Entrepreneurship: Interest of youngsters
Entrepreneurship has recently developed a new dimension on the international market. Even Mauritius, despite being small in size, has recognised the importance of entrepreneurship to its nation. Many institutions as well as the government are encouraging a greater part of the population, especially the young generation to step in the business world with their own business ventures. Moreover, the government has taken measures to promote entrepreneurship and to boost the entrepreneurial culture in Mauritius. People, especially youngsters are provide adequate support and training in order to familiarise themselves with entrepreneur activities and to improve their skills.
Due to high competition, new entrepreneurs along with existing one are showing great interest in learning new entrepreneur activities and to enhance their abilities to handle new technological devices. Furthermore, institutions such as Small and Medium Enterprises Development Authority (SMEDA), Small and Medium Enterprise Partnership Fund, Mauritius Business Growth Scheme Office (MBGS), Enterprise Mauritius National Empowerment Foundation (NEF) and Development Bank of Mauritius are helping the entrepreneurs to overcome the difficulties of financial problem, operating a business and obtaining technical support.
Definition of Entrepreneurship
Entrepreneurship is the process that entrepreneurs adopts to enhance their business awareness. It is a procedure compromising of creativity and innovation that guides them towards setting up their businesses (Brown and Upton). Entrepreneurship is a source of generating wealth for both the entrepreneur and the country.
Entrepreneurship is also consider a way to reduce the problem of scarcity as it is a process of minimising the use of resources in order to obtain the maximum outcome. Thus, it can be defined as the process of organising the resources in the efficient way in order to minimise cost as far as possible and in return to gain higher profits.
On the other hand, an entrepreneur is the organiser and manager of a business venture. Being the decision maker, the entrepreneur decides what, how and how much to produce a product or service. Entrepreneur is also a risk taker, he takes risk in investing capital in the business. Furthermore, an entrepreneur is generally the sole proprietor but can be a partner or someone who owns the majority of shares in incorporated business.
Skills needed to be a successful Entrepreneur
Actually, skills are acquired by entrepreneurs as they gained experience throughout the working years. However, there are certain skills that an entrepreneur should developed while embarking in the entrepreneurship world in order to ensure future success. The following are the main six skills needed by an entrepreneur before starting a business:
Organization and planning
These help to set up plans in order to achieve specific goals. It also enable the entrepreneur to delegate the work load among the staffs.
Budget need to be well monitored for example loans must be settled, funds must be raised and records must be kept for every transaction.
Product and idea promotion
An entrepreneur must have good selling skills so as to be able to market its products or ideas in order to gain maximum profits.
An entrepreneur must know how to delegate the work and ensure coordination among employees.
An entrepreneur needs to be a good communicator as this will enable him to identify the needs of his clients and ensure that the employees are producing the right products to satisfy the needs of the clients.
Winning and losing comes all the way in the business world. Whatever is the results either profit or loss the entrepreneur must have the ability to face the situation.
The Growth of Entrepreneurship in Mauritius
Worldwide entrepreneurship acts as vital element as it has a positive effect on the economy. It creates wealth for the country as it helps to reduce the level of unemployment, reduce level of poverty and increase the standard of living of the population.
Even in Mauritius, entrepreneurship has been an important element in the creation of employments and wealth. This mean that the economic growth is the results of the an increase in the number of businesses (Gavron et al., 1998). In 2009, it was proved by Gungaphul and Boolaky that the real cause of the economic growth at time was the increase of entrepreneurship. There were around 75,000 to 100,000 small and medium enterprise in 2009 which contributed 43% of the total employment. On the other hand, an increase in entrepreneurs helps to reduce unemployment which cause an rise in the standard of living and thus the Gross Domestic Product (GDP). Today, SMEs contributes 37% of the GDP, which represent around 120 billion rupees of output. In addition, it provide employment to 250,000 employees for men as well as women.