TRANSFORMATION OF ENTREPRENEURIAL ORGANISATION WITH MEAGRE RESOURCES INTO DOMINANT INSTITUTION

Ogbudinkpa, Wilfred Okechukwu & Ogbudinkpa, Ijeoma Charity (Ph.D.)

Abstract

Transformation is necessary for more competitiveness in any business organisation that wishes to dominate the market. The study is set to examine ways in which entrepreneurs with meagre resources could be transformed into bigger entities and become a dominant institution. Institutions such as schools and other business enterprises should imbibe entrepreneurial attitude involving creativity, innovation and drive in order to profitably take advantage of every available opportunity. Organisations are to work hard at creating, nurturing and sustaining an entrepreneurial culture that encourages innovative thinking. This paper further examined the concept of entrepreneurship, development of business and strategies to be adopted considering the meagre available resources. It went further to determine other requirements for organisation with little capital, qualities for success in small business. It also considered strategic direction, a situation in which organisations are to employ the use of SWOT analysis to pursue their goals. The paper concluded that the little capital available to small businesses is a source of challenge, as they continue to struggle with customers who are rational and want to get more value for their money, most especially in the face of current global competition. It is recommended that small businesses should not be scared away from the market but should continue to be consistent and adopt the right strategy resulting from environmental scanning.