Chapter 2

REVIEW OF RELATED LITERATURE

This chapter presents the related literature and studies after throughout and in-

depth search done by the researchers. As such, the literature review emphasizes the

relatedness between the current study and the work of other authors. Readers should

be familiarized with the points of agreement and disagreement among the previous

studies, as well as with the theoretical and empirical relevance of each to the present

research of central importance. The literature review provides a thematic narrative

which guides the formulation of the topic and suggests strategies for making operational

independent and independent variables considered in the study.

Employment

Around the world, governments and businesses face a conundrum: high levels of

unemployment and a shortage of job seekers with critical skills. For growing numbers of

young people, employment is precarious and may not provide an income sufficient to

cover basic necessities. In industrialized countries, the demand for a flexible workforce

and the increased use of part-time and temporary employment contracts have led to a

heightened sense of insecurity and risk. In developing countries, a rising number of

young people work in the informal economy, where they earn low wages and are often

subjected to poor or even exploitative working conditions.

160 million people in the world today are unemployed and many more subsist on

the margins of the economy or have jobs that do not provide them with adequate means

to ensure their survival. Nearly 40 percent of those without work are young people, and
 11

levels of unemployment tend to be two to three times higher for this group than for the

adult population. For those young people who are employed, many find themselves in

low-paying temporary jobs with few protections (ILO, 2015).

Over half of all workers in the developing world are self-employed. Although

some self-employments chosen by entrepreneurs with well-defined projects and

ambitions, roughly two thirds results from individuals having no better alternatives. The

importance of self-employment in the overall distribution of jobs is determined by many

factors, including social protection systems, labor market frictions, the business

environment, and labor market institutions. However, self-employment in the developing

world tends to be low productivity employment, and as countries move up the

development path, the availability of wage employment grows and the mix of jobs

changes (Morgolis, 2015).

72% of the young adults from families owning businesses wanted to run their

own business at some point in the future and not just immediately after completing their

studies. The second study is based on a sample of 412 young adults with mean age of

27 years from families owning businesses. This study found that, even though 47% of

these young adults were working in family businesses, only 22% had joined the family

business on leaving university or college (Schindehutte et al., 2003).

Entrepreneurship scholars have so far not explicitly investigated how a parental

entrepreneurial role model influences the propensity of an employee’s transition to

entrepreneurship subsequent to a period of organization employment. Similarly, studies

on role model influences on career choice have focused almost exclusively on early

career stages of exploration, entry and career choice. He stated that a higher propensity
 12

to entrepreneurship after organizational employment may be seen to be a manifestation

of positive attitudes developed at an early age when the employee was exposed to

parental entrepreneurial activities (Krumboltz et al., 2009).

Study of investment bankers and consultants found the importance of role

models in helping young employees make transitions to managerial roles. The study

found that young employees observed and adapted their role models’ professional traits

and styles to construct different “possible selves” from which they could then choose

what best suited them (Ibarra, 2000). In support of this assertion, using a qualitative

study of 43 managers in professional services found that respondents in the early

career stage used role models to learn how to perform tasks competently and efficiently

(Gibson, 2003).

They consequently argued that it is likely that employees also seek role models

outside the organization, and use these role models to foster job mobility (Gibson et al.,

2003: 207). Additionally exemplary role models from an individual’s past may also exert

motivational power, even several years later (Gibson, 2004: 142).

Entrepreneurial

Governments across the world are gradually more recognizing the positive

impact of creating new businesses, as well as the competitive advantages that small

firms can bring to the marketplace. Entrepreneurship not only provide benefits in terms

of social and economic growth but it also offers benefits in terms of individual fulfillment,

with entrepreneurship now breaking through the barriers of class, age, gender, sexual

orientation, and race (Scase, 2000).

 13

The relevance of entrepreneurship to economic development has been

highlighted by many researchers and it is now well-recognized that education and

training opportunities play a key role in cultivating future entrepreneurs and in

developing the abilities of existing entrepreneurs to grow their business to greater

levels of success (Henry et al., 2003).

Policies to foster entrepreneurship are essential for job creation and economic

growth. Government officials can provide incentives that encourage entrepreneurs to

risk attempting new ventures. Among these are laws to enforce property rights and to

encourage a competitive market system. Successful entrepreneurs come in various

ages, income levels, gender, and race. They differ in education and experience. But

research indicates that most successful entrepreneurs share certain personal attributes,

including: creativity, dedication, determination, flexibility, leadership, passion, self-

confidence, and smarts (Business and Industry Advisory Committee to the Organization

for Economic Cooperation and Development, 2003).

Entrepreneurship education will equip the skills of the students to be self-reliant

and task the government and stakeholders of other education should make assurance

that educational programmed at all levels of education are made applicable to provide

the youths and graduates the needed entrepreneurial skills. Entrepreneurship education

in the narrower sense follows a direct approach, developing students’ competences and

entrepreneurial intentions towards starting a business as a career option (Arogundade,

2011).

The purposes of entrepreneurship education include to: (1) offer functional

education to youth to make self-employed and self-reliant (2) provide youth graduates
 14

with adequate training to them creative and innovative in identifying novel business

opportunities and establish a career in small and medium scale businesses (3) reduce

high rate of poverty and rural-urban migration (4) create employment and serve as a

catalyst for economic growth and development among others. The challenges to the

promotion of entrepreneurship education include: inadequate capital, unstable macro-

economic environment, risk adversity of people and low infrastructural development

(Paul, 2005).

The challenges to entrepreneurship education include finance, manpower and

education, data, inadequate infrastructures and entrepreneurial attitude (Unachukwu

2009).

Entrepreneurship is considered to be a key factor in promoting economic

development, innovation, competitiveness and job creation, yet little is known about the

skills required for successful entrepreneurship. Research and policy has focused upon

the conditions necessary for entrepreneurship - typically defined in terms of the creation

of new ventures to flourish. Entrepreneurship skills issues have been addressed

primarily in relation to the education system. He also suggested that there exists a

deficiency within a substantial proportion of the UK’s small and medium-sized

enterprises SMEs in relation to entrepreneurship skills. These self-reported skill

deficiencies may be acting as a constraint on the growth of many SMEs. In order to

explore this issue in more detail, BIS commissioned this literature and policy review,

which focuses on understanding the nature of entrepreneurship skills and exploring the

extent to which, and the ways in which, public policy might support the development of

such skills (Hayton, 2015).

 15

Skill refers to proficiency in performance and may be enhanced by practice and

training. This is a useful framework within which to understand the skills that are

required in order to be a successful entrepreneur, the ways that these skills are

acquired and the potential for entrepreneurship skills to be developed and improved

within the context of existing entrepreneurial ventures. She also reviews some of the

key literature regarding the nature of entrepreneurship noted that the knowledge, skills

and abilities of entrepreneurs and innovators are many and various, but as with

personality traits, they interact with situations. One implication of these observations is

that, while there may be some personality traits that are associated with entrepreneurial

behavior, in principle it is possible to identify a range of entrepreneurial skills that can be

learnt, practiced and improved, in turn enhancing the prospects of business survival and

growth (Chell, 2013).

Bringing together a wide range of concepts related to skills and competences of

managers and entrepreneurs. They note the need for further research, for example in

developing an agreed entrepreneurial competency framework and investigating the

relationship between different entrepreneurial competences. This provides further

evidence as to the existence of particular behaviors and traits that we associate with

being entrepreneurial and what an entrepreneur does, but it is not sufficiently distinct

from what are also leadership and management skills sets. We develop this further next

in terms of identifying discrete behavioral and motivational factors relevant to

entrepreneurship and in the context of enterprise creation and growth (Mitchelmore and

Rowley’s, 2010).
 16

Suggest on the basis of a detailed qualitative study of the actions of

entrepreneurs, that different skills may be required to successfully undertake the idea

recognition and creation element of entrepreneurial behavior, as compared with the

skills necessary to capitalize successfully on the ideas. Singh & Gibbs (2013) found out

that educational attainment is positively related to opportunity recognition. They suggest

that the increased knowledge that educated individuals hold provides them with a

greater resource from which to draw links to new data, thus creating new innovative

opportunities (Volery et al., 2015).

Business growth requires suitable change-related strategies, and men and

women lead business change in different ways. A number of studies have captured the

existence of significant gaps in the growth, survival and sales for business ventures led

by men and women (OECD, 2003a, b, c; US Census Bureau, 2002). He implies a need

to study practices that men and women entrepreneurs adopt to achieve competitive

advantage and the development of dynamic capability with a view to accomplishing

change-oriented strategies (Kariv et al., 2012).

Entrepreneurs are related to factors such as entrepreneurial traits associated

with environment or upbringing, education levels, business experience, ethnicity, access

to business support training and participation in diverse learning networks. It might

therefore be argued that regions with relatively low levels of entrepreneurial activity

might also exhibit relatively low levels of entrepreneurship skills among the existing

business population. He also suggested that we should be task focused such as finance

and marketing. Learning needs to be based on real work situations, encouraging

managers to implement what they have taught (Karlsen et al., 2013).

 17

Global Entrepreneurship Monitor Women’s Report conducted a survey in 59

economies (representing over 80 percent of global gross domestic product) and

estimated that more than 187 million women were engaged in entrepreneurial activities.

Research suggests that women are more likely to reinvest their profits in their own

families; in their families’ or their own education; or in their communities (GEM, 2010b).

The major challenge that a country faces in promoting entrepreneurship is to

develop the capability and skills of Filipinos in starting and growing businesses;

furthermore, it needs to promote innovation to increase penetration in both domestic

and global markets. All this has to be well supported by the inclusion of

entrepreneurship and management courses in the formal education system as well as

the teaching of creativity and innovation among the youth. Capability building of

entrepreneurs through formal and informal training has to be more actively pursued.

The country must take advantage of new developments in the basic education sector,

and make entrepreneurship a formal part of the curriculum; it should also redesign

tertiary education programs to promote entrepreneurship as an alternative to

It is significant for service provider to recognize that entrepreneurs revive

entrepreneurship with different level of skills and therefore provides a distinct game plan

for developing his or her skills. Furthermore, since all of the literature concerning the

skill-sets required to be an entrepreneur has been published, it shows the essence of

what many researchers have presented as key requirements. These skill-sets can be

broken down into groups namely entrepreneurship skills, technical skills, management

skills and personal maturity (Lichtenstein and Lyons, 2001).

 18

Entrepreneurship skills

The level of education and practice demand to develop each of these skills will

be highly dependent upon the status of human capital before embarking upon their

entrepreneurial journey that individual might already possess. Whether or not as

entrepreneurs the developing of these skills set will engender enterprising persons who

should be equipped to fulfill their potential and create their own futures (Nesta, 2008).

The tools for assessing entrepreneurship skills called the Readiness Inventory

for Successful Entrepreneurship (RISE) is consist of 30 skills organized according to

four categories of skills Business Management, Transformation Management,

Relationship Management and Organizational Management. Business management

skills these are the basic skills essential to run the business day in and out.

Transformation management skills are those connected to creativity and innovation

these are the unique skills of entrepreneurship. Relationship management skills these

are the needed for successful partnership and other forms of interpersonal interaction.

Organizational Process management skills these are needed to develop sustain and

lead a business organization (Lyons et al., 2009).

The RISE make it possible to measure an entrepreneur’s current skill level,

identifying its strengths and weaknesses, so that proper technique of coaching can be

identified for building those skills that are weak and leveraging those that are strong .

RISE can then be used in tracking the entrepreneur’s skill development as they

progresses within their skill level and moves toward the next level of skill. Therefore, all

the tools for building entrepreneurial communities can be organized by the skills that
 19

they help to build and the level of skill at which they operate appropriately. In effect, they

become a system of tools that help in moving entrepreneurs towards their professional

development. The more established an entrepreneur’s skills the better he able to grow

and sustain his business (Lyons et al., 2009).

Entrepreneurship skills include the ability to take risk, innovative, persistent and

discipline. Many people could be successful if they only took chances. And many people

who do take chances and become somewhat successful will find the realization of their

dream an overwhelming possibility, so they sabotage their continued success by

retreating back into a comfort zone of smallness. Entrepreneurs are not immune to fear.

But they prioritize their approach to life so that fear, failure, frustration, boredom,

drudging and dissatisfaction far overweigh the lingering fear of success (Hara, 2011).

Entrepreneurs can acquire skills if they are willing to learn them. Additionally,

they can hire people to work for them to have the needed skills. Either way, the

following skills are important if the entrepreneurs business is to succeed. It includes

communicating skills, marketing skills, interpersonal skills, basic management skills,

personal effectiveness, team building skills and leadership skills to ensure business

success (Malone, 2013).

Entrepreneurial skills are a practice and that most of what you hear about

entrepreneurship is all wrong. It’s not magic, it’s not mysterious and it has nothing to do

with genes. It’s a discipline and, like any discipline, it can be learned. Drucker’s concept

of entrepreneurship follows that education and training can play a key role in its

development. Entrepreneurship was strongly associated with the creation of a business

 20

and therefore it was argued that the skills required to achieve this outcome could be

developed through training (Drucker, 2013).

Entrepreneurial skills is being viewed as a way of thinking and behaving that is

relevant to all parts of society and the economy, and such an understanding of

entrepreneurship now requires a different approach to training that the educational

methodology needed in today’s world is one which helps to develop an individual’s

mindset, behavior, skills and capabilities and can be applied to create value in a range

of contexts and environments from the public sector, charities, universities and social

enterprises to corporate organizations and new venture start-ups (Nesta, 2008).

Proposing that entrepreneurial skills should augment the technical knowledge

and skills learners might already have. Entrepreneurial skills will help them to acquire

the mindset and know-how necessary to make self-employment a viable career option

since there is currently little resource material available for teaching and learning about

entrepreneurship. This can help prepare learners of all ages and backgrounds to have

productive livelihoods as self-employed entrepreneurs. In countries where significant

numbers of young people work in the informal economy, this resource material may be

used to train those already in the workforce to systematize and improve the quality of

their work, with the goal of eventually becoming contributors to the formal economy

(UNESCO’s Section for Technical and Vocational Education, 2014).

Entrepreneurial skills are skills needed to have to succeed in business, most

especially in teaching to enable you start, develop, finance and succeed in your home

enterprise. He proposed that entrepreneurial skill is the ability to of an individual to

 21

exploit an idea and create an enterprise small or big not only for personal gain but also

for social and developmental gain (Stephen et al., 2010).

Entrepreneurial skill can be defined as the ability to create something new with

value by devoting the necessary time and effort, assuming the accompanying financial,

psychic and social risks, and receiving the resulting rewards of monetary and personal

satisfaction and independence. They also states that the array of possible

entrepreneurial skills encompasses the perception of economic opportunity, technical

and organizational innovations, gaining commands over scarce resources, taking

responsibilities for internal management and for external advancement of the firm in all

aspects (Hisrich and Peters, 2002).

One of the more prominent contributions to this relationship: the “U-shaped”

theory. This theory posits that as countries develop from a factor-driven stage of

development to an efficiency-driven stage, entrepreneurial activity actually decreases;

however, as countries develop further from the efficiency-driven stage to the innovation-

driven stage, entrepreneurial activity again increases while indicating that the U-shaped

theory is sound for describing a decline in self-employment as countries development

(Klapper et al., 2010).

Literature that highlights how education provides individuals with the cognitive

ability to match potential entrepreneurial opportunities with their respective skills and

abilities (Levie and Autio, 2008). Furthermore, van der Sluis, van Praag, and Vijverberg

(2005) as well as Isaacs et al. (2007) describe literature linking higher levels of

education with better entrepreneurial performance as well as higher rates of enterprise

 22

formation. These associations resonate with a worldwide survey of entrepreneurs, who

cite mindsets and skills as a potential constraint to entrepreneurial opportunity and

success (Monitor Consulting Group, 2012).

Management skills

Management is an explicit process. It can be taught, and it can be learned. It

takes time, dedication, and self-discipline. Management is often the difference between

success and failure. The entrepreneur must be able to manage every component of a

business. Even if entrepreneurs hire managers to attend daily details, they must

understand if their business has the right resources and if those resources are being

used effectively. They must ensure that all the positions in their business are occupied

by effective people (Welborn, 2013).

A business success or failure is very dependent on whether the business

reaches the market potential to the customers’ interest and result to the market in

deciding to buy the goods and services that is being offered. Many entrepreneurs who

started an innovative good services that with proper management marketing could have

been very successful (George, 2012).

Management skills are interrelated and overlapping. It is difficult to demonstrate

just one skill in isolation from others. Skills are not simplistic, repetitive behaviors, but

they are integrated sets of complex responses. Effective managers, in particular, must

rely on combinations of skills to achieve desired results. For example, in order to

effectively motivate others, skills such as supportive communication, influence,

empowerment, and self-awareness may be required. Effective managers, in other

 23

words, develop a constellation of skills that overlap and support one another and that

allow flexibility in managing diverse situations (Cameron and Tschirhart, 2011).

An entrepreneur means you are you own manager, as well as a manager of

others. Your skills need to be extensive in order for you to be successful. An

entrepreneur should be able to effectively manage people, a budget, operations and in

some instances, investors. This requires someone with a multi-tasking work style who

can plan for both the short- and long-term goals of his business. He also stated that a

successful entrepreneur must be able to make wise decisions about how he uses his

time, continually evaluating and prioritizing tasks according to relevance and

importance. This type of time management includes short- and long-range planning and

the ability to participate in economic forecasting and market research. Entrepreneurs

must also manage their professional life in conjunction with their family life, striking a

balance between work and home (Piškanin Rudy et al., 2006).

A successful entrepreneur has management skills to accurately research his

market and develop a comprehensive, multi-year business planned. This includes

accounting for growth and development, taking on employees, financing operations and

marketing and running or overseeing the day-to-day business functions. This type of

business planning includes the ability to manage economic forecasting. Finding and

keeping customers is one of the entrepreneur's most important management

undertakings because revenue from customers keeps the business alive. Entrepreneurs

must have the management ability to juggle clients, trouble-shoot problems, oversee

customer interactions with employees and ensure that customers are satisfied.
 24

Successful entrepreneurs are also continually soliciting new business and developing

new business networks (Kirzner, 2009).

Successful entrepreneurs must have strong overall business management skills.

This means understanding all aspects of how his business operates, including the

regulatory requirements of his industry. Entrepreneurs must be knowledgeable about

labor, employment and tax laws, and must stay abreast of industry and market trends.

This will help him quickly change direction if economic conditions dictate. Even if an

entrepreneur hires an accountant or finance professional to track money and other

assets, he is ultimately responsible for the financial management of his company. This

takes on greater significance when a company is growing rapidly or bringing on

investors. A successful entrepreneur has the management skills necessary to review

books and financial statements to ensure that he is always aware of his business's

finances (McQuerrey, 2015).

Adopting growth promoting management practices is powerless than eliminating

growth defeating management practices. These barriers influence the structures and

strategies selected by managers and negatively impacted upon the ambitions of the

organization (Peterson et al., 2000).

Even management frequently comprehend how to make the transition from

customized products for larger markets they often do not appreciate the other changes

that strategy makes. New investments rounds are necessary, business plan and anew

business strategy needs to be developed, core competencies and organization structure

needs to be aligned with emerging business processes. Entrepreneurs not only lead
 25

themselves through self-motivation as self-starters who jump into task with enthusiasm,

but they also skilled in leading others. They know the importance of teamwork, and they

understand the need to appreciate others, support and reward them (Inno-Grips, 2011).

Technical skills

Successful entrepreneurs these days all seem to have at least decent technical

skills. Good technical skills mean that you’ve already learned how to learn necessary to

produce the business product and services. These include the operation specific to

industry, communication, design, research and development and environmental

observation (Kutzhanova et al., 2009).

Technical skills is the most important that you could learn the ability to learn new

one. This might seem like a hard skill to acquire, but it’s actually pretty simple if you

practice learning and searching new things using search engines to find solutions to

problems (Lussier, 2013).

Technical skills can be a key channel to improve productivity and incomes in the

informal economy and open opportunities to link with the formal economy. It is an

important element of building capacities within pro-poor growth frameworks and a

strong support for strategies to enable the transition to formality. Technical skills can

improve product quality, reduce communication, reduce wastage and encourage

motivation. Empowerment towards negotiation, communication, problem solving and

confidence building can increase bargaining power and enhance decision making.

Additionally it can make local economies more dynamic and it can contribute to the
 26

inclusion of economic activities in the informal economies into national and international

value chains (Haan H., 2008).

In India, high growth rates in certain sectors have resulted in acute skills

shortage. India Planning Commission is seeking to address the skills gaps and meet the

demand core and technical skills from India’s employers. Educational infrastructure is

being expanded and linkages strengthened to industry, services and agriculture.

Developing certification, public-private partnership, industrial training system and

providing short intensive skills training to disadvantaged group as well as providing

resources for research and technologies for skills provision and certification in the

informal economy to be task through its implementation (Palmer R., 2008).

Ghana’s pro-poor economic strategies aim to upgrade the informal economy.

Tripartite structures have been developed through the Ghana decent work pilot

programmed which has put in place local economic development plans. Technical skills

training formed a central plank within the overall strategy to assist economy. Public-

private partnership have facilitated more relevant training, which in return, have an even

greater impact through an integrated strategy which included infrastructural investment,

linkages to health insurance, savings and credit as well pensions. According to him the

most important part of the business is the human element. Human resource whether in

the form of clients, employees, or strategic partners are what makes or breaks a

business and communication is the key to successful relationship with people which is

part also in technical skills. The entrepreneur works to have communication skills,

whether those are written or spoken messages conveyed through body language. And

to support language or public speaking classes, computer and telecom technology,

 27

search engine optimization programming as it related to sales and marketing. Above all,

the entrepreneur develops a keen ability to listen and hear what others are trying to say,

because the best communicators get that way by first being the best listeners (ILO,

2008).

Technical skill is knowledge about and proficiency in a specific type of work or

activity. It includes competencies in a specialized area, analytical ability, and the ability

to use appropriate tools and techniques. For example, in a computer software company,

technical skill might include knowing software language and programming, the

company’s software products, and how to make these products function for clients.

Similarly, in an accounting firm, technical skill might include understanding and having

the ability to apply generally accepted accounting principles to a client’s audit. In both

these examples, technical skills involve a hands-on activity with a basic product or

process within an organization. Technical skills play an essential role in producing the

actual products a company is designed to produce (Katz, 2003).

Technical skills can be acquired in formal and non-formal way. In formal way, the

common way is through academic channels, namely through the institutions of higher

learning. In addition, attending courses and seminars organized by world bodies such

as International Electrical and Electronic Engineers (IEEE) and obtaining certification

through this channel, is one of the ways to obtain technical skills. The non-formal

method is through a progressive tutorial written, electronic, and practical way that can

be done to obtain the technical skills. Consistent involvement is needed to improve the

technical knowledge in the field of endeavor so that skills are constantly improved

(Medina, 2010).
 28

Skilled workers have a moderate capability in technical skills. The problems are

still persistent in the worker who handles and operates equipment and machines

according to standard operating procedures without an ability to translate learned

knowledge into assigned tasks. Weakness of technical skills among workers is due to a

low understanding all the technical aspects of assigned jobs and no clear understanding

of subject areas (Mohd Fauzi, 2000).

Even though many of the employers are satisfied with technical skills from their

employees, they are still having concerns about the lack of competencies and

shortcomings in specific technical skills and the acquiring and use of information.

Therefore all of employees should have their good technical and generic skills to

contribute effectively to positive productivity. Based on the problems dealt with before, it

can now be understood that there is a lack of available skilled workers not only in non-

technical skills but also technical skills. This should be seen as a serious problem if

Malaysia wants to move quickly as a developed nation by 2020 (MERIC, 2008).

They give the entrepreneurs knowledge and ability to use different techniques

to achieve what they want to achieve. Technical skills are not related only for

machines, production tools or other equipment, but also they are skills that will be

required to increase sales, design different types of products and services, and

market the products and services. For example, let’s take an individual who work in

sales department and have high developed sales skills obtained through education

and experience in his department or the same departments in different organizations.

Because of these skills he possesses, this person can be a perfect solution to

become sales manager because he has great technical skills related to sales. On the
 29

other hand, one person that becomes sales manager immediately will start to build

his next type of required skills, because if his task until now was only to work with the

customers as sales representative, now it will need to work with employees in sales

department as addition to the work with customers. Technical skills are most

important for the first-level managers, but for the top managers, these skills are not

something with high significance level. As we go through a hierarchy from the bottom

to higher levels, the technical skills lose their importance (Dragan Sutevski, 2005).

Personal Maturity Skill

A positive outlook is essential for the entrepreneur, who learns to see set back

as bargain priced tuition for the valuable business lessons gained through first-hand

experience. Past shortcomings, failure or disappointment are relegated to the past so

that they cannot continue to haunt the present or obstruct the future and when things

right and business prospers, this further fuels the personal maturity skills and positive

mind-set of an entrepreneur, helping to give impetus for greater accomplishments and

increased hopefulness. Personal maturity skills include self-awareness, accountability,

emotional skills and creative skills. According to him entrepreneurs tend to be socially

outgoing. They get excited about sharing ideas, products and services and that

excitement is contagious to their employees, clients, friends and other contracts both

within and beyond the business sphere. But women and men who work hard as

entrepreneurs also relish the unique opportunity to have fun doing something that they

love ad their primary vocation. Human resource experts, career counselors and

business psychologist all agree that those who do jobs are enjoying and are good of

having higher rates of success and broader measures of satisfaction. Entrepreneurs

 30

know that first hand, from their own experience, and they tend to be a fun-loving group

of people both on and off the job (Kutzhanova et al., 2009).

Business is all about people, like mathematical formulas, good systems allow us

to reproduce great results every time with less and less exertion of energy sources.

Entrepreneurs rely upon systems before they rely upon people, and they look for

system based solutions before searching for human resource solutions. If the person

gets the job done but fall sick or leaves, the job is threatened. But if system is created to

get the job done, anyone can step in and follow the blueprint to get the desired result.

Similarly, when troubleshooting around and problem solving, the entrepreneur will first

examined study the system because designing, implementing and perfecting system is

one of the most useful and rewarding skills of an entrepreneur (Kelly et al., 2010).