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8/11/2019 Entrepreunership Skills
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Finishing School Course Plan ACD
2511: Entrepreneurial Skills
BizMentors Pvt. Ltd.
TM
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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
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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
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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
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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.
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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.
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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.
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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..
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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.
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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.
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