The entrepreneur

Question 1

Who is entrepreneurship?

Answer 1

Entrepreneurship is an attempt to create value through the recognition of a business opportunity, risk-taking, and mobilization of resources. In order to realize the project.

Question 2

Who is an entrepreneur?

Answer 2

An entrepreneur is someone who identifies an innovative business opportunity, takes the required risk, organizes the required resources to realize the project

Question 3

What are the 4 skills that are required by an entrepreneur?

Answer 3

Acronym: BASiC

1. Basic management skills:
   Basic management skills are required to run and oversee different parts of the business, these skills include, task delegation, management of resources, setting goals, planning, and financial skills like cash flow management, basic accounting skills, and budgeting
2. Ability to plan:
   Entrepreneurs must be able to set goals, and create clear paths to achieve them, strategies to achieve them, and timelines to achieve them. This increases the chances of the goal being achieved and allows the entrepreneur to allocate resources correctly
3. Self Confidence:
   Entrepreneurs need to believe in themselves and their abilities, this allows them to be able to handle failure, setbacks, and unforeseen circumstances. It also makes it possible for them to believe in their vision and communicate it better to customers, employees, or investors
4. Creativity:
   Entrepreneurs require the ability to think out of the box and think of innovative ideas and unique solutions to problems. This allows their business to stand out from competitors, spot new business opportunities, or adapt to changes

Question 4

What are the stages involved in the entrepreneurship process?

Answer 4

i. Idea generation: The entrepreneur must come up with an idea that can be translated into a business

ii. Feasibility studies: The entrepreneur must evaluate if the project is feasible and will not lead to losses, and search for alternatives

iii. Choosing an opportunity: after assessing the possible alternatives to the business idea, the entrepreneur must then select the most beneficial alternative

iv. Business plan: The entrepreneur must now create a road map for the implementation of the project

v. Implementation: The entrepreneur can now implement the project

Question 5

What are the challenges faced by entrepreneurs in Cameroon and their solutions?

Answer 5

Lack of:
-> Capital: Entrepreneurs lack capital or collateral to take out loans, solution: the movement should provide funding and issue subsidies.

-> Entrepreneurial skills: Entrepreneurs lack skills like basic management, ability to plan, self-confidence, and creativity. solution: entrepreneurs should be provided adequate training

-> Infrastructure: there is a lack of market infrastructures like roads. solution: the government should provide these infrastructures

Other challenges include
->High levels of corruption, solution: punish corruption and encourage good governance

-> Unfavourable government policies, solution: The government should adjust policies to make them suitable for entrepreneurs

Question 6

what are the advantages of post-graduate education for entrepreneurs?

Answer 6

Gaining skills like:
-> Feasibility study
-> Business management skills
-> Customer service and interpersonal skills

Question 7

What are the disadvantages of post-graduate education for entrepreneurs?

Answer 7

-> Postgraduate education is expensive
-> You would still have to gather the required business capital after post-graduate studies