entrepreunership skills

8/11/2019 Entrepreunership Skills

1/13

Finishing School Course Plan ACD

2511: Entrepreneurial Skills

BizMentors Pvt. Ltd.

TM

7/4/2013 1BizMentors Pvt. Ltd


2/13

The Objectives of This Session

To ingrain in the participants, the increasing opportunities forsuccess through entrepreneurship.

To expose participants to likely challenges of entrepreneurship, and

help them develop their own strategies for responding to such

challenges.

To give participants a clear understanding of the dramatic results of

a life of entrepreneurship for both themselves and the society they

live in.

To thereby help participants develop convictions about the likely-

hood of their success by developing into good entrepreneurs.

TM



3/13

What is Entrepreneurship?

Begins with unconditional ownership of responsibilityforsuccess.

Followed by total solution orientation and out-of-the-box

thinkingtowards solutions for every challenge.

Supported by Keen understanding of customer needs and the value

placed by them for their satisfaction,

Accurate assessment of team members capabilities to

contribute to business success, Willingness to subjugate personal ego to business

success, and,

Sound planning and execution.

TM



4/13

What are the things to be learnt?

First, understand and develop theATTITUDES of OWNERSHIPand SUBJUGATION OF EGO for TEAM SUCCESS.

Then practice these Attitude for all roles undertaken in life tillTHEY BECOME HABITS.

Develop / Improve skills for

Leadership & Team Building Already Covered Legality and Ethics in Business Already Covered

Creative Thinking and Problem Solving skills. Will be

Covered at the end of this course.

Understanding Customer Needs & Value of Quality. Planning & Time Management skills.

Management of Finance and People.

Project Management.

TM



5/13

Understanding Customer Needs

TM

First step to becoming an entrepreneur is to spot unsatisfied

customer needs in the society.

Every such need is a business opportunity.

Clear understanding of all aspects of the need helps the

entrepreneur segment the market effectively.

Then, coming up with the best solution for those needs requiresa more insightful understanding of the need situation, including

the value perception of the customer with respect to the offered

solution. It is this understanding that helps the entrepreneur to

correctly price and position the solution for each segment of the

market.

It also helps the entrepreneur to effectively and accurately

communicate / advertize the solution to the various types of

customers in the different segments of the market.



6/13

Understanding Value of Quality

TM

The most important part of marketing and solutiondelivery is to correctly evaluate the Price-Quality

equation.

The quality offered must be in sync with the value

perception of the target customer-segment. The cost of quality is the next aspect that needs to be

accurately evaluated and deployed in the pricing and

solution-creating (production) strategy.

This aspect also needs to be communicated effectively. Finally the quality promise needs to be kept consistently,

time and again right through the life time of the business.

This calls for a laser-like focus on quality in all actions.



7/13

Planning & Time Management

TM

Business delivery is all about productivity of the solutiondelivery process.

In a competitive market, the price is decided by the market,

whereas the profit is decided by ones own cost, based on

ones productivity. Productivity is the result of Planning and Time

Management.

Thus whatever a businessman does is ruthlessly subjected

to these twin trials for success. Failure to continuouslyimprove in this aspect along with quality usually results in

the death of the business.



8/13

Management of People.

TM

Business is never a one-man result. It is the result of the work of

a team of individuals committed to the success of the business.

So, whatever the entrepreneur achieves is through the actions of

his team, and the decisions of his customers, suppliers and other

stakeholders.

So it is obvious that people management becomes a key activity

for the entrepreneur to succeed.

This activity is successful when the entrepreneur manages all

the people he needs to manage keeping only the success of the

business and satisfaction of his customers in focus. This means the twin focus of Quality and Customer should be

the only basis for people management by an entrepreneur,

combined with the principle of fairness in all people dealings..



9/13

Management of Finance

TM

Since business results are measured only in money, financebecomes the only basis for measurement of all processes

and results of an entrepreneur.

This means that the entrepreneur has to necessarily

understand the basics and nuances of finance to besuccessful. These can be enumerated as follows

Sourcing funds.

Controlling costs and expenditure.

Measuring and maximizing returns (profits).

Redeploying accumulated profits in the best possible way that

ensures long term survival and prosperity of the business.



10/13

Project Management

TM

Since every business is started by an entrepreneur fromscratch, and is done for the first time, it is a project

undertaken by him.

So all the principles and processes of project management

must be well understood and deployed by him to ensure

success in the business venture started by him.

This encompasses the following major aspects

Stakeholder requirements analysis and scope management.

Planning and organizing.

Monitoring and control.

Risk management.

Quality management.

Finance and cost management.



11/13



12/13



13/13

TM


entrepreunership skills

Documents