NAME : EMMA MSONI

PROGRAME : BACHELORS OF TRANSPORT AND LOGISTICS

COURSE : ENTREPRENEURSHIP

LECTURER : MADAM NYIMBILI

ASSIGNEMNT : ONE
Introduction

Entrepreneurship is a process in which an individual organize, operates and takes on the risks of
business or Process of creating something new value by devoting the necessary time assuming
the accompanying financial psychic and social risks and receiving the resulting rewards of
monetary and personal satisfaction and independence. In order for Entrepreneurs to thrive in a
nation, the Government must play important role in creating the kind of business environment
that create the basis for growth, stability and future success of entrepreneurs.
Question 1

(a) According to Kotler (2004) an entrepreneur is any person who, upon identifying a viable
business opportunity uses innovation, creativity, progressive imagination and risk-taking
initiative, to start a new business or develop an existing one.

Bill and Thompson (2001) point out that entrepreneur have number businesses of qualities that
qualify them to be successful in their business. These qualities include the ones discussed in the
following paragraphs:-

(i) Initiative; an entrepreneur does things before being asked or forced by any events.
He/she often ensures that what the mind has generated is put into action.
(ii) Seeing and acting on opportunities; an entrepreneur seizes unusual opportunities to
obtain an order, financing, land or assistance.
(iii) Persistence; entrepreneur often takes repeated or indifferent actions to ensure that
obstacles are are overcome.
(iv) Risk- taking; entrepreneur does not fear that Investment will lead to a loss but that
any business loss helps one learn lessons and to make improvements.
(v) Persistence; entrepreneur takes repeated or indifferent actions so as to overcome
obstacles that may be experienced in business.
(vi) Information - seeking; entrepreneur does personal research how to provide a product
or service He/she consults experts for business and technical advice.
(vii) Expertise; most successful entrepreneurs possess strong technical skills in their
respective area of business of collateral (or security) that is required to qualify.
(i) Inadequate skills, education and training; Businesses fail partly due to lack of skills in
Marketing and innovation. The owners fail to identify fail to identify new market
opportunities and usually fail to create new products and services that can satisfy the
consumers. Because of this problem, they fail to compete more favourably in the
market place. Businesses tend to be more successful when the entrepreneur is well
trained and understands the Market forces such as demand and supply factors.
(ii) Tax constraints and legal impediments; most small and medium enterprises in Zambia
fail to succeed because of the country's predatory taxes that often swallow the little
 capital that is injected into the operations. This is even compounded by tax legislation
which punishes all that fail to comply with such statutory payments.
(iii) Increased competition; most businesses in Zambia fail because of growing
competition in the local market. The liberation of the Zambian economy has seen an
increase in the number of small and large businesses thereby increasing competition
among entrepreneurs. This has also been compounded by entry of several
multinational corporations which are dumping cheaply produced goods and services
in the local market this problem has made a number of local businesses to collapse.
(iv) Inadequate access to technology; in modern day business, entrepreneurs need to have
access to computer technologies so that they can easily plan, implement and control
their operations. Lack of access to technology makes it difficult for entrepreneurs to
effectively communicate to their customers. This limits ability to create awareness
regarding the goods and services produced and sold by the entrepreneur. It also
impedes the development of quality goods and service as done manually rather than
the use of technologies that such as Computer-aided design. (CAD).
(v) Several other problems can make a business to fail.

Bill and Thompson (2001) adds that concern for high quality work, self-confidence and
commitment to work are other qualities that most successful entrepreneurs have.

In Zambia, entrepreneurs such as Kavindele, Hakainde and Mahtani have shown that one can be
a very successful entrepreneur if they are able to take risks, act on new opportunities use of
initiative and being persistent. Globally, this has also worked well for Bill Gates, Steve Jobbs
and Zuckerberg whose businesses have touched lives of people across the world. Kuratko (2009)
has also pointed the following as key characteristics of entrepreneurs:-

 They are self-confident.

 They take calculated risks
 They respond quickly to opportunities
 They easily get along with others.
 They are energetic
 They are creative.
  They are dynamic
 They use their initiative and
 They are responsive to criticism.

Gates and others already mentioned possess most of these qualities all these qualities, if
possessed, can make one to be a very full entrepreneur.

(b) It is a well known fact that while some businesses may Said to be successful, there are
several others that fail.
Richtermeyer (2003) states that entrepreneurs face number challenges that often make
their businesses to fail. These challenges can border on issues of inadequate capital, lack
of management skills, four Marketing and selling strategies.

In Zambia, businesses fail due to the following factors:

i) Lack of adequate start-up capital; most entrepreneurs in Zambian fail to succeed in

their businesses because they have little or no access capital to further invest in the
day-to-day operations of the business. The biggest problem leading to this problem is
the lack of capacity to borrow from the banks and other lending institutions due to
lack of funding.

Despite the above mentioned problems, certain businesses have continued to survive. This is
primarily because of the following factors that they have considered and taken seriously:

(a) Increased capital; successful businesses often boast of the ability to use initiatives to
easily raise capital. They tend to venture into partnerships and other ventures that are able
to generate capital for further investments.
(b) Ability to spot opportunities; most successful entrepreneurs able to identify the rare
business opportunities that others fail to identify: this makes it possible for them to
develop goods and services that generate profits for them.
(c) Innovation, being the first to develop a product or service and having the ability to
improve on existing ones has.
 REPORT

Question 3

(a)

To: From Date Chef Executive Officer

From: Business Development Officer

Date: 24th August, 2021

Subject: Report on the Process of Generating Business Ideas

1.0 introduction
The Chief Executive officer of Mumba yachi Limited requested the Business Development
officer to develop or generate business ideas so that would lead to sales and profits for the
business in 2022 The following report, therefore, explains the process that need to be
followed in the generating of business ideas

2.0 Process of generating business ideas

Blanchard (2009) explains that the process of generating business ideas has the following stages:

i) Innovation; According to Blanchard (2009) innovation in the process by which

existing products and services are improved upon in order to improve their
performance and value to customers. In an organization such as Mumba yachi
Limited, Innovation will involve allowing the employees to discuss new product ideas
among themselves.
ii) Identification of new needs and wants; Business ideas can also be generated from the
identification changing needs and wants of people in o the given Society.
Entrepreneurs often take advantage of the existing gaps in the market place in order to
develop new products and services for their business.
iii) Targeted customers; the process of generating business ideas also involve inviting a
focus group of customer to indicate their preferred products or services and how it
 must be improved upon by the organization. This enables Organization to produce a
high quality good / service that lead increased sales and profit for the business.

Another process that may be used in generating Ideas is suggested to follow the following stages:

(i) Entrepreneur scans the local environment, this Involves identifying of the needs and
wants of the local environment so that business opportunities can be spotted.
(ii) Entrepreneur selects the test the opportunity; the second aspect involves selecting the
best alternative among the spotted opportunities and assessing it for profit potential.
(iii) Entrepreneur decides; the third stage requires the entrepreneur to plan how
opportunities will be turned a profitable business. The plan will involve the allocation
of required resources so that the goods can finally be produced.
(iv) Entrepreneur implements the plan; this stage, the entrepreneur produces the product
or service to satisfy the Market needs.
(v) Entrepreneur evaluates the results; finally, the entrepreneur evaluates the performance
of the business and plans for the next period.
(b) The business can protect its business idea by using registered patents on its new product
or service. The fact is that by registering its patents, it can enjoy Intellectual property
rights as other firms are by law not allowed to use ideas generated by others.

Question 4

According to Rae (2007) entrepreneurs are individuals or organizations who exploit

opportunities in a given environment to create something of perceived value to Targeted
customers as sustainable and rewarding venture.

Drucker (2007) explains that to be entrepreneurs are considered to be very important world over
because they are of they are the drives of the economies. The economic importance of
entrepreneurs lies in the follow:

i) They find solutions to economic challenges; Entrepreneurs often develop products

and services that society uses to satisfy needs and wants. At a time when governments
are having challenges regarding what to produce to satisfy needs of citizens,
entrepreneurs are always ready to Innovate and invent new products. For example,
 vaccines for COVID 19 Such as the Johnson and Johnson brand have been developed
for that purpose by entrepreneurs are for the benefit of the governments of the world.
ii) They fill the gарs on the Market; the bigger the number of entrepreneurs, the lesser
the supply shortages for goods and services in society. In the early 80s and early 90s,
Zambia experienced commodity shortages due to few enterprises that existed.
However, liberalization of the economy saw several enterprises being formed thereby
reducing the supply shortages that existed in the market. This implies that
entrepreneurs provide solutions to supply Shortages in the country.
iii) They improve wellbeing of society's people; entrepreneurs always bring new
products and services that improve the living standards of people in society. For
example, the invention of Computers and their associated technologies has made data
processing to be more enjoyable and less tiresome. New modes transport and other
means of communication have made the world to be smaller than it used to be in the
past. Thanks to entrepreneurs.
iv) They enable nations to improve their Gross National Product (GDP); Entrepreneurs
often enable countries to produce and export more to other countries they enable their
countries to gain foreign exchange which results from the exported goods and
services.
v) They create Job opportunities for people; Entrepreneurs also tend to create
employment for citizens in the country. According to Rae (2007), they often
supplement government efforts in ensuring that Jobs created for the citizens in the
country.

From the foregoing, it can be seen that entrepreneurs of a very important s country status in the
economic well being of a country.

(b) The Republic of Zambia has put a number of measures and incentives to encourage
entrepreneurship in Zambia. Some of the main measures include the ones that discussed
in the following:
i) Decentralization of the PACRA As a starting point aimed at encouraging
entrepreneurship the government of Zambia has set up offices in all the 10 provinces
to allow Patents and Company Registration Authority (PARA) to register
 Government of Zambia to register as many new enterprises us possible. The offices
are now very accessible to all those willing to engage in business ventures across the
country.
ii) Empowerment programs; the Zambian Government has, through the Ministry of
Community Development and Social Welfare embarked on a Social Cash Transfer
(SCT) scheme aimed at empowering the vulnerable members of society to receive
some incomes that they are using as capital for their start-up businesses. The scheme
increase in the number of small enterprises being opened in rural communities where
none existed before.
iii) Infrastructure development programs; the Government has put several Infrastructure
facilities across the country to aid new and exist businesses. For example, good road
and network has made most people to engage in Cross border trade and also intercity
businesses. The availability of communication towers has brought mobile
communication network to be availability in all parts of the country. It is for this
reason that certain individuals have engaged in business that include provision of
mobile money transfer Services through existing network.
iv) Encouragement of formation of Co-operative societies; The Government has also
motivated and encouraged entre preneurship by ensuring that citizens partner in co-
operatives so that they overcome the challenges of access to Capital deterrent when
forming business several Co-operatives have been seen in the agriculture sector
which farmers are given input in form of seed and fertilizer. This support has led to
several citizens becoming entrepreneurs in the agriculture sector

In the aforementioned, it can be seen that Government have been encouraging

entrepreneurship.
Conclusion

Entrepreneurs are an important part of the free enterprise system are a diverse and talented group
of people represent a cross-section of society as a whole are able to enhance the profitability of
their businesses through acquiring additional knowledge and experience.
References

Blanchard. O (2009) Macro economics. pearson Education.

Drucker, F.P (2007) Innovation and Entrepreneurship Butterworth Heinemann.

Kotler, P (2004) Market Management: prentice-Hall.

Thompson J, Bill. B (2004). Entre