March'20
The IUP Journal of Entrepreneurship Development
Focus
The first paper, "The Impact of Business Acumen and Startup Skills on Entrepreneurial Development", by Lifuo Makhele and Brian Barnard, studies the relationship between entrepreneurial development and business acumen and business startup skills. An entrepreneur with business acumen is a person who has a deep overall understanding of the industry and the market they are operating in. Similarly, an entrepreneur with startup skills, among other factors, is one that is able to clearly define their vision and value proposition for the business and follow it through to implementation in order to earn profits. Hence, business acumen and startup skills impact business success and survival. The authors attempt to understand these influences. This study is based on qualitative data collected through semi-structured interviews of entrepreneurs across industry sectors in South Africa. This study brings to the forefront the need for developing business acumen amongst early-stage entrepreneurs. The results of the study reveal that 'business acumen' and 'startup skills' are integral values to entrepreneurship, which are often underestimated, and it is assumed that entrepreneurs possess these skills. Entrepreneurial development and success are dependent on these factors, therefore more education has to be provided to entrepreneurs to equip them with sufficient levels of these skills even before starting their own businesses, so that they can significantly contribute to the economic development of a country like South Africa.
The second paper, "The Future Scenario of Entrepreneurship Responsible for Significant GDP Growth", by Afua Rita Buanyomi and Brian Barnard, attempts to identify the changes and blocks for achieving 'successful entrepreneurship'. The study is based on qualitative research and the data is collected from experienced professionals within the entrepreneurship echelon. The results of the study emphasize on the collaboration of public and private sectors which will facilitate the creation of a culture conducive for successful entrepreneurship. According to the study, entrepreneurship must be an integral part of the society and the contribution of entrepreneurs should be duly acknowledged. It is important for entrepreneurs to remain focused on business and stay away from political power plays. At the same time, the government should ensure a free and fair policy framework for ensuring opportunities for all. Thus, a combination of entrepreneurial skills and government policies is required for successful entrepreneurship.
Consulting Editor
The Impact of Business Acumen and Startup Skills on Entrepreneurial Development
A business' performance is influenced by multiple variables such as the entrepreneur's characteristics, behavior and other environmental influences. However, the literature allocates minimal focus on the basics of entrepreneurship such as business acumen and startup skills. The present paper examines the impact of business acumen and startup skills on entrepreneurial development and success by exploring how much of business acumen is required to affect success and how entrepreneurs can develop business acumen. Furthermore, the paper explores the factors that influence startup skills and how entrepreneurs can develop startup skills. Entrepreneurs from various industries with more than two years of entrepreneurial experience were studied. A qualitative research approach was utilized for this study. Open-ended questions were constructed and interviews were carried out with experienced entrepreneurs. Although business acumen is perceived as a basic skill, this study discovered that entrepreneurs face challenges during the startup phase that are attributed to lack of or poor business acumen. Poor market intelligence, financial management and business administration leading to less or no profit generation are some of the challenges entrepreneurs face. This study further identified that entrepreneurs need a sufficient level of business acumen for their businesses to be successful, and that it may take up to a period of five years for one to acquire adequate levels of business acumen. It was also identified that there are numerous learning channels for acquiring the skill such as reading, formal education and mentorship.
The Future Scenario of Entrepreneurship Responsible for Significant GDP Growth
The study comprises future studies and scenario analysis and aims to investigate the future scenario of entrepreneurship responsible for significant GDP growth (greater than 10%) in South Africa. Focusing on aspects such as social and cultural factors, leadership, management, organization, labor and skills, economics, trade, politics, markets, technology, infrastructure and environment, it investigates and reflects on whether Successful Entrepreneurship (SE) is indeed possible; what needs to change to attain SE, what is overlooked when it comes to business development, and what is obstructing SE. The research was conducted using qualitative research methods focusing on professionals close to entrepreneurship. Rather than focus groups or Delphi studies, the insights of entrepreneurship professionals were gathered using semi-structured interviews. The study found that a majority of respondents believe that SE is indeed possible, but it would require a concerted and collaborative effort from all stakeholders, primarily the public and private sectors and entrepreneurial experts to ensure that the right focus is provided, critical issues and challenges are realistically elevated to everyone's attention, and practical, simple solutions are created and aligned with the backing of the right technology, policies and regulations.