Personality traits are associated with the intention of starting a venture (Gupta & Muita, 2012; Leutner et al., 2014). In addition, the personality traits of an entrepreneur influence the strategic decisions and actions of a firm which eventually have implications on the firm’s performance (Nadkarni & Herrmann, 2010). It was found that the there is indeed a relationship between the entrepreneur’s personality traits and the business success (Gupta & Muita, 2012). From the Five-Factor Model that was reviewed, the personality traits that have shown correlation with business success are: Openness to experience, Conscientiousness, Extroversion and Low Neuroticism (Baer, 2014; Bergner, Neubauer & Kreuzthaler, 2010; Gupta & Muita, 2012; Leutner et al., 2014). Those traits were recognised influencing the entrepreneurial success, the financial performance, the development performance of the enterprise and managerial success (Baer, 2014; Bergner, Neubauer & Kreuzthaler, 2010; Gupta & Muita, 2012; Leutner et al.,
Majority of people carrying out business in the SME market in Roysambu Constituency and Kenya as whole, are not quite well informed in terms of education and skills. According to King and McGrath (2002), those with more education and training are more likely to be successful in the sector. The literacy level has also been reflected in their ability to carry out managerial routines. An essential part of their routine includes making decisions on sound financial investment and management. This affects the decision on the external funding of his enterprise.
Businesses, government and society normally interact and influence each other’s specific goals and objectives. A group of people residing in communities that have common values and laws is society. It is usually made up of different interests, religions, attitudes, lifestyles, and cultures. On the other hand, a business consists of firms that participate in industrial, economic or consumer activities for profit or non-profit means (Crane et al., 2015, p. 427). The government is the governing body of a local community, nation or state.
To build an effective management team, social entrepreneurs need to recruit, develop and retain the right people. According to the book, many social enterprises have a low professionalism level when it comes to their human resource management. However, this is important because employees are the social enterprise’s greatest assets. They are the ones who will make the company grow. Social entrepreneurs have a hard time filling their top positions because they rely on their own existing resources and do not invest in time to look for a more deserving candidate.
In addition, this class will help in the future to manage my own business, to find strategies, to expand the marketplace, and to identify strengths and weakness and find better solutions and to solve issues. Strategic management will give the opportunity of competitive advantage through learning strategies to optimize internal resources and maximize external opportunities for the business. Supply Chain Management is a job career opportunity that is growing in the market. Many business provide job opportunities for applicants who know skills to keep goods and services flowing in the marketplace; quickly, efficiently and at low
Business operates within a society, therefore any action and decision made by the business should be made considering the impact of economic and social values. Stakeholder approach means better management and a more socially responsible behavior by the firm. The stakeholders approach sees individuals in a business acts altruistically, it is interrelated though independent for self creation and community creation, stakeholders approach addresses both collective and ethical theories, for a collective social demand and the right thing to achieve a good society. Mitchel, Agle and Wood (1997) emphasized on the interests of the stakeholders, Freeman and Phillips (2002) explained the fiduciary duties towards stakeholders. Jeremy Moon (2004) defines CSR as a combination of corporate citizenship, sustainable business and environmental responsibility; it is accountable to social, environmental and ethical issues both in term of corporate and the national environment.
Performance in Entrepreneurship The performance requires objectivity to make the decision for specifications or goals (Dransfield, 2000). Entrepreneurial Performance is the individual’s ability to be effective in many careers (e.g., Medication, Store, Suppliers, Marketing, etc.) help to achieve better outcomes in negotiations (Lewicki et al., 2003), to obtain company success. Entrepreneurial performance is to promote primary company concepts, developing new products, identifying market opportunities, make a modern environment, building healthy investor relationships, and also ready to react upon amazing market patterns (DeNoble et al., 1999). Entrepreneurial commitment level was a key indication of the best possible performance, allowing them
According to him, socio-cultural setting is made up of collection of activities, and the relationships people engage in their personal and private lives which include population features, age, ethnicity, religion, values, attitude, lifestyles and associates. These activities and relationships influence the decision of creating new businesses. Therefore, culture, as distinct from political, social, technological or economic contexts, has relevance for economic behaviour and business performance (Shane, 1993; Shapero & Sokol,
The external factor refers to factors external to the organization that are beyond its control. External factors can include few forms, such as social, technological, and political. The social environment of the country influences the functioning of the company as it determines the company 's value system. Sociological factors establish the culture of work, labour mobility and the working group. These factors include people 's vision of the new system.
To describe how the numbers match up and how they will finally lead to a profit. This section will spot light main point that how far business stands from reaching the breakeven point and when the venture will go profitable. 1.1.2 Business Model A pathway that proves to be successful and helpful in making the venture more and more profitable it may include the expected sources of revenues, identification and focusing on customer and consumer base, products, and different ways of financing. Business models are used shape the business, especially in an business environment, but they are to be used by the decision makers so that the problems are identified and solved on proactive basis. A business model in simple words is “how a business is going to earn from the market” It