Business Abstract Entrepreneurial initiatives imply permanent challenges for individuals involved in the business decision-making process, in developed or developing countries, and even under growth economics contexts. In developing countries, additional pressure is exercised by external market demand whenever small firms export their products, given the harder competition conditions, which can become even more challenging for small firms as well as for those run by women.
Volume 19, Issue 3. O Box Eldoret, Kenya. Entrepreneurship is very key to initiation and implementation of any new business idea or venture, to bring the undertaking to its operational existence. To achieve this, an individual needs to use personal intuition and focus on the opportunities, challenges and the weaknesses as well as the strengths of the venture.
The purpose of the study was to explore focus in entrepreneurship as a tool for success of business ventures. The study was significant in highlighting how entrepreneurs use focus as a tool for scanning to thrive in a competitive business environment. The study was conducted in Rongo town, in Migori County.
Document analysis was used to form the basis of analysis for this research. In addition, interviews were conducted and observations made on the character of the research participants.
The findings revealed focus is an important driver for entrepreneurial success. It was also found out that focus is a personal attribute that varies from one entrepreneur to another.
The researcher recommends that both existing and potential entrepreneurs should use focus strategy to scan the business environment in order to mitigate the forces that influence the success of their ventures.
Focus, Entrepreneur, Entrepreneurship I. Introduction Entrepreneurship has become very significant to the development of economies. Small and medium businesses are strongly connected to the concept of entrepreneurship, which is the key driving force of the developing economies in the world market.
Entrepreneurship benefits the world economies where entrepreneurs can only function flexibly, develop personal and individualized ideas, and convert them in to viable business ventures. The Entrepreneurs overcome regulatory barriers by moving to more innovation-friendly economies or by embarking to non-wealth-creating activities from productive activities.
In order to have productive entrepreneurs, developing countries need to streamline business regulatory rules, and prepare for the negative outcomes of layoffs in business organizations that fail because of the emerging competition.
To achieve that objective, focus in to activities of entrepreneurial ventures is very instrumental. According to oxford advanced learners dictionary, the word focus means the center of interest or activity.
It further defines focus as directing attention, feelings, comments or efforts to a particular problem or situation. Entrepreneurs use of the focus strategies that recognize that all markets as unique from one another.
In any given market, various customer segments exist, each with different characteristics, needs and wants. The primary impression here is that the entrepreneur must focus on one more segment s ; distinguish the customers who have special interests needs and wants; then serve them with an appropriate product or service designed to stand out in satisfying of exceeding the satisfaction of those interests, needs and wants.
Focus in entrepreneurship builds on the uniqueness among the existing segments of the market. Entrepreneurs focus on serving niches in markets that other market players are underestimating or overlooking rather than serving the entire market.
The focus insights of entrepreneurs can be synthesized by identifying entrepreneurial functions that are shared across all disciplines. For effectiveness in focusing, entrepreneurs need to exercise good judgment in decision- making Casson, Their judgment will enable them to come to a sound, defensible decision in the absence of complete information as the foundation of their focus potential towards the success of their business.
A focus strategy helps many entrepreneurs who have small and medium business firms, which may lack adequate resources to reach markets from either, regional national or global scale.
Their purpose is to serve their narrow markets more effectively and efficiently than the competitors who operate the broad market as the center of their target. The basic foundation for entrepreneurial application of focus approach involves beginning the business by serving a small geographic area, with a specific group of consumers who may have similar wants, needs or interests, for example, consumers of left-handed products.
Many times, divergent and imaginative entrepreneurs tend to notice opportunities or problems and focus on provision of products and services to serve those markets.
For entrepreneurs to develop divergent thinking, they do not need to constrain themselves with predefined solutions to the problems at their attention. While inquisitiveness and thoughtfulness are unquestionably indispensable for noticing what product is missing and what might be an entrepreneurial opportunity, the key to success of any venture is focus where the entrepreneur must do nothing else that to focus, focus, and focus.
The following guidelines help the entrepreneurs to focus on potential business opportunities by analyzing them: Learning to define issues as more than is immediately visible; Going beyond the symptoms to the core issue; Isolating what you are looking for and focus on what is the underlying issue or problem; Engaging the problem and search for information.1.
Executive Summary. This case study evaluation examines key sectors and management strategies of Mango focusing on core and non-core activities including the brandâ€s product.
A case study of small and medium enterprises in Vietnam showed that different networks accomplish different purposes and therefore it is necessary to align the networks as per the requirements in the various stages of business.
OWNED MICRO AND SMALL ENTERPRISES: A CASE OF KIAMBU TOWN, KIAMBU COUNTY KENYA BY The target population of the study was enterprises within Kiambu Town that were owned by youths. The study selected 10% of the population which .
Small and micro enterprises play a significant role in most economies, whether developed or developing. However, in developing countries these enterprises have tended to be looked at from a development, or poverty alleviation perspective, rather than as entrepreneurial activities and .
View abstract and ordering information for case studies written and published by faculty at Stanford GSB Search Fund Study: Selected Observations Since , the Center for Entrepreneurial Studies at Stanford Graduate School of Business has conducted a series of studies on the performance of search funds.
These studies. SME/ENTREPRENEURSHIP Undergraduate Project Topics, Research Works and Materials, Largest Undergraduate Projects Repository, Research Works and Materials. Download Undergraduate Projects Topics and Materials Accounting, Economics, Education EFFECT OF CAPITAL ALLOWANCES ON THE PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES .