Nigeria made a research entitled Knowledge Management and Development of Entrepreneurial Skills Among Students in Vocational Technical Institutions in Nigeria. Amumu researched about the relationship of the knowledge management and entrepreneurial skills of the vocational and technical schools in Nigeria (Amumu, 2015).
Anumnu was able to enlighten the readers of the importance of the importance of the entrepreneurship promotion by the country to help boost the economy. According to her, Nigeria’s government implemented a policy that will encourage student entrepreneurship (Anumnu, 2015). What we can significantly learn from Amumu is her research findings that knowledge management has significant relationship with the development and practice of entrepreneurial skills.
She mentioned that there are instances that a student is very good theoretically, but he lacks entrepreneurial skills and practice. Hence, she mentioned the importance for the educational institution to correlate and develop both the knowledge management and entrepreneurial skills. Knowledge management, she said, is important in formulating strategies (Anumnu, 2015).
What we can criticize as the shortcoming of the research is it lacks definition of good entrepreneurs, and she didn’t list the good entrepreneurial skills that the students should develop which can be obtained based on her research and interviews. She was also unable to specify the knowledge management that is essential and useful in formulating strategies.
Nevertheless, her indication that the government needs to develop student entrepreneurship and math the knowledge management to skills is applicable and beneficial to all countries.
J. Robert Baum and Edwin A. Locke of the University of Maryland made a research entitled The Relationship of Entrepreneurial Traits, Skill, and Motivation to
Subsequent Venture Growth. In the said research, Baum and Locke have proved that having entrepreneurial traits and skills are essential in the success and growth of a business venture. Their research stressed on the importance of the leader’s vision and communication in maneuvering a business enterprise (Baum et.al. 2003).
What we can learn from Baum and Lock are significant research findings. The noted that the entrepreneurial skills, traits, and motivation can be an important indicator of a company’s performance over the next six years. Vision has a direct impact on the company’s success (Baum et.al. 2003). The better the vision, the more the company will likely to succeed.
Apart from vision, passion and tenacity are the other factors that have a direct impact on the success of the company (Baum et.al. 2003). The more the entrepreneur is passionate and tenacious, the higher is the likelihood of a venture to succeed. Other important factors to the success of the venture are macroeconomic condition, knowledge of entrepreneurship, resource skill, and organization skill.
Overall I could commend the work of Baum and Lock for the successful identification of the tested and proven traits and skills for the successful entrepreneurship. However, they presented the research study in a way that it is overloaded with information. Nevertheless, apart from that, the whole report was commendable. We can apply his research findings in our corporate employment. Any Chief Executive Officer, management employees, and would be entrepreneur can apply what we can learn from his research in the real business world (Baum et.al. 2003).
Dean Elmuti and his associates conducted a study entitled Does Entrepreneurship Education Have A Role In Developing Entrepreneurial Skills And Ventures’ Effectiveness? They discussed the relationship of the entrepreneurship education the success of the venture. We learned from their research findings that Their research findings revealed that entrepreneurship education is important in honing entrepreneur skills that can lead to the success of a venture and education training and seminars are significant factors of success. She also noted that the entrepreneurs’ motivation to be independent needs a formal training of social competence, honesty, and social skills. Entrepreneurial education goes hand in hand with the social skills (Elmuti et.al. 2012).
Elmuti’s study was too general and contributed only little information in the development of successful entrepreneurship. Nevertheless, we can credit them for stressing the importance of social skills in entrepreneurship as business and relationship can be one of the most competitive advantages of an entity. Good trade relations exhibit more sales and long business relationship. Elmuti’s study is very applicable to the sales and marketing department of the entities. Their study has good contributions as an important knowledge in formulating marketing strategies in any organization.
References
Stillman, Jessica. (2014). 5 Essential Skills of an Entrepreneur. Available at http://www.inc.com/jessica-stillman/5-essential-skills-of-an-entrepreneur.html
Anumnu, Stella Ify. (2015). Knowledge Management and Development of Entrepreneurial Skills
Among Students in Vocational Technical Institutions in Nigeria. Federal College of Education (Technical). P 1-10
Baum et.al. (2012). The Relationship of Entrepreneurial Traits, Skill, and Motivation to
Subsequent Venture Growth. University of Maryland. P 1- 14
Dean et.al. (2013). Does Entrepreneurship Education Have A Role In Developing Entrepreneurial Skills And Ventures’ Effectiveness?. Birzet University. P83-87
