ENTREPRENEURSHIP SKILLS.

Assignment 1.

Factors Contributing to the Success of Entrepreneurial Industries in Kenya.

By

Chemayiek Silvester

A Typed Work Presented to Lecturer Ndova

In Partial Fulfillment of the requirement for the

Entrepreneurship Skills

(KAGEU Virtual Portal)

KAG East University

Kitengela, Nairobi.

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 1. The technology industry.

THE TECHNOLOGY INDUSTRY.

Some aspiring business owners tend to shun away from the seemingly intimidating landscape of the
technology industry. Deloitte reports that while there is plenty of room for growth in the high-tech
sector, expanding companies should concentrate on cyber security as well as regulatory consideration
which is a sound advice for any business in today’s online world. You don’t have to start the next Google
or Microsoft to find a tech business you love. Incorporating Information and Communication Technology
also facilitates the production of goods in a short time with the help of computerized information
systems, and services are more quick and effective (Miles, 2001, 232). From social networking sites, E-
libraries and phone repair shops, you can apply your specialty-whether it be marketing, sales or
operations to a tech-based gig that’s secure to thrive in today’s digital world. Information and
Communication Technology known as the ICT technology has become the main tool in business activities
in the modern world (Dimovski & Skerlavaj, 2004, 636). The internet represents technological
innovation, whose effects range from communication to interaction; however, its potential has not been
fully explored and studied ( Hoffman, Novak & Peterson, 1997, 123).

2. The health, Beauty, and Fitness industry.

THE HEALTH, BEAUTY, AND FITNESS.

In our strong economy today, the health, beauty, and fitness is another niche that’s is not just thriving,
but also growing without much commerce competition. From gym and fitness franchisee to day spas,
med spas, and nutrition counselling, the options here are endless.

FACTORS LEADING TO THE SUCCESS OF THE ABOVE INDUSTRIAL ENTREPRENEURSHIP.

 Passionate: You must be passionate about what you are trying to achieve. That means you are
willing to sacrifice a large part of waking hours to the idea you have come up with. Your
passionate will ignite the same intensity in the others who join as you build a team. And with
passion, both your team and your customers are more likely to truly believe in what you are
trying to do.
 Maintaining focus: Great entrepreneurs focus intensely on an opportunity where others see
nothing. This focus and intensity help to eliminate wasted effort and destructions. Most

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 companies die of indigestion rather than starvation. Companies suffer from doing too many
things at the same time rather than doing too few things very well. Stay focused on the mission.
 Work hard: success only comes from hard work. There is no such thing like over-night success;
“overnight success” lies years of hard work and sweat. People with luck will tell there is no easy
way to achieve success and that luck comes to those who work hard. Focus on things you can
control; stay focused on your efforts and let the results be what they will be.
 Enjoy the journey: The road to success is going to be long, so remember to enjoy the journey.
Everyone will teach you to focus on goals, but successful people focus on the journey and
celebrate the milestones along the way. Is it worth spending a large part of your life trying to
reach the destination if you didn’t enjoy the journey more as well? Wouldn’t it be better for all
of you to have the time of your lives during the journey, even if the destination is never
reached?
 Trust your gut instinct: There is too many variables in the real world that you can’t put into a
spreadsheet. Spreadsheet spit out results from your inexact assumptions and give you false
sense of security. In most cases, your heart and gut is still your best guide. We have all had
experiences in business where our heart told us something was wrong while our brain was still
trying to use logic to figure it all out. Sometimes a faint voice based on instinct is far more
reliable than overpowering logic.
 Flexibility and persistent: successful entrepreneurs devote most of their time to the mission.
That is where the faint voice becomes more important, especially when it is giving you early
warning signals that things are off-track. Successful entrepreneurs find the balance between
listening to that voice and staying persistent in driving success-because sometimes success is
waiting right across from the transitional bump that’s disguised as failure
 Rely on your team: No individual can be good at all things. Everyone need people around them
who have complementary skills sets. It takes a lot of souls searching to find your own core skills
and strengths. After that, find the smartest people you can who complement your strengths. It is
tempting to gravitate towards people who are like you; the trick is to find people who are not
like you but who are good at what they do-and what you can’t do.
 Focus on execution: Unless you are the smartest person on earth, it’s likely that many others
have thought about doing the same thing you’re trying to do. Success doesn’t necessarily come
from breakthrough innovation, but from flawless execution. A great strategy alone won’t win a
game or a battle; the win comes from basic blocking and tackling. No matter how much time you
spend perfecting your business plan, you still have to adapt according to the ground realities.
You’re going to learn a lot more useful information from taking action rather than hypothesizing.
 Have integrity: There is no such an imagination of anyone ever achieving long-term success
without having honesty and integrity. These are qualities need to be at the core of everything
we do. Everybody has a conscience but too many people stop listening to it. There is always that
faint voice that warns you when you are not being completely honest or even slightly off-track
from the path of integrity. Be sure to listen to that voice.
 Give back: Success is much more rewarding if you give back. By the time you are successful, lots
of people will have helped you along the way. You’ll learn, as I have, that you rarely get a chance
to help the people who helped you because in most cases, you don’t even know who they were.
The only way to pay back the debts we owe is to help people we can help-and hope they will go

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on to help more people. It’s our responsibility to do “good” with the resources we have
available.
CONCLUSION

You might do all of the above and will wonder “but am I successful?” Success, of course, is very
personal; there is no universal way of measuring success. What do successful people like Bill
Gate and Mother Teresa have in common? On the surface it is difficult to find anything they
share-and yet both are successful. Success is the endless positive difference impacted in lives.

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 REFERENCES

Dimovski. V., & Skerlavaj. M. (2004). Communication Technologies as Management Tools: Case
of Slovenia’’, Faculty of Economics University of Ljubljana, 636.

Miles, p. (2001). Globalization- Economic Growth and Development Indicators. Planet Papers.

www.ibisworld.com>industry-trends>business.

www.cbsnews.com>...>smallBusiness.