INTRODUCTION
Are you an entrepreneur? The Webster's New World Dictionary defines an entrepreneur as "one who organizes and manages a business and undertakes the risk for the sake of profit.” Do you have what it takes to introduce a new product and a new method of production? Can you open a new market, conquer a new source of raw materials, and reorganize an industry in a new way? If those features define who you are, then, you’re an entrepreneur.
Do you know how important you are to the world? The next paragraph tells you how important you are to your nation and to the whole wide world, as an entrepreneur.
The question of why some nations are rich and others are poor has been at the center of economic debate for over two centuries. While the post-WWII Keynesian dominated discussion of economic development focused on and emphasized the importance of such factors as foreign aid and government planning, it is now widely agreed that the entrepreneur is the prime driver of economic progress (Kasper & Streit, 1998: 1-23; Leff, 1979).
The above paragraph shows the importance of entrepreneurs to all nations of the world. Entrepreneurs are job creators, new products developers, new production process initiators, and they are also market leaders. To be where you are supposed to be as an entrepreneur you must possess some worthwhile qualities.
QUALITIES OF HIGH FLYING ENTREPRENEURS
The rare qualities possess by high flying entrepreneurs are listed below.
a) Initiative: Ability to do things before being told, forced or by events.
b) Assertiveness: Firmness and ability to tell others what they need to do directly.
c) Excellent interpersonal relationship: Make contact s easily and get along very well with people.
d) Obsess with high quality: Always demand for top quality product, service and raw materials.
e) Opportunity savvy: They seize unusual opportunities all the time and also capitalize on new opportunities.
f) Risk taking: Confidence in breaking new grounds and investing in unfamiliar terrains.
g) Innovation: Skillful at introducing new ideas.
h) Efficiency oriented: They concentrate on getting the right things done, first time with minimum cost and highest possible quality.
i) Uniqueness: They are unique in all respects. They initiate ideas that others follow or adapt.
j) Create and utilize networks: They make the best use of existing networks and create new networks when need be.
k) Manage growth: They are not always carried away by current or past successes but are rather skillful at managing growth and success well.
l) Motivate organizational members: They have a clear understanding of people’s needs and use same to drive them for optimal performance at work.
m) Vision: Entrepreneurs are visionaries who dream dreams, think ahead and initiate positive changes to take advantage of opportunities.
n) Leadership: They are pacesetters in their line of business and industry. They give directions that others are to follow.
o) Expansion orientation: Entrepreneurs always concentrate on expanding their business scope beyond the present level. They are addicted to continuous growth and expansion of their business.
CONCLUSION
The starting point towards excelling as an entrepreneur is to possess the required qualities. Therefore, as an entrepreneur, you must develop all the identified qualities so as to be able to set the pace for others and thus become a high flying entrepreneur.
References:
Kasper, W. and Streit, M.E (1998). Institutional Economics: Social Order and
Public Policy. United Kingdom: Edward Elgar Publishing.
Leff, N.A (1979) Entrepreneurship and Economic Development: The Problem
Revisited. Journal of Economic Literature 17, 46--64.
Weaver, K., M, and Solomon, G.T (2003) “Are We Teaching Entrepreneurship to Small Businesses and Small Business to Entrepreneurs?” Proceedings: 48th Conference of the International Council for Small Business Belfast, Northern Ireland.
About the Author
Ajiboro Ayodeji is a Chartered HR practitioner based in Lagos, Nigeria. His areas of interest are Human Resource, Training, and Entrepreneurship Advisory Services. Tel: 2348027807452. Email: hutrenconsulting@gmail.com.
© Hutren Consulting 2011
________________________________________
The use of this material is free provided copyright is acknowledged and reference or link is made to the www.hutrenentrepreneur.blogspot.com. This material may not be sold, or published in any form. Disclaimer: Reliance on information, material, advice, other links and recommended resources, received from Ajiboro Ayodeji, ACIPM, shall be at your sole risk, and Hutren Consulting assumes no responsibility for any errors, omissions, or damages arising. Users are encouraged to confirm information received with other sources. Please retain this notice on all copies.
© Hutren Consulting 2011
Monday, June 20, 2011
Wednesday, June 15, 2011
ETHICAL BUSINESS CONSIDERATIONS FOR ENTREPRENEURS
INTRODUCTION
Managing businesses in the 21st century has gone beyond mere profit maximisation. The need to be ethical in all business dealings as entrepreneurs can no longer be ignored. Entrepreneurs that ignore ethical considerations in business are doing so at their own peril. This article is all about exposing entrepreneurs to the basic things they are expected to know about ethics in business management.
MEANING OF ETHICS
Ethics is a field that studies human behaviour in relationship with others on the basis of wrongness or rightness of manifested behavior. Anything that is ethical is adjudged to be fair to all the parties involved. Entrepreneurs must always consider the level of transparency, the effect and how fair their actions are to those to be affected by such actions in all their business decisions before embarking upon such a decision. Transparency, effect and fairness are core issues for ethical consideration in business.
CONCERN FOR STAKEHOLDERS
Entrepreneurs and the organisations they represent are not out of this world. They relate with several individuals, organisations, interest groups and the state. All these groups have a stake in all businesses operating in their domain. Three questions that are of great concern to all entrepreneurs in relation to ethical business operations are?
a) Am I confidence to make my decisions known to people to be affected by them?
b) Have I considered the harmful effects of my decision and the way out?
c) Would my decisions be considered fair by everyone affected by it?
MAJOR STAKEHOLDERS
The following group being stakeholders in the business world must be considered by entrepreneurs in their day-to-day decision making.
a) Shareholders
b) Trustees
c) Guarantors
d) Investors
e) Partners
f) Approving bodies
g) Regulatory authorities
h) Advisors and consultants (yes, these people have something at stake too)
i) Employees - staff, managers, directors, non-executive directors
j) Customers
k) Suppliers
l) The local community
m) The general public
n) International communities
o) humankind
BENEFITS
Competitive advantage
Entrepreneurs that are adjudged fair to all concerns in their business dealings are always in the good book of the general public and therefore enjoy better patronage over their competitors.
Employer of choice
In this era of war of talents, employees are kin about working for any organisation with sound reputation. Sound ethical business practices add value to business organisations and also make it easier for them to attract and retain quality, competent and committed workers.
Attracting Investment
To attract investors and venture capitalists, an entrepreneur and his organisation must have reputation for fair and ethical business practices. This gives them a very solid reputation before investors and bankers.
Motivation and Morale boost
The integrity and reputation of the business is a source of morale booster to all the employees. They tend to feel happy working in an organisation that the society holds in high esteem.
Reputation
In this era when high and mighty businesses of yesterday are falling due to scandals. It takes ethical business operations to remain firm in a business environment saturated with high ranking firms. To maintain a good public image in your domain and globally, never trade your ethical business practices for anything else as an entrepreneur. It takes years to build a business; only a scandal is enough to destroy it.
Legal and regulatory Considerations
Businesses are being sanctioned now more than ever before for lack of accountability and transparency in their business dealings. The operating license of a business or an entrepreneur could be withdrawn for involvement in any unethical business practices.
Conclusion
The core of ethical business operation is to conduct your business as an entrepreneur in a manner that minimizes or avoid social conflicts. Negative business impacts on the society such as child labour, workers exploitation, social and environmental damage must be avoided.
REFERENCES:
Alan Chapman (2010). Ethical Decision Making and leadership. www.businessball.com
Fajana Sola (2002). Human Resource Management: An Introduction. Labofin and Company, Lagos.
About the author
Ajiboro Ayodeji is a Chartered HR Practitioner based in Lagos, Nigeria. Tel: 2348027807452. Email: hutrenconsulting@gmail.com.
©Hutren Consulting 2011
________________________________________
The use of this material is free provided copyright is acknowledged and reference or link is made to the www.hutrenentrepreneur.blogspot.com. This material may not be sold, or published in any form. Disclaimer: Reliance on information, material, advice, other links and recomhttp://www.blogger.com/img/blank.gifmended resources, received from Ajiboro Ayodeji, ACIPM, shall be at your sole risk, and Hutren Consulting assumes no responsibility for any errors, omissions, or damages arising. Users are encouraged to confirm information received with other sources. Please retain this notice on all copies.
© Hutren Consulting 2011
Managing businesses in the 21st century has gone beyond mere profit maximisation. The need to be ethical in all business dealings as entrepreneurs can no longer be ignored. Entrepreneurs that ignore ethical considerations in business are doing so at their own peril. This article is all about exposing entrepreneurs to the basic things they are expected to know about ethics in business management.
MEANING OF ETHICS
Ethics is a field that studies human behaviour in relationship with others on the basis of wrongness or rightness of manifested behavior. Anything that is ethical is adjudged to be fair to all the parties involved. Entrepreneurs must always consider the level of transparency, the effect and how fair their actions are to those to be affected by such actions in all their business decisions before embarking upon such a decision. Transparency, effect and fairness are core issues for ethical consideration in business.
CONCERN FOR STAKEHOLDERS
Entrepreneurs and the organisations they represent are not out of this world. They relate with several individuals, organisations, interest groups and the state. All these groups have a stake in all businesses operating in their domain. Three questions that are of great concern to all entrepreneurs in relation to ethical business operations are?
a) Am I confidence to make my decisions known to people to be affected by them?
b) Have I considered the harmful effects of my decision and the way out?
c) Would my decisions be considered fair by everyone affected by it?
MAJOR STAKEHOLDERS
The following group being stakeholders in the business world must be considered by entrepreneurs in their day-to-day decision making.
a) Shareholders
b) Trustees
c) Guarantors
d) Investors
e) Partners
f) Approving bodies
g) Regulatory authorities
h) Advisors and consultants (yes, these people have something at stake too)
i) Employees - staff, managers, directors, non-executive directors
j) Customers
k) Suppliers
l) The local community
m) The general public
n) International communities
o) humankind
BENEFITS
Competitive advantage
Entrepreneurs that are adjudged fair to all concerns in their business dealings are always in the good book of the general public and therefore enjoy better patronage over their competitors.
Employer of choice
In this era of war of talents, employees are kin about working for any organisation with sound reputation. Sound ethical business practices add value to business organisations and also make it easier for them to attract and retain quality, competent and committed workers.
Attracting Investment
To attract investors and venture capitalists, an entrepreneur and his organisation must have reputation for fair and ethical business practices. This gives them a very solid reputation before investors and bankers.
Motivation and Morale boost
The integrity and reputation of the business is a source of morale booster to all the employees. They tend to feel happy working in an organisation that the society holds in high esteem.
Reputation
In this era when high and mighty businesses of yesterday are falling due to scandals. It takes ethical business operations to remain firm in a business environment saturated with high ranking firms. To maintain a good public image in your domain and globally, never trade your ethical business practices for anything else as an entrepreneur. It takes years to build a business; only a scandal is enough to destroy it.
Legal and regulatory Considerations
Businesses are being sanctioned now more than ever before for lack of accountability and transparency in their business dealings. The operating license of a business or an entrepreneur could be withdrawn for involvement in any unethical business practices.
Conclusion
The core of ethical business operation is to conduct your business as an entrepreneur in a manner that minimizes or avoid social conflicts. Negative business impacts on the society such as child labour, workers exploitation, social and environmental damage must be avoided.
REFERENCES:
Alan Chapman (2010). Ethical Decision Making and leadership. www.businessball.com
Fajana Sola (2002). Human Resource Management: An Introduction. Labofin and Company, Lagos.
About the author
Ajiboro Ayodeji is a Chartered HR Practitioner based in Lagos, Nigeria. Tel: 2348027807452. Email: hutrenconsulting@gmail.com.
©Hutren Consulting 2011
________________________________________
The use of this material is free provided copyright is acknowledged and reference or link is made to the www.hutrenentrepreneur.blogspot.com. This material may not be sold, or published in any form. Disclaimer: Reliance on information, material, advice, other links and recomhttp://www.blogger.com/img/blank.gifmended resources, received from Ajiboro Ayodeji, ACIPM, shall be at your sole risk, and Hutren Consulting assumes no responsibility for any errors, omissions, or damages arising. Users are encouraged to confirm information received with other sources. Please retain this notice on all copies.
© Hutren Consulting 2011
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