Are We Running Out of helium?

Helium, named for Helios – The Sun! The Sun is made from mostly combusting helium. It’s a mysterious gas that would take an additional 27 years to isolate on earth. Helium is often thought of as the stuff in party balloons or that silly gas that can make your voice go all high and squeaky.

It’s true, helium is a non-renewable resource. There is no way to cheaply make more helium. It is made on earth via the nuclear decay of uranium and recovered from mines.

However, there are many stories saying that helium is running out.

Did you know that helium has been stockpiled in the USA (Bush Dome, Amarillo), a federal helium reserve, a strategic reserve of the US holding over 1 billion cubic meters of helium gas?

The field is slowly being drained and sold out to private firms.

One of the favorite things to say is that we are about to run out of helium, the reason that people think this is that people don’t understand what a mineral reserve is. The general idea that most people do have is that it’s the reserve of some mineral that’s available for us to use. Which it is not, a mineral reserve is an economic concept meaning the reserve of a mineral that we’ve got prepared for us all to use in the near future. And it really is an economic concept also. The origins come from stock market listing rules, the concept it deeply rooted in the idea of profitability.

The truth is that every generation runs out of mineral reserves and then they create a new mineral reserve. We will run out of this mineral reserve and then begin a new one. Mineral reserves just refer to the amount of a mineral we have reserved for a certain period of time.

Neither mineral reserve nor mineral resource have ANYTHING to do with the amount of whatever mineral is ultimately available. Not just not a good guide, but there is no relationship between mineral reserves and how much of a mineral there is at all.

New helium plants are being opened in Russia and Qatar in order to deal with the demand but also, other experts say that helium is irreplaceable and that we need to be careful how it is used. It’s true we can continue to get helium from the ground for a time, but we need to be investing in industries and technologies that don’t rely on helium.

Helium is an important part of the process of helium testing which relies on equipment such as industrial hoses.

Packaging Manufacturer For Best Product

As you know that the packaging is a container for putting the product. Packaging is custom manufactured by packaging manufacturers; the company designs the packaging as attractive as possible so as to attract consumers’ attention. Packaging can also be adjusted to the condition of the product. To understand the needs of consumers need to do a small research. If consumers are very interested and need your product, then it is time to choose a packaging manufacturer that will help your business grow and expand.

Choose a reputable manufacturer that offers various options for packaging products and different types of packaging materials, if you need quality packaging then please visit You need to consider several things to get the best and professional packaging manufacturers. Note the following:

The product owner must indeed look for a match with the best packaging manufacturer. Experienced manufacturing companies in the packaging industry count will provide quality assurance. The bottom line is the product owner should look for packaging manufacturers that is able to create the right packaging for your product, making it look attractive. There are many attractive packaging products such as clip strips and plastic packaging that can be customized with product conditions, etc.

Professionalism takes your product to add value in the process. Packaging experts should be accessible to give you a comprehensive assessment of the initial design to the finished product and deliver a bespoke, cost-effective product that suits your individual packaging needs. Communicate with the manufacturer properly, keep your interest in the packaging company, and discuss any issues that may arise with your product. Get the best advice from packaging manufacturers, so your products are worth selling to consumers.

Reputation is usually owned by a reputable manufacturing company. Look for a manufacturer with a leading brand, so your product will be famous. You need to read some recommendations to find packaging manufacturers. Make sure you get a guarantee back if the goods you have purchased were damaged.

If changes or improvements are required, then the manufacturer should be flexible enough to adapt to the new requirements. Contingency plans should be made to ensure delivery occurs when you need it. Further action needs to be done to improve the quality of packaging products because the damage will certainly occur in some products.

Do all the research and observations your product needs, if you want the packaging manufacturers to take you seriously. This will ensure that you start interacting with a good start and get what you need from the process. A product must be produced based on research on consumer needs, as well as packaging products. The best packaging will attract consumers’ attention and change their behavior to buy the product.

Bed Capacity In A Lathe Machine – Some Tips To Choose The Right One

Are you a wood turner by profession? If your answer is yes, then you are utilizing the lathe along with other tools to churn out decorative crafts. Just as you find in the case of potter’s wheel, the oldest power tool is used for generating numerous forms. It is possible for a skilled turner to produce a wide range of objects with just the lathe tool and a few other appliances. It is a motivating experience to see a wood turner create stunning craft items from a block of wood with the help of lathe machine.


Some tips

It is not too complicated for a beginner to learn the ropes of woodturning job. It is of utmost importance for you to learn the safe handling of the lathe so that they can efficiently cut. For top-notch quality machines, you can contact Pathak Industries. Some of the tips for making sure that the bed is appropriate for your needs are highlighted below.

•    Heavy base

One factor which plays an important role is the solid foundation of the lathe. The foundation is dependent upon the quality of the bed. Irrespective of the size of your device, a solid bed which is basically a horizontal beam is necessary. Generally, this bed is prepared from cast iron. Being a heavy metal, it prevents vibrations from taking place especially when the wood is spinning. Even vibrations of lighter nature should not be ignored because they may pose safety hazards. You should always resist the temptation of purchasing a lightweight machine. Some people prefer lightweight ones for the advantage of portability. Keep one thing in mind that the heavier the base, the easier it will be to operate.

•    Length of the bed

On one end of the bed, you have the headstock firmly secured in place while on the other end you have the tailstock which slides for adjusting to the length of the spindle. Depending upon the objects you are creating the length of the bed will vary. Some of the midsized lathes are versatile, and you can work on the connections. However, buying a full sized bed is always a better option than trying to extend the bed of a midsized lathe because in the latter case the extensions will not be that strong.

•    The height of the lathe

The ideal height of the spindle should be around the same height of your elbows in the standing position. You will end up with a pain at the back if the spindle is too low because in that case, you have to bend continuously. On the other hand, if the spindle is too high, then you will be facing problems in keeping the tools aligned with the tool rest. Consider creating a platform or adjusting the bed to get to your desired position if you are too short or too tall.

Price comparative analysis

Look up on the net for the names of companies manufacturing lathe. You will see numerous manufacturers in the market. You should do a comparative price analysis and then take the final decision. Pathak Machine Tools supply durable products at affordable rates. Take a look at their websites and go through the reviews of the customers.



The Industrial Equipment Manufacturing

Many countries began to be industrialized, some companies tried to get into the scene. More and more countries are looking for high-quality industrial equipment. Without doubt, high end equipment is required for various industrial processes. Industrial tools are indispensable for producing business products in bulk quantities.

Increasing the variety of industrial products caused by the needs of the community. This led to the entry of large and small industrial equipment companies. However, not all are able to offer high quality products. Along with this, they have realized the value of excellence because of consumer calls. Fortunately, almost all companies have responded to the call. Almost all production companies use production machines to meet consumer needs.

Industrial equipment companies of today exist while giving importance to efficient manufacturing processes. Gone are the days when you could purchase substandard apparatuses, tools and equipment. The rise of globalization made a significant impact to the industrial field. Manufacturing companies are giving much importance to operational efficiency. There are more local and regional compliance regulations today regarding equipment manufacturing. The competition is tougher and the demands continue to grow. Operational efficiency is currently the foundation of the survival of big manufacturing companies. Basically, companies which are not operating efficiently obtain less profit.

Renowned industrial equipment manufacturing companies view globalization as an opportunity to get more revenue by providing valuable services. They are now trying to extend their business in more and new regions. This is the reason why it is possible to purchase high end equipments even in countries which are still developing. There is a business notion that it’s impossible to take advantage of opportunities without sacrificing efficiency and income. This is the big problem of small companies. However, bigger companies are getting successful on this endeavor by capitalizing on technology. They are using high technology to improve operations. Many companies are also utilizing versatile and adaptable business management solutions.

Large industrial equipment manufacturers are gaining competition from small industrial equipment manufacturing companies. They are constantly trying to find solutions that they can learn to use easily and implement quickly. They are still looking for strategies and solutions that they can maintain and customize without disrupting their business. With this, they will be able to take advantage of globalization as well. Employees will learn how to handle change efficiently. The emergence of various equipment industries can increase the effectiveness of the company in various things, such as production costs, transportation, staff salaries, etc.

Today, several companies have the vision of delivering more than just machinery to their clients. They are trying to provide what the customers really demand. They are trying to enhance their products while considering safety requirements. This has something to do with the customers’ asset compliance and efficiency.

Company owners can expect exceptional products in the market from industrial equipment manufacturing. The presence of quality industrial equipment provides a great leap forward. If you are planning to buy certain equipment for any purpose, all you need to do is look at what the various companies offer. You will have a comprehensive range of delivery system options.


Quality Equipment for Industrial Projects

The best and high-quality industrial equipment is something every construction job should have. Low quality products will only make it more risky for people behind the scenes. Many companies are beginning to cut costs, most projects have to be satisfied with products that are under actual terms. Therefore, they not only increase the risk on the site but this can also produce unsatisfactory results that can have far greater consequences.

Resilience – Industry quality equipment indicators are durable. Equipment will have a more durable life compared to goods purchased with cheap or not quality. Quality equipment is needed for a very difficult project and requires a high level of security and safety.

Cheaper in the Long Run – Like it or not, quality products are usually priced higher than those who are not. However, considering the amount of repairs one must subject low-quality products through, the repairs expense could be more than the original price needed for purchasing top quality products. Hence, the bottom-line is that workers would find themselves spending more for projects as they struggle with repair costs.

Ease of Use – Quality products are usually the ones that are designed for easy use. This is crucial since in a site, hard to operate items usually means that workers have a hard time getting used to them. Lack of control can be one of the major sources of injury in the workplace which is something avoided for every project. Additionally, quality products have less chances of malfunctioning and are often backed up by their manufacturers. Hence, most users can at least rest easy knowing that they have a safety net or warranty option should anything untoward happen.

Product quality and process fast – Product quality means quality results and hence lower probability of having to return to work on completed projects. The great thing about quality industrial equipment is that using it just once is enough to get the exact results needed in a project. Quality products can also mean faster processing rates for workers, allowing them to meet deadlines or even complete projects before the specified date. It is important to pay attention to product equipment that offers the best and fastest results.

Industrial equipment of high quality usually means that individuals are not encouraged to buy them. However, the fact is that the right approach to buying can effectively cut some of the price of industrial equipment. The important thing is to know exactly where to buy and how to choose the best equipment. Keep in mind that the goal is not to buy the most expensive, but rather buy products that deliver quality results. You need to know that the best industrial equipment is in accordance with the needs of your company.

The Purpose of Industrial Equipment

All companies can run with the appropriate industrial equipment. If an entrepreneur thinks about launching a new project, then one should think about organizing the necessary industrial equipment for the project.

New projects often appear in the community due to technological developments, people are becoming much more interested in launching new commercial business. This causes the demand for industrial equipment to increase rapidly. Commercial industry can be very important for the economic development of a country. With proper supervision from various industries, any country can become self-sustaining as they will then be able to earn stable income by exporting products to other countries in the world.

All companies need to use their industrial equipment in the right way to maximize production. They can be used to start and contribute to a particular industry and in a more general view; they also contribute to their national economy. There are different types of industrial equipment that can be found in the market and almost all of that is required to run the project well. Some parts of the basic industry are required to run any industry, while some other modern tools can be very useful to accelerate the production and success of the company.

As the demand of diverse industrial equipment increases with time, many companies are starting to supply premium equipment to some industries. Hence, some of the entrepreneurs of commercial organizations may look to these areas for an industrial machine for their project. If they find more than one item, the entrepreneur should compare the products of a number of manufacturers and then select the machine that is the best fit for their organizations.

However, they need to be careful about the quality of their desired machine because some of the available items may not be of a good quality. So, the buyer of industrial parts has to be careful when they are buying equipment for their project. A good solution to this issue is to buy products from a reputed and reliable company. If an entrepreneur, who is thinking of starting a new project, struggles with their budget, they may buy used industrial equipment instead of buying brand new equipment. Used industrial tools are also suitable to run a project if the entrepreneur becomes able to find a suitable use for them.

There are many companies using industrial equipment for a project but they need to make sure it works well before buying it. Machines can be old or new however, the responsibility is on entrepreneurs to make sure the machines fit the business goals so they can see to benefit from their business. In addition, industrial equipment should represent the purpose of a project.

Improving Safety and Efficiency – Using Food Industrial Products

The workplace should be clean and orderly in order to function safely and productively. Sanitation is very important in the food product manufacturing industry. Federal laws and standards are explicit and rigorous in mandating how food products are manufactured with specifications on industrial equipment and industrial equipment used in the industry. When it comes to producing groceries, any contamination from bacteria or even impurities can cause health problems.

In order to meet sanitation requirements while also maintaining a safe and effective workplace, there are a wide variety of industrial supplies designed to be utilized in this setting. Food compatible industrial equipment is designed to handle products safely while promoting a sanitary environment. In the end, utilizing the right products empowers companies to excel.

Essential Industrial Supplies: Food Grade Lubricants – Every moving part on a machine requires lubrication, but conventional oils and greases are incompatible with food products. If these lubricants contact goods on the production line, the resulting products will be off color, off taste, and toxic when consumed. Of course, lubricants are still required for process machinery, so food grade materials have been designed to keep industrial equipment running without contaminating products from incidental exposure.

This lubricating solution has a very high standard of health; it is made odorless, colorless, tasteless, and non-toxic. They are assessed for incidental contact with foodstuffs without causing harmful side effects to consumers. While vegetable oils were used for lubrication in previous years, special mixed products are now tested and approved by the food watchdog.

These types of industrial supplies come in a wide variety of different products for nearly any lubrication application. Silicone lube and belt dressings are available in food-safe varieties. Machine bearings can be greased with these products as well. There are even automatic feeders that can be attached to a grease fitting and provide a steady stream of lube, helping to reduce the amount of time maintenance personnel have to spend on that machine. Other varieties include anti-seize, pneumatic lube, and anti-wear to low temperature and high temperature oils and greases. This list also includes heat transfer fluids and coolants that are rated for incidental contact with products, in addition to hydraulic fluids and gear lube.

Materials Used In Food Grade Industrial Equipment – Typically, manufacturers in this field utilize a common set of materials for process machinery. Sanitation properties are essential when designing production lines in addition to typical design concerns. For exposed surfaces on working machinery, smooth and polished materials are utilized. This type of surface is easier to clean and does not promote the growth of bacteria like a rough surface would. The most common way to achieve this specification is with the use of polished stainless steel.

However, stainless steel can be cost prohibitive for certain pieces of machinery. Polymer and plastic blends can also be utilized as long as they are smooth and polished. Another option incorporates standard carbon steel with a zinc or chrome plating to keep costs low while maintaining a smooth surface. Anti-microbial coatings and even Teflon can be applied for additional prevention of contamination.

These materials are in common use for the food industry for another reason. While corrosion is a problem in any industry, when handling food items, rust presents additional problems. Metal contamination will cause food to take on an unpleasant taste, odor, or color as well as putting toxic materials into finished products. A strong corrosion resistance is also necessary in order to withstand alkaline washing solutions and acidic ingredients.

To make matters more complicated, industry equipment used in this field may also be used in high or low temperature production steps. High temperature baking, cooking, or frying as well as low temperature freezing and preserving process steps create significant temperature swings. Industrial supplies have to be selected that will perform at low and high temperatures in addition to room temperature.

Worker Safety And Productivity – To create a safe and productive working environment, companies need personal protective equipment and industrial equipment for workers. For example, hair nets, latex gloves, and face masks help keep workers safe and prevent contamination with the items they use. The company must provide full standard personal protective equipment.

Each of the company’s facilities is responsible for following best practices and standards to deliver the best and safest products to suit consumers’ needs. With the various tools available, every business is expected to meet the high standards of security, security and health.


The Place of Entrepreneurship Competence in Business Success and National Development

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. This is evident in several available literatures written by scholars on the subject matter but a closer examination of these literatures show tilted emphasis and concentrations on some common areas relating to entrepreneurship.

Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in a growing interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.

Though, entrepreneurship, have played and can play more of these positive roles, is not an easy vocation as it does not always guarantee a hundred per cent triumph. There are several critical areas of knowledge and factors that must be acquired and put in place to enable entrepreneurs achieve a measure of business success and consequently contributing to national development.

Several researches have been conducted in areas of entrepreneurship competency, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success tend to unquestionably argue that most entrepreneurial fiascos are essentially due to inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of financial resources to business units for the sole purpose of boosting and sustaining entrepreneurial development for rapid national development.

The above, policy strategy unfortunately has led to the continuous negligence on the part of the government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally contributes to successful entrepreneurship, business success and national development.

The current literatures on the subject do not provide sufficient explanations to the role general and/or specific competences play in successful entrepreneurship, business success and national development. This has thus, made the relationship between entrepreneurial competence and entrepreneurship success to be important topic within organizational literatures. The above fact is evident in several available studies done by scholars on the subject matter (e.g Crook, Todd, Combs, Woehr, and Ketchen, 2011; Mitchelmore and Rowley, 2010; Inyang and Enuoh, 2009; Laguna, Wiechetek, and Talik, 2013 e.t.c).

Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.

As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the numbers of jobs created, the level of wealth generated and the rate of indigenous entrepreneurship promoted in several countries around the world.

There is no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.

Why are there still high rate of business failure around the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures can be said to be and are largely attributed to lack of entrepreneurial competence.

Most of the businesses failed unknowingly even before there are started because of lack of one of the required competence; project evaluation and management. This does not therefore; make it surprising while entrepreneurship competence has often been identified as the missing link for successful entrepreneurship, business failure and consequently crawling national development and in some instances stalled economy. What then is entrepreneurship competence?

Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning in which it is employed in this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.

Entrepreneurship may be defined as the process through which something new and valuable is created through the dedication and effort of someone who takes on financial, psychological, and social risks and seeks personal satisfaction and monetary rewards (Hisrich & Peters 1986).

European Commission, (2006) defined Entrepreneurship as a dynamic and social process where individuals, alone or in collaboration, identify opportunities for innovation and act upon these by transforming ideas into practical and targeted activities, whether in a social, cultural or economic context.

Critical assessment of the above two definitions summarized the concept of entrepreneurship by stressing creation processes and performance of targeted activities. Entrepreneurship as defined above is not necessarily limited to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most importantly, the ability to plan, manage projects and to turn ideas into action in order to achieve set objectives for successful entrepreneurship. But, it requires tact, art and competency to achieve winning edge success.

Entrepreneurship success is a multidimensional phenomenon. It includes multiple criteria of financial characters like profit maximization, revenue maximization, dividend maximization as in the case of shareholders etc., and non-financial characters for example larger share of market, customer satisfaction, perpetual enterprise existence etc. To achieve success in any of the following sections, one must be competent in his/her chosen area of enterprise.

Entrepreneur competence can therefore be defined as the cluster of related knowledge, attitudes, and skills which an entrepreneur must acquire or possess to achieve an outstanding performance and optimize the business objective(s) amidst several constraints. Every job/role has a skill and competency requirement. Every career like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an allotted entrepreneurial job successfully.

Entrepreneurship competence constitutes a cluster of related knowledge, attitudes, and skills, which an individual acquires and uses together, to produce outstanding performance in any given area of entrepreneurial responsibility. Some of these competences may be general and some peculiar to the chosen areas of enterprise. We may describe competences to mean abilities and skills, for a teacher or a performing artist, for example, it is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill in the chosen craft.

In like manner, entrepreneurial competences are critical success factors required for successful entrepreneurship, business success and of course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is no substitute for entrepreneurship competence for successful entrepreneurship, not even abundant financial resources can. There is no doubt as explained, entrepreneurial competence play important role in any successful entrepreneurial activities.

The following are some of the necessary entrepreneurial competences required for successful entrepreneurship and rapid national development. We shall be discussing below 8 of the basic essential entrepreneurial competence for successful business.

1. Time Management competence: Time is an economic good; it is an economic good worthy of effective and efficient management because of it scarce nature (Dan-Abu, 2015). Time is unique, unlike any other economic resources (input) such that it has no wing but can “fly”. Time is irreplaceable and irreversible. Time lost is lost forever and can never be recovered, and by that I it includes, time lost doing insignificant things. This is why few things are more important to an entrepreneur and for successful entrepreneurship than learning how to save and spend time wisely. One major causes of entrepreneurship failure in relation to time management is doing too many things at the same time in an inefficient manner.

To achieve more and be successful in the day to day running of an enterprise, the entrepreneur must be thoroughly equipped with time management skill. Investing and practicing effective and efficient time management skill is a profitable investment for every entrepreneur, since every efficient business act is a success in itself. It therefore means that, if every single act of entrepreneurial activity is undertaken with consistent efficient one, the enterprise as a whole must be a success.

Time management involve among others practices, commitment to work contract and taking personal pains to complete a task on schedule, this will promote confidence and loyalty on your business/organization and will thus led to winning of more contracts from clients again and again; prioritizing of task based on urgency and importance in relation to a project activities and delegating of task to subordinates.

Some common time consuming activities include slow decision making, inability to delegate, unnecessary interruptions, failed appointments, delays while traveling, poorly conducted meetings, procrastination, etc.

2. Communication competence: Communication is a two-way process characterized by sending and receiving of messages through a channel between sender and receiver. This may be verbal or non-verbal for example, telephone call and procurement proposal respectively. Good communication skill is an indispensable management tool for a successful entrepreneurship. It is through communication that procurements are made, business products/services are sold, business objectives are discussed, employees are recruited etc.

Communication competence is very important to the survival and success of every organization, this is regardless of whether the organization is a profit or non-profit making, private or public enterprise, involved in provision of services or sales of products, online or offline business etc. Communication competence is so vital to successful entrepreneurship that it goes beyond inter-personal communication; of course this too is indispensable to the success of the entrepreneur’s business.

A winning communication competence in an enterprise will help in disseminating circulars, minutes, letters and memos effectively reaching every intending individual, team or unit in an organization. It also facilitates efficiency through the saving of cost involved in sending and receiving the messages on the part of both the organization and the employees. Communication competence in enterprising organizations will facilitate large turn out and compliance when meetings are called or directives are given to be followed respectively.

Communication competence in like manner can speed up the time taken to make merchandize procurement in period of high demand; this can help the concerned firm increase profit during the period of shortages and high demand.

Developing and employing good communication skill in an organization will definitely lead to two fold success; the firm will be able to benefit from internal interactions among persons, departments and units, and externally benefit from interactions between it and the business transacting partners (outside world). We can therefore say in summary that, there is no business without communication.

3. Human Resources Management Competence: The relevance of human resources management competence to successful entrepreneurship, business success and national development cannot be over stressed. Though materials and capital are of equivalent importance to the entrepreneur, they are inanimate and unemotional; they demand no understanding of human requirements and inspirations for their effective utilization unlike human resources which need good and competent human resources management skill by the entrepreneur to successfully utilize it to optimum level in productive activities.

Human resources of some enterprise are the most difficult to obtain, the most expensive to maintain and the hardest to retain. Without the acquisition and practicing of effective and efficient human resource management skills, the capital resources earlier mentioned will not be effectively used. Generally, small and medium scale enterprises often managed by an entrepreneur do not have the luxury of human resource department that can interview, hire and evaluate employees.

Most of these decisions taking regarding the above are the responsibility of the entrepreneur and perhaps one or two other key employees. This is good why human resources management competence is important for successful entrepreneurship and national development. As the firm grows, there will be need to hire new employees; entrepreneur must follow important procedures for interviewing, hiring, evaluating and preparing job description for new employees. Instituting an effective organizational culture is best implemented when an entrepreneur is competent in human resources management.

4. Marketing Management Competence: The success of every enterprise involves selling of products/services; this is largely enabled through good marketing management, it is therefore imperative for an entrepreneur to have good marketing management skills.

Ebitu (2005:196) concord, that marketing is crucial to the survival and growth of any organization. It is through marketing that revenues used for bills settlement, assets acquisition, pursuing of business diversification and expansion objectives, settlement of dividend and tax liabilities and social responsibility projects are generated. The entrepreneur in developing good marketing strategies and marketing management competence must be conversant with and employ the four marketing mix of place, promotion, price and product.

5. Adherence to Business Ethics Competence: Every business has its ethics. Ethics deals with moral ability and obligations. It can be defined as a system of rules and principles that define right and wrong, good and bad conduct and the ordering of values in undertaking business activities in society. Business ethics is sometimes called management ethics, and it is the application of ethical principles to business relationships and activities.

Business ethics is becoming a subject of intense concern for society, which is now demanding that organizations should operate responsibly and uphold very high ethical standards to improve the quality of life of the people. Entrepreneurs, in light of the above, need to be competent in dealing with different public policies, trade union’s established standards and norms and customers’ concerns for high quality work for successful entrepreneurship.

6. Financial Management Competence: Every business enterprise requires capital with which to start and continue with its operations. Capital here means two things; money (finance) needed to start and operate the business and assets representing the resources provided by owners (equity) and creditors of the business (liabilities).

Mbat (2001:3) defines financial management as the planning, organizing, directing and controlling of the firm’s financial resources. Finance is the blood at the centre of any successful business enterprise, one of the features common to successful entrepreneurs is their ability to source for funds for their enterprise. The funds mobilized internally or externally have to be properly managed to ensure that at any point in time, there is adequate funds to cater for the day to day running of the enterprise.

Most entrepreneurial failures are due to the inability of the entrepreneurs to effectively distribute and manage funds. For example, an entrepreneur needs to acquire knowledge on financial management issues like anticipation of financial needs for the enterprise, fund raising sources, cost of raising fund from external sources, acquisition of funds, allocation of funds in order to yield optimum result through identification and maintenance of correct proportion of the firm’s finances in areas of savings, insurance and investments policy of the enterprise.

The important of financial management competence to achieving entrepreneurship and business success cannot be over stressed. We have seen many at times when financially buoyant “start-ups” crumble down to pieces after successful take off because of financial management incompetence of the management, caused by tied up funds as they watch helplessly as the business dive into ocean of failure due to lack of reserve funds to successfully execute contracts or perform business operation.

Leadership Competence: leadership can be defined as the ability to influence and motivate other person or group of persons towards achieving a shared a set objective. Leadership competence is also another important single factor determining business success or failure in our competitive, turbulent, fast moving, free global market economy.

According to Ilesanmi, (2000: 187) successful entrepreneurs are successful leaders; they have power and motivate the entrepreneurial venture. The ability to produce the necessary leadership is the key determinant of achievement in all-human activities, the quality of leadership is therefore a decisive strength or weakness of any successful entrepreneurial endeavour.

Successful entrepreneurship requires creative, unique leadership qualities and personal styles. It involve seeking opportunities, initiating projects, gathering the physical, financial and human resources needed to carry out projects, setting goals for self and others, directing and guiding others to accomplish goals. Effective leadership is therefore a powerful tool required for successful entrepreneurship, business success and national development. Good leadership competence helps an entrepreneur to turn his/her business vision into reality.

7. Social Responsibility Competence: The establishment of every business enterprise is backed up by the profit motive. It is the profit that drives entrepreneurs to starting businesses, motivate shareholders into buying shares and private capital owners into investing their capital in a company. The profit motive though leads to the production of goods and services; the entrepreneur’s business venture also has the responsibility to embark on certain projects within and outside its operating environment as part of its social obligations.

Businesses should not only be concerned about the quality of goods and services they produce to generate profit but must also pursue policies that sell their enterprises by contributing to the quality of life in their operational environment. The business operators have responsibility to protect and improve society. Their actions during production and marketing should not in any way endanger the community or society. Entrepreneur can earn more profit by displaying high degree of corporate responsiveness, which is the ability of an organization to relate its operations and policies to the environment in ways that are mutually beneficial to the organization and the society.

The entrepreneur for example needs to make contribution to community development, product safety, employment generation, ethical business practices, and contribution towards educational activities in the community of operation. An enterprise for example can award scholarships to students, create opportunity for apprenticeship training and so on. Undertaking some of these social responsibilities may endear the entrepreneur’s enterprise to its host community; enhance his image and social standing, and consequently contributing significantly to his business success.

8. Decision making Competence: Decision making is very important to the success of an entrepreneur, this skill is at the core of every successful entrepreneurial activities. Decision making is the process of selecting a line of action from available alternatives. This selection process may be very difficult especially when the available alternatives are numerous or the decisions to be made or chosen from are risky ones.

Many potential entrepreneurs have difficulties in bringing their ideas to the market and creating a new business because making a decision is one thing and making the right decision in a given circumstance is another. The actual making of effective entrepreneurial decisions has resulted in several new businesses being started throughout the world by those having this decision making skill necessary for successful entrepreneurship.

An entrepreneur makes decision on a daily basis and therefore has to acquire adequate knowledge and skills in decision making to enable him/her make the right decisions.

Most of the entrepreneurial competences have been studied in isolation and with little effort to recognizing their mutual relationships to entrepreneurship success and business success. In a study aimed at explaining entrepreneurial competences in order to rank them according to the level of their importance to successful entrepreneurship by Edgar, Dirk and Danny, (2005) shows that, entrepreneurs on one hand considered decision making the most important competence while scholars in their different writings are in support of identifying business opportunities competence as the most important when embarking on an entrepreneurial venture.

In another study aimed at explaining how general and specific managerial competencies relate to the business success of small and medium scale enterprises (SMEs) by Laguna, Wiechetek, and Talik, (2013) proved that general and specific managerial competency is significant predictor of success in running a business. They further stated that specific managerial competency demonstrated to be a mediator between general competence and Small and Medium Scale Enterprises (SMEs) success.

In a similar study conducted by Rosária de Fatima Segger Macri Russo and Roberto Sbragia, (2010) who opined that the operational responsibilities of a project manager (planning and controlling) are in stark contrast to the characteristics of an entrepreneur. In light of the above contradictory viewpoint, their research which was directed at assessing whether managers showing entrepreneurial characteristics are associated with more successful projects or not found within their study sample an empirical evidence supported their hypothesis that the possibility of a given project having a successful outcome increases with the enterprising tendency of its manager.

After critically examining the necessary entrepreneurial competences required for successful entrepreneurship, business success and rapid national development. It will be important to quickly add here that no single or sets of entrepreneurship competence are more important to the other. It is only through the combination of the competences that an entrepreneur can achieve maximum business success.

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Infants, Toddlers and Children – Do They Really Need Educational Toys?

This is a million dollar question. The answer to this is both yes and no. There are millions of poor people out there who’s children do not have the luxury of toys, for starters they are expensive and most parents would rather feed their child when it comes to the crunch. As guilty as a parent may feel when choosing food over toys for their offspring – it is the right choice as food feeds the mind in a more practical way than any toy on the market.

Most middle class children are born with a huge toy collection, many of these toys are just for fun, while some are of educational value a parent may find the child prefers the box the educational toy came in.

Children do not need toys to learn, [though in some cases it does assist them to mature [motor skills, talking etc] faster] as the environment they live in has a lot of educational and development objects just waiting to be explored. A child can improve its imagination just by playing with a couple of loose bricks it has found in the yard [not to mention improving the motor skills while building with these] Going to the park and using the jungle gym can improve their motor and socializing skills.

So the question is – are educational toys necessary?

There are hundreds of toy manufacturers out there, and they are more than willing to feed the ‘educational toy’ frenzy, many parents and grandparents prefer to buy the so called educational toys as this makes them feel good about their purchase and they hope it will help educate and amuse the child they bought it for. Many child development experts say that there is no harm in buying the kids educational toys, but they could get the same education and development benefits by playing with a variety of simple objects that are around the house on in the yard. So the answer is yes and no again!

Toys for stimulation and imagination

While all kids love the electronic toy age, these are not designed to encourage independent thinking. The simplest toys like building blocks, crayons, puppets etc. play a really important role in cognitive development because these toys encourage the child to use their own imagination and to think and create

Interactive toys

All parents should encourage their child to go play groups, or to play with the neighborhood children, By having fun and simply playing cops and robbers these kids are stimulating their minds with imaginary games and learning the social skills needed for later on in life. Allowing the children to play dress-up, go to puppet theaters, play with craft supplies and play board games is also a good way to stimulate their busy minds.


Children are the great imitators of the world, so let them in the kitchen, make them measure out some ingredients, count out the cutlery needed to set the table etc. This is a great way for the parent to spend time with the child and they are combining learning with play. Why not try find a miniature stove, pots, pans etc for the little girl in your life, she will cook for you forever [here's hoping you like mud pies:-)]

Remember – above all else – keep the learning curve fun, do not force the issue, a child forced into doing something it does not want to do will get a mental block and you would have lost the battle of the child having fun while been sneakily educated.

Financially Savvy Kids – Tips on Sharing Financial Literacy Lessons

For many families, kids and money don’t mix well because they were never taught proper money management. However, kids and teens today must be taught practical money management skills in order to live a more rewarding life.The concept of ‘kids and money’ raises many questions for parents that want to teach their kids about money management. Many parents don’t realize that the majority of schools lack a class that gives students a practical financial education. Many more parents feel about as comfortable having the ‘birds and bee talk’ and they do having the ‘kids and money’ talk. It’s no wonder recent studies show that more parents talk to their kids about sex rather than money.This article will guide you in developing your own “Money Talk” to have with your children. Most people recognize the importance of teaching kids about money, yet so many fail to do so. A big part of the reason is because most parents don’t know where to start. Follow the tips below when you have your ‘kids and money talk’,

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1) Practical: Focus your ‘kids and money talk’ on the practical application of the subject rather than theory, history, definitions and other less usable information. They can pick up theory overtime; First, teach them how they can apply practical money skills to their life.2) Story: Stories are an excellent way to teach kids about money and make the learning process fun. Sharing personal stories help you to truly connect with them and relate to them on a memorable level. If you’re not comfortable sharing your own stories, third party stories are great as well.3) Relax: You ‘kids and money talk’ does not need to be stressful. Realize that you are there with good intentions to give the participants information that will change their lives. Breath, have fun and understand the presentation does not have to be perfect.4) Content: Make sure your content is relevant, up-to-date and is something that your kids can relate to. You can get quality financial education tips from organizations like the National Youth Financial Educators Council and other quality organizations. Times are changing faster than ever before so always seek out up-to-date stories and topics that your students can relate to.5) Prepared: Before having your ‘kids and money talk’ be prepared and practice your presentation. Focus on money lessons which motivate, educate, and engage your children as well as inspire them to take action.It is much more effective to begin teaching your children how to handle their money their money from the time they are young rather than waiting until they are teenagers. Teach them money is exchanged for work by having them complete various household tasks in exchange for “pay.”. Of course, this doesn’t have to be a large sum of money, and in fact, it shouldn’t be. It should only serve as an incentive to teach them responsibility and reward.

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If you do teach your children to respect money as well as themselves, then they shouldn’t have a problem when they become adults. For one thing, they will know that money doesn’t grow on trees, as the old adage goes. It more often than not requires effort to earn money.In teaching kids about money, you should encourage them to have different piggy banks for different uses. For instance, one piggy bank could easily be their spending money for chewing gum and other little items. A second piggy bank, could be used for them to save money for a larger items they may want to purchase. For example, they may want an electronic game that they will have to save money on their own, in order to acquire. Another for money they want to donate. And finally, they must be encouraged to have a real savings accounts or piggy bank. This is money they are not to access.Purpose to discuss money with your children. It is a conversation that will help them their entire life.