How To Foster A Culture Of Entrepreneurship In Your Children

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country can't be over emphasized. This really is evident in a number of available literatures published by scholars on the subject matter but a closer examination of the literatures show tilted emphasis and concentrations on some typically common areas concerning empreendedorismo. Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in an increasing fascination with studying the role of factors stimulating successful entrepreneurship, business success and national development. Though, entrepreneurship, have played and can play more of those positive roles, is no easy vocation as it generally does not always guarantee 100 per cent triumph. There are many critical aspects of knowledge and factors that must be acquired and put set up to enable entrepreneurs achieve a way of measuring business success and consequently causing national development. Several researches have been conducted in aspects of entrepreneurship competency, entrepreneurship success and national development. Most literatures associated with entrepreneurship and entrepreneurship success have a tendency to unquestionably argue that a lot of entrepreneurial fiascos are essentially because of inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the entire world through the creation of financial agencies and provision of financial resources to business units for the only purpose of boosting and sustaining entrepreneurial development for rapid national development. The above mentioned, policy strategy unfortunately has resulted in the continuous negligence on the part of the government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally contributes to successful entrepreneurship, business success and national development. Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to observe they individually donate to successful entrepreneurship, business success and national development. As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the numbers of jobs created, the degree of wealth generated and the rate of indigenous entrepreneurship promoted in a number of countries across the world. There's undoubtedly that government of the world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or elsewhere through various agencies and under different terms and conditions, this fact prompt anyone to ask a question of high concern. Why exist still higher rate of business failure around the globe? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of those businesses. Many business failures may be said to be and are largely related to insufficient entrepreneurial competence. All of the businesses failed unknowingly even before you will find started due to insufficient one of the required competence; project evaluation and management. This doesn't therefore; make it surprising while entrepreneurship competence has often been identified since the missing link for successful entrepreneurship, business failure and consequently crawling national development and in certain instances stalled economy. What then is entrepreneurship competence? Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning by which it's employed in this writing with simplicity, it is going to be very imperative to first and foremost comprehend what entrepreneurship is.