The Importance Of Management Skills For Entrepreneurial Success

Introduction

These days we consider entrepreneurship development as the art of starting business. This came to be against the back drop of the shrinking ability of governments and big organizations to create job opportunities. And it can be considered as part of a way to push the economy. It is a challenging task, either internally within companies, either externally, by the making a new businesses. Examples are studies that show the importance of entrepreneurship in transition economies.

The relevance of entrepreneurship to economic development is well known and it is now recognized that education and training opportunities play a key role in cultivating future entrepreneurs. The entrepreneur is a person has a goal like creating or capitalize on new opportunities and entrepreneurial Community is a Community where significant economic and social entrepreneurial activity exists within an effective system of public and private support.

Review

The entrepreneur or manager must ensure that he is at all times armed with the requisite skills (in this case management skills) to weather the uncertainties in the business environment and by extension achieve success in the business. Entrepreneurial success therefore connotes positively affecting the lives of others and making a living through a well managed innovative product and/or service (Agbim and Oriarewo, 2012 p 6). Also, entrepreneurial success implies starting and achieving some benefits from a business.

Entrepreneurial Capabilities

Easy a Entrepreneurial capability is when they determine the capacity to identify opportunities, run new businesses, drive innovations and learn from and adapt to changing circumstances.

• Supporting and implementing high-quality entrepreneurship education in school systems, higher education and in vocational education across a broad range of subjects (including technical and scientific fields) ) Arzeni S, Pellegrin JP.p 29).
• Encouraging closer links between education institutions and the private sector (e.g. involving entrepreneurs in coaching and mentoring students and giving guest lectures, or through apprenticeships in companies).
• Providing training targeted at entrepreneurs - someone who thinks of an idea to sell to someone and takes the risk in hope of profit.

Management Skills

Entrepreneurial learning capability and proactivity is known as key dimensions of management skills. Entrepreneurial learning capability is improved in different ways in literature about entrepreneurial capabilities: high-level learning involving the identification and use of new combinations of resources; the entrepreneurial obligation to innovate and develop workers’ skills; discovery of talent, ideas and exterior technologies defined it as entrepreneurial capability to generate and generalize ideas that impact multiple frontiers and business practices, by means of specific business administration initiatives.

This capability is composed of three fundamental parts: acquiring, discovering, creating and promoting ideas; and sharing ideas internally in the enterprise and; detecting and correcting problems that may lead to failures in the two previous parts. (Ahmad Zahiruddin Y, Choong Kwai F, Abdullah Sanusi O.2011.p 10412).

Financial Management Skills

Entrepreneurship in the changing world requires knowledge and skills in handling the accounts of the organization, as he has to manage the following: ledger accounts, cash books and banking operations. (James S. Lowden .2007.p35).

Marketing Skills

The most important things in entrepreneurial marketing include innovation, risk taking, and being proactive. Entrepreneurial marketing councils try to highlight the company's greatest strengths while emphasizing their value to the customer. Focusing on innovative products or exemplary customer service is a way to stand out from competitors. They make this pitch using cheap and accessible tools including viral videos, Tweets, Facebook pages, and email marketing. Any and all marketing strategies can be considered as long as they produce results.

Conclusion and Recommendations

Management skills is very important for entrepreneurial success. It is known that entrepreneurial success in business is associated with planning and budgeting for a marketing strategy that provides attractive range of products, and the skills to act on time on detecting changes in the environment, skills for solving sales problems as a way of maintaining good customer relations, and management expertise skills to attract and keep competent employees.

The entrepreneurs who want to make their management skills better to work on the identified factors either by training and short courses. Also, the entrepreneurs can also search for the services of a more skillful and committed employee. We have to focus on sectors such as manufacturing and services, and other skills that enhance entrepreneurial success such as technical and personal entrepreneurial skills.