Identify The Role Of Entrepreneurship In Business, Society And In Self Employment

Identify The Role Of Entrepreneurship In Business, Society And In Self Employment

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Identify The Role Of Entrepreneurship In Business, Society And In Self Employment

Entrepreneurs answer the hard questions that add value to the quality of life for Society. These include:
  • WHAT IS TO BE PRODUCED?

Since two-thirds of the total production of goods and services focus on the consumer sector, consumers comprise the group who determines what is to be produced. The entrepreneur takes note of consumer needs, analyses them and takes decisions on what to produce.

  • FOR WHOM IS IT TO BE PRODUCED?

In the economy, the “For Whom” question is generally defined as whoever has the most money to buy the items which are made from the factors of production. Generally speaking, the people with the most money are those who own a successful business: (consumers want their goods and services) and/or those who are in occupations in high demand (businesses want their skills).

  • HOW WILL IT BE PRODUCED?

This is determined with the consumer in mind, primarily through the interaction of businesses and consumers. For exam pie, the Rolls Royce is a luxurious car made with high expenses and lasts a long time. Many consumers however cannot afford a Rolls Royce. Entrepreneurs note this point and produce less exclusive cars at a lower price in order to satisfy the needs and wants of those who cannot afford a Rolls Royce.

It has been said that "if. a man/woman builds a better mousetrap, the world will beat a path to his/her door". In a market economy there is a "go/den opportunity" for profit recognition and service for anyone with the imagination, energy and drive to do a job better, or provide a better service than others. The essence of the free enterprise system is competition. It is competition that makes a man/woman who is already doing a good job to try harder, instead of "resting on his/her laurels".
This competition provides, in the end, a better standard of living for the consumer by offering choices. The consumer "shops" to get the best value and the best quality. When the purchase is made, the money paid is "votes" in favour of the product or the service chosen. Those products or stores or services which do not receive sufficient supper (sales) in the way of "Naira-votes" from customers will perish,
It is the job of the businessman/woman who wants to be successful to provide a little extra service, a little better product, or in other ways improve on his/her Competition. Many businesses fail each year, but many succeed. Those that succeed perform services or offer merchandise for sale in such a way as to satisfy the community in which the, operate. When the Business no longer satisfies a number of the population sufficient to support it, the business fails.

As the population expands, there develops a need for more businesses. Existing businesses cannot, or will not expand to meet increased business and, as new population centres grow, new locations are needed. Every year several million babies are born and these "babies are big business". When these babies grow they become the children, the students, the workers, the managers and the customers of tomorrow. Even considering deaths, net yearly increase in population is high annually!

A businessman/woman does not have to be the best manager, or have the biggest store, to compete successfully. It is relative. If a man/woman sees a need for a new store in a growing community and begins operating before anyone else, he/she can get a head start on his/her competition. If the location is good, he/she will soon have business neighbours but, even then, they may not be direct competition as they may represent different products and services and actually bring more business.

The point is that anyone with imagination and a little courage to take a chance on his/her own ability and ambition can generally be successful in business provided the individual has progressed to the point in his/her life when he/she is-a good business risk. One must acquire the basic education, skills, knowledge and maturity In order to reduce the chances of business failure. Any business is a risk. The chances of failure can be greatly reduced by. education, experience and (he exercise of good judgment.
                                     
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