Entrepreneurial
Skills
Entrepreneurship
is both a Challenge and a Great Opportunity. To convert challenges into
opportunities & to covert opportunities into achievements, an entrepreneur
needs the following qualities and skills to be successful:
•
Curiosity - finding and exploring new opportunities
•
Structured experimentation - Test the
opportunity by conducting research & experimentation
•
Adaptability
•
Decisiveness
•
Team Building
•
Risk taking
•
Comfortable with failure
•
Persistence
•
Innovation
•
Creative thinking
•
Long term focus
•
Self-motivation
•
Knowledge about product & customers
•
Self-confidence
•
Money Management
•
Vision and mission - set your goals
according to your vision and schedule your activities
•
Business Management skills
•
Communication and active listening skills
•
Networking skills – develop your network
by attending business expos, conferences, trade fairs etc.
•
Critical thinking skills to take logical
solution
•
Problem-solving skills to handle stressful
situations
•
Creative thinking
•
Leadership skills
•
Technical skills
•
Soft Skills
•
Organisational skills
•
Branding and Marketing skills – Enrol in
online courses on marketing and consumer behaviour.
•
Implement successful marketing strategies
STP
: Segmentation
Targeting and
Positioning
Example:
Automobile Industry: Segmenting - Male & Female
Targeting - Male
Positioning - Product you are going to offer
to the
target group
- Time
Management Skills -- Tyler Martin (Member of Forbes Business Council)
Tips:
1)Know
your Golden Time: More work in less time. Spend more time for urgent tasks
& less time for work that doesn’t need more energy.
2)
Use the Covey Time Management Matrix created by Steven Covey, author of The Seven Habits of
Highly Effective People
Steven
Covey created 4 quadrants:
Ø Urgent and important tasks.
Ø Not urgent but important tasks.
Ø Urgent but not important tasks.
Ø Not urgent and not important tasks.
Sort
out your tasks for each week. Arrange your tasks systematically based on
priority and urgency. Tackle quadrant one in the first week and so on
3)
Prepare a plan - Maintain a dairy or use Calendar App in your mobile
phone.
4)Quit
multitasking & focus on one task (Multitasking is a Myth)
Your brain can only handle doing one thing at a time.
So, if you try to do more, you will focus on so many things and it would take more
time to complete both the tasks.
5)Eliminate distractions
Turn your internet off and work offline. Put your phone on airplane mode or out of
sight, use headphones to drown out background noise.
6) Get some Rest – Take rest to keep yourself physically
and mentally fit. Take 10 minutes break for every hour and finally have a good
sleep
7) Stick to what works for you - Select the
right tool and strategy that you could implement within the stipulated time. Do
not try on tasks that will not work out for you.
8)To be Short “Be Focused”
- Leadership
Qualities – choose appropriate leadership styles
Autocratic
Leadership: These leaders issue orders
to subordinates without consulting with them. Communication flows downward from superior to
subordinates only. It would be a difficult task to get the support and
cooperation of team members. (Example:
Adolf Hitler)
Democratic
Leadership – These leaders take decisions after consulting with subordinates. Policies are formulated in group discussion
and group approval is obtained. This increases the morale of the employees. (In
case of games like cricket, hockey…)
Free-Rein
(or) Laisse-Faire Leadership- These leaders give maximum freedom to team
members and delegate most of the work to the group. The team members work independently
and there are more chances for the personal growth of employees. (Example:
Mahatma Gandhi)
Tips to develop your
Entrepreneurial Skills
•
Read Business Books and magazines.
•
Enrol in a course related to business and
entrepreneurship.
•
Attend workshops conducted by M.S.M.E,
DIC, Chamber of Commerce.etc.
•
Listen to podcasts of famous entrepreneurs
•
Get the advice from an experienced
business mentor.
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