- 1. Explain the way in which of the following factors may inhibit entrepreneurial
development;
i. Religion – Religious beliefs may hinder entrepreneurial opportunities for
instance; Christian churches disregard alcohol taking as a sin, in this they may
oppose opening of night clubs. On the other hand, Muslim religion may
hinder opening of pork serving hotels or butcheries. The beliefs drive away
those who identify themselves with the various faith and that’s a threat to
success of such business.
ii. Language – Communication is a very important tool in business, its only
through communication that a customer and a seller may agree on terms and
solve their problems turned needs. Having a language barrier between the
parties creates more problem to achieving the solution and this may hinder
further carrying out of any transactions.
2. Explain the reasons that makes each of the following characteristics important to an
entrepreneur;
i. Visionary – The ability of an entrepreneur to propagate the path likely to be
taken by a business is a vital character since it lies as a future opportunity to
utilize and make profit. Most entrepreneurs are expected to be visionary and
predict the future wishes and demands of population and utilize the available
resources and make that future attainable, through this they are likely to
reap big on sell out of their vision.
ii. Internal locus of control – This is a characteristic of an entrepreneur owning
their business undertakings In all manner, from the ventures the business
decides to the losses it might incur through mistakes. An entrepreneur
understanding this, places the business in a better position to deliver
efficiently and in an organized manner.
iii. Goal orientation – As an entrepreneur, one should possess the aim of the
business in their fingertips, the business is expected to have a clear plan
outlining its objectives and vision, through this the business stipulates its
activities within a time frame that acts as a guide to achieving its goals. The
goals become the driving force for the success of the business. With this the
entrepreneur becomes automatically a leader and they are obliged with the
duty of driving the business to the next step in terms of success.
ENTREPRENEURIAL CHARACTERISTICS
