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The skill of goal setting and commitment: Business goals enable an entrepreneur to have a clear picture of the needs of an organisation and to develop an appropriate plan in order to succeed.
Ÿ An analysis of the two groups (40 years and younger and older than 40 years) showed that both groups understood the need to focus on the set goals of the organisation in order to maximise the chances of succeeding.
Ÿ Entrepreneurs had to ensure that business goals were stated clearly in terms of costs, resources and activities. A project plan of all the activities should be drawn up and each task should be divided into smaller activities according to the level of importance in order to enable entrepreneurs to use their time more effectively. Performing each individual task to the best of their ability would bring about job satisfaction.
Ÿ The majority of the participants furthermore emphasised the importance of entrepreneurship training and education as a tool to improve the ability of an entrepreneur to set consistent and measurable goals. By providing adequate training, entrepreneurs would learn how to make more effective use of their resource.
LIMITATIONS OF THE RESEARCH
The sample used for the research was relatively small, considering the number of small and medium enterprises that are currently operating in the Johannesburg metropolitan area. The current results can therefore not be generalised. A briefing session did not take place before the completion of the questionnaires by the respondents; therefore it is possible that respondents did not understand the concept of some of the questions.
RECOMMENDATIONS REGARDING THE SPECIFIC SKILLS
In general, leadership skills can be improved through business coaching and mentoring in order to address shortcomings in the formal entrepreneurial training and education programmes. The nature and characteristics of a business determines the leadership style that should be adopted owing to the fact that respondents of the research operated in different fields (construction, consulting, sales & marketing etc.). It is therefore important for leaders to demonstrate an ability to assess a situation and apply the suitable leadership style promptly. It is also suggested that leaders ensure appropriate and effective use of the workforce by empowering them through the decision making process and giving rewards in order to stimulate their commitment to their work.
Entrepreneurs must always be both flexible and dynamic in their duties. The right strategy will lead to an effective management of resources and create a pleasant, practical work environment that will enhance employee commitment and performance. Creativity and innovation can be improved by combining business coaching and mentoring. It is necessary for all stakeholders to participate in extensive seminars in order to give direction to entrepreneurs on how to implement creative ideas from the preparation phase until the realisation phase successfully. An idea will only become valuable if it is well prepared and well designed.
Generally, small and medium sized businesses operate in a highly competitive environment. It is therefore always important to ensure that the participation and the contribution of the workforce are taken into account. This can be done by finding a way to capture creative and innovative ideas from the workforce. Rewards and bonuses can be used as a way to stimulate employees to participate actively in the development of the organisation.
THE IMPORTANCE LEVEL OF SPECIFIC SKILLS AS PERCEIVED BY SMALL AND MEDIUM BUSINESS OWNERS 221