The Virtue of Business

Published on 6th December 2005

Adam Smith stated that “By pursuing his own interest,” an individual “frequently promotes that of society more effectively than when he really intends to promote it.”

Small business is overtaking the large corporation as a dominant engine for economic growth. With more international competition and rapid market changes, small business has taken the lead in job creation and employment.

What do people know about the mechanics and dynamics of entrepreneurship and small business? What is the role of individuals and the government in nurturing the entrepreneurial spirit? These are but a few of the questions that need to be addressed as entrepreneurial forces change the African economies, for businesses go through cycles very similar to the stages of human life.

Good entrepreneurs do not necessarily make good managers. Management techniques are not necessarily a genetic heritage. They must be learnt and assimilated. Today\'s modern management includes many elements: manpower, finances, marketing, investing in the firm\'s future through the development of new products, services, or even whole new business lines.

On top of that, markets do not always react the way entrepreneurs expect them to react. Markets are evolving creatures: they change; they develop, disappear and re-appear.

In this issue, various authors examine factors affecting economies and suggest pertinent remedial attention.

 


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