entrepreneurship qualities

7/22/2019 Entrepreneurship Qualities

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Enterprising Entrepreneurship 1

Charms of an Entrepreneur 2

Credentials of an Entrepreneur 4

The Changes & Challenges 7

Risk Taking - the Way 10

Entrepreneurship Skills 12

Skills Enhancement 15Communication 18

Express to Impress 21

Presentation Skills 23

Time Management 30

Men Management 32

Leadership Skills 35

Team Building 38

Resource Management 41Crisis Management 44

Problem Solving 46

Creativity 49

Business Idea Generation 53

Business Ideal Identification 55

Business plan - a Case Study 58

Business Market 61

Marketing Strategy 63Selling Techniques 64

Customer Relationship Management 66

Financial Management 70

Pricing, Costing, Profit 77

Accounting & Legal Aspects 79

Business Mistakes 83

Towards Excellence 87

Catalog


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Be an Entrepreneur

Entrepreneurship is a social phenomenon and it is not inherent

within a person, rather it exists in the interaction between people.

To be a successful Entrepreneur it requires an out of way thinkingby acquiring various skills and efforts in learning to understand a

business. Entrepreneurship is the future of our modern India. It

reflects a ray of hope for the unemployed to earn a living and

maintain a dignified life and also for the economic development of

our country.

Entrepreneurs are the driving forces behind any economy. They

create large corporations out of backyard enterprises. Henry ford,

Bill Gates, N R Narayanamurthy, Dhirubhai Ambani and many

other were people who envisioned a dream and took risk to achieve

their dream. They marched to a different beat. They were

innovators, inventors, and adventurers.

Entrepreneurs are people who do things, which are not generally

done in the ordinary course of a business. It is not surprising that

every fortune 500 Enterprise in existence is the result of an

entrepreneur's enterprise and perseverance. Entrepreneurs are

pillars of industrial strength - the movers and shakers who

constructively disrupt status quo.

Enterprising Entrepreneurship

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1

Innovation is the specific tool of

entrepreneurs, the means by

which they exploit change as an

opportunity for a different

business or a different service. it

is capable of being presented as

a discipline, capable of being

learned, capable of being

practiced. Entrepreneurs need

to search purposefully for thesources of innovation, the

changes and their symptoms

that indicate opportunities for

successful innovation. And they

need to know and to apply the

principles of successful

innovation.

-Peter F. Drucker,

The Father of Modern Management


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SEEING AN IDEA FLOURISH INTO SPECTACULAR

Entrepreneurs are idea builders. Unlike most people who only go

with the flow, they have innovative minds that are able to

conceptualize winning ideas. When an idea is born, it takes onerisky movement that sets its pace. Entrepreneurs are motivated by

thought of seeing these ideas becoming ideals

FEEDING ONE'S PASSION

Not all people are the same. Not all people want the same things

and this is what sets everyone apart from one another. Who you

are as a person and as a worker will be dictated by your passions

in life. If you are working to feed your passion, if you are doing

something that you love, then you will never go weary. Manypeople remain in stagnant situations because they are doing things

that do not mean anything to them. Successful entrepreneurs take

magnificent leaps forward because they are invigorated by their

passion for success and their commitment to their goals.

BUILDING BETTER LIVES

If there were one thing that truly sets an entrepreneur apart from

normal people, it would be the dream to build better lives for

people. They do not get into business only for their personal gain,instead they work hard because they know that their efforts will

ultimately provide comfort to those whom they could reach and it

could, even a little, bring something good for many people around.

Entrepreneurs are a different breed of businessmen and they are

different not just in the leaps of success that they were able to

achieve but this difference is mostly signified by the very attitude to

be significant. Their motivations brought them to where they are

now and these motivations could be yours as well.

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Nobody talks of entrepreneur-

ship as survival, but thats

exactly what it is and what

nurtures creative thinking.

-Richard Branson,

Founder Virgin mobile.


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Be an Entrepreneur

Whenever we talk about a business term it is essential to analyse

its meaning, ENTREPRENEURSHIP i.e. trying to identify market

opportunities, arranging resources to bring an imaginative idea to apractical situation and investing these resources in order to attain

long term gains for everyone involved in it.

A. BE GOAL-ORIENTED, ACCOUNTABLE AND

DISCIPLINED

Knowing where we're going is the first step to achieving your

dreams, and a clear vision and plan will help you reach them. Even

as conditions change in and around business, always have a target

that directs daily actions and take consistent and regular steps

toward actually reaching it. Have people and tools in place to keep

on track, whether that's regular check-ins with an accountability

partner or weekly reviews. Remember that, at the end of the day,

the buck stops with the head. No matter what schedule or approach

is, it must be disciplined and steadily move in the direction of goal.

B. BE ADAPTABLE, RESILIENT AND DETERMINED

Change is inevitable, and there will be plenty of times one will need

correct course and modify plans so that his/her business isn't left

behind.

Be ready and willing to accommodate changes in the marketplace

and be careful not so rigid that we miss opportunities for growth

and improvement. In addition to being adaptable, it's important to

be OK with failure. "Fall seven times, get up eight," as the proverb

goes.

Credentials of an Entrepreneur

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Seek first to understand, then to

be understood

-Stephen R. Covey


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Mistakes and failure come with the territory of being a successful

entrepreneur, and if we're not making mistakes, we're not putting

ourselves out there enough.

Being in business for ourselves will push to the breaking pointsometimes, so we'll have to be determined and remind ourselves

how far we've come. Find assistance through other entrepreneurs

and small business owners who can help, through difficult times

and challenges. It takes a great deal of commitment and dedication

to see a business to success, but if we stick with it, we will

eventually get there.

C. BE CREATIVE AND OPEN-MINDED

Solving problems, promoting businesses and expanding into new

markets will require a good dose of creativity and imagination.

Without it, every setback and obstacle will seem insurmountable.

Look for possibility everywhere. Think of how other industries deal

with issues we are facing and find ways to adapt those solutions to

work for our business. Stay flexible, make room for a variety of

possibilities and believe that there's always a way.

D. BE CONFIDENT AND OPTIMISTIC

One will come across plenty of resisters along through the way to

success, so it's important to become very selective with hearing

and about whose advice to seek. Find mentors and other big

thinkers who can call on for inspiration and advice, and most

importantly, believe in self and abilities.

E. BE PERSISTENT

There will be plenty of times when one just has to stick with an idea

long enough for it to take hold. It takes persistent and a whole lot

of the same thing over and over to finally make progress.

F. BE AN AVID LEARNER

So much can be learned from the experience of others, and

fortunately, there are thousands of books out there from

entrepreneurs who have achieved success. Many such books are

available for free at local libraries or inexpensive through book-

trading sites. One new book every two weeks is over two dozen by

the end of a year!

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Keep your feet on the ground

and your thoughts at lofty

heights.

-Kiran Mazumdar-Shaw,

Founder BIOCON India


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G. BE AMBITIOUS AND DRIVEN

Without motivation, it will take a lot to justify the hard work and time

required to get a business off the ground. No one should care more

about your success than you, and if you're not driven to achieveyour goals, every obstacle will provide the perfect opportunity to

quit.

H. BE A SELF-STARTER

Neither your mom or your teacher nor your boss will be there to

make sure you show up and do the work for business. So you have

to be self-starting, making sure that you have regular, dedicated

time to move the big rocks each day.

I. BE PASSIONATE

Above all, one should be passionate about the work. It's a choice

to go into business, so why not choose something we love to do?

There's no reason to dread starting a new day, so find something

passionate about that build business and life around it.

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There is no failure except in no

longer trying.

-Suhas Gopinath


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When someone asks you if it is going to rain, you make your best-

estimation by saying that it might, but you cannot guarantee that it

will. The charm glitters there. It is all about hope and facing thechallenges passionately.

A. MEGA BUSINESSES:

The advent of much bigger competition, especially regional and

national chains, into the same geographical area poses an

immediate threat to the startup business. With deeper pockets of

money, they can outspend the start up businesses in every aspect

of their business and still charge lesser for their products.

Big businesses control the entire supply chain and they can

manipulate it to meet the customer needs dynamically. They also

leverage high-end technology to keep costs under control in a way

that cannot be emulated by the startup businesses. They also have

several partnerships which allow them to bundle a wide variety of

products and services for their customers.

B. FINDING AND RETAINING QUALIFIED WORKERS:

Initially small businesses cannot pay the level of wages or benefitsthat can be offered by large businesses. Another key factor is the

visibility of the organization. A start-up business may be unable to

provide the depth of knowledge or experience that will enable an

employee to make a major transition into another company or

business entity easily.

Hence, most start-up businesses find it much more difficult to hire

and retain skilled workers. They have to look for employees within

a reduced pool of candidates, some of whom may be transient.

The Changes & Challenges

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Never leave that till tomorrow

which you can do today.

-Benjamin Franklin


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particular industry. The major risk with a start-up business initiating

and living with outdated technology is that of competition

leapfrogging over it and quickly reducing it to oblivion. Also new

technology usually brings the promise of reduced costs and/or

increased revenue.

One cannot talk about new technology without mentioning the

Internet. Most start-up businesses are not technically savvy

enough to use the Web effectively. They also cannot afford to hire

expert site designers to map out a good online strategy. While

blogs are becoming more popular, even people in IT industries and

big companies do not realize their importance yet, until.

F. ACCESS TO ADEQUATE CAPITAL:

Many start-up businesses find it very difficult to obtain finance,

especially if they are with new strange ideas or if they are relatively

unknown. Lenders require security for loans and many start-up

businesses may not have adequate security to be accepted.

Changes in banking organizations, particularly large mergers, have

affected lending to start-up entrepreneurs. During downturns in the

economy, the capital crisis grows more severe as banks reduce

lending to riskier borrowers, to which category entrepreneurs

belong.

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In order to be a success in business, there is one thing you must

do. You cannot be successful without it. That is WORK. I have nottold you anything new. Everyone knows that you cannot be

successful in anything without work.

Why does not everyone work? Because some lack the one thing

that makes men want to work-ENTHUSIASM. That is something

no one can give you. You must acquire it yourself, and the only

way that you can become enthusiastic about anything is to have

a thorough KNOWLEDGE of it. You have never seen an

enthusiastic man who was lazy.

-Thomas J. Watson


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Think beyond the unthinkable."

Product cycles are too short; markets are deregulating too rapidly.

Risk entrepreneurialism is as much an idea as a business tactic.

Product cycles are too short; markets are deregulating too rapidly.

Innovative products and services relentlessly flood the

marketplace. No one can predict the future, but that does not stop

people from wanting to find ways where they can get an idea of

what is to come.

Prior to the early 1990s, the conspiracies were limited. It was then

started the intuition through drastic changes in every field. It is all

about determining, to the greatest degree of development, justwhat is going to happen down the road following the plenary

scenario.

Through diagnosing the scenario one can make statements about

events, but at the same time the outcome is going to be unknown,

may be. It is often called making a best-estimation of what is going

to happen. Without it, before the world scenario on track, giving

plenty of opportunities to upcoming entrepreneurs. There are

ample number of sectors and applications which really give a

chance to emote, to each individual entrepreneur daily, their tricks.

Risk is the potential having a chosen action or activity (including the

choice of inaction) will lead to a loss (an undesirable outcome).

Possible losses themselves may also be called "risks".

Almost any human attempt carries some risk, but some are much

more risky than others. Risk is as old as man and has been an old

time friend of businesses. There is no approach that will make risk

to go extinct in business environment however; it can be controlled

Risk Taking - The Way

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Business, social responsibility

should not be coerced; it is a

voluntary decision that the

entrepreneurial leadership of

every company must make on

its own.

-N.R. Narayana Murthy,

Infosys


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to an appreciable level. As an entrepreneur, everyone is duty

bound to reduce risk level to a minimum and may continue to make

profit. To this end, better risk management strategies are good

inhibitors of business failures.

No matter what the sizes are, to protect a business against risk, an

entrepreneur needs to do the following:

1. DISASSOCIATE PERSONAL FROM BUSINESS:

Activities that bring about risks to an organization need to be

stopped. For instance, if a business fund is not separated from a

personal fund, the temptation of using the company's fund for

personal expenses will always is there. Quick and unilateral

decisions of top members of the management most times posegreat risks to the company.

2. SPREAD THE RISK:

There is no need for the risk to be concentrated on your desk

alone. Spread the risks in the form of contracting out some

projects/services with a performance bond signed by the

contracted firm can help. Sometimes, selling out products on credit

to trusted customers can help to minimize the risk of obsolesce and

high inventory cost.

3. REDUCING RISK THROUGH BETTER MANAGEMENT

CONTROL:

If the pros and cons of running an organization is properly spelt out

for management, staff, employee and customers etc, certain risks

will be averted in the business. Proper management of the

company's data also helps to prevent risk. Hardcopy data can be

digitalized and stored by reputable data managers for safety.

4. INSURING AGAINST RISK IF POSSIBLE:

A company need to insure against damage brought about by fire

and natural disasters.

5. APPLY IMPROVED TECHNOLOGY:

If risks will be averted, modern techniques need to be applied in the

operation and service provision of any company. This will enhance

the business supply chain management hence making service

provision to be excellent.

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The three things that are most

essential to achievement are

common sense, hard work and

stick-to-it-iv-ness....

-Thomas Alva Edison


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Some of the most common questions on the theme of

entrepreneurship are, "What characteristics determine who will be

a successful business owner?" And "Why does one person takesuccessful advantage of an opportunity while another person,

who's equally knowledgeable, does not?"

For all this sort of questions, there might be no real definitive

answers. What we do know is that successful business owners

seem to have certain traits in common. These traits fall into four

categories:

A. PERSONAL SKILLS:

The first things to look at are once personal characteristics, values,

and beliefs. Does he/she have the inner spirit characteristic of

successful entrepreneurs?

I. Drive and persistence

II. Commitment

III. Risk tolerance

IV. Self determination

V. Vision

VI. Initiative

VII. Control

VIII. Resilience

While one is born with a certain temperament or personality, the

traits listed here can certainly be fine-tuned. However, trying to

change a personality completely is much more difficult - some

might say impossible. When assessing entrepreneurial personality,

Entrepreneurship Skills

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Great things are done by a

series of small things brought

together.

-Dhirubhai Ambani


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be aware of areas where one is completely at odds with the

"average entrepreneur," as they need to compensate for possible

weaknesses in these areas.

B. INTERPERSONAL SKILLS:

Running own business is all about working with people. One has to

be cordial and communicate with and satisfy employees,

customers, suppliers, shareholders, investors and more.

One's ability to communicate with them is critical to entrepreneurial

success. The types of interpersonal skills that need to be good at

are:

Communication Skills

Listening

Team player

Leadership and motivation

Conflict Resolution

Personal Relation

Negotiation

Interpersonal skills are developed over time and some people are

more gifted in this area than others. The more we work with people,

the better we become at deciphering the complexity of human

relationships.

C. CRITICAL AND CREATIVE THINKING SKILLS:

Entrepreneurs need a well-developed set of critical thinking skills to

organize and administer a successful venture. As an entrepreneur,

we must be able to find the necessary information to support wise

decisions about a venture.

Creative thinking

Problem solving

Opportunity identification

Decision Making

Creativity and innovation require discipline and are based on a

discrete set of skills. This means that we can learn to improve our

creative thinking skills and break out of traditional thinking patterns.

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The more you are willing to

accept responsibility for your

actions, the more credibility you

will have.

-JRD Tata


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Skills management is the practice of understanding, developing

and deploying self skills. Skills enhancement management

provides a structured approach to developing individual andcollective skills and gives a common vocabulary for discussing

skills...

CREATIVITY & INNOVATION:

Creativity is an act of turning new and imaginative ideas into reality.

Creativity involves two processes: thinking, then producing.

Innovation is the production or implementation of an idea. If you

have ideas, but don't act on them, you are imaginative but not

creative.

"Creativity is the process of bringing something new into

being...creativity requires passion and commitment. Out of the

creative act is born symbols and myths. It brings to our awareness

what was previously hidden and points to new life.

CREATIVITY AND WORK:

Creativity is a core competency trait for leaders and managers and

one of the best ways to set a company apart from the competition.

Corporate Creativity is characterized by the ability to perceive the

world in new ways, to find hidden patterns, to make connections

between seemingly unrelated phenomena and to generate

solutions.

Generating fresh solutions to problems and the ability to create

new products, processes or services for a changing market are part

of the intellectual capital that give a company its competitive edge.

Creativity is a crucial part of the innovation equation.

Creativity requires whole-brain thinking; right-brain imagination,

Skills Enhancement

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Watch, Listen and learn. You

cant know it all yourself. Anyone

who thinks they do is destined for

mediocrity.

-Donald Trump.


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artistry and intuition, plus left-brain logic and planning.

Creativity is fostered in organizational cultures that value

independent thinking, risk taking, and learning. They are tolerant of

failure and they value diversity.

INNOVATION:

The central meaning of innovation thus relates to renewal.

Innovation can therefore be seen as the process that renews

something that exists and not, as is commonly assumed, the

introduction of something new.

The other way, Innovation can be seen as a change in the thought

process for doing something, or the useful application of new

inventions or discoveries. Innovation could be either way.

1. The introduction of a new good - that is one with which

consumers are not yet familiar - or of a new quality of a good.

2. The introduction of a new method of production, which need by

no means be founded upon a discovery scientifically new, and

can also exist in a new way of handling a commodity

commercially.

3. The opening of a new market that is a market into which the

particular branch of manufacture of the region in question has

not previously entered, whether or not this market has existedbefore.

4. The conquest of a new source of supply of raw materials or

half-manufactured goods, again irrespective of whether this

source already exists or whether it has first to be created.

5. The carrying out of the new organization of any industry.

"QUALITIES OF AN INNOVATOR"

These days, the "innovation thing" is something of a no-brainer.

Indeed, it seems that any company worth its low-salt lunch hasidentified innovation as a core competency worth developing.

It follows as

Curious. . . . . . . . . . . . . . . Actively explores the environment,

investigates new possibilities, and honors

the sense of awe and wonder.

Self-motivated . . . . . . . Responds to deep inner needs, proactively

initiates new projects, intrinsically rewarded

for efforts.

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There is nothing too difficult to be

accomplished when done

carefully with unflinching

endeavour.

-Thiruvalluvar


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Visionary. . . . . . . Highly imaginative, maintains a future

orientation, thinks in mental pictures.

Takes risks. . . . . . . It goes beyond the comfort zone,

experimental and non- conforming,courageously willing to "fail."

Playful/humorous. . . . Appreciates incongruities and surprise,

able to appear foolish and child-like, laughs

easily and often.

Self-accepting. . . . . . . Withholds compulsive criticism of their own

ideas, understands "perfection is the

enemy of the good," unattached to "looking

good" in the eyes of others.

Flexible/adaptive. . . . Open to serendipity and change, able to

adjust "game plan" as needed, entertains

multiple ideas and solutions.

Committed to learning. . Continually seeks knowledge, synthesizes

new input quickly, and balances information

gathering and action.

Persevering. . . . . . . Its hardworking and persistent, champions'

new ideas with tenacity, committed to

follow-through and bottom-line results.

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Be the Change you wish to see

in this world

-Mahatma Gandhiji.


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PERCEPTION:

If we feel the person is talking too fast not fluently or does not

articulate clearly, we may dismiss the person. Our preconceived

attitudes affect our ability to listen. We listen uncritically to personsof high status and dismiss those of low status.

MENTAL STATE:

People don't see things the same way when under stress. What we

see and believe at a given moment is influenced by our

psychological frames of references-beliefs, values, knowledge,

experiences and goals.

These barriers are filters that we use to decide what is useful for

us. No one can completely avoid these filters. If you start taking

every information and message you get seriously, you would be

overloaded with information. But if you are not consciously aware

of this filtering process, you may lose a lot of valuable information.

A way to overcome these filters when you want is through active

listening and feedback.

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Theres a way to do better....

find it.

-Thomas Edison


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To really succeed at presenting and build up effective presentation

skills, there are several key areas to focus on. And once mastered

these skills, everyone will be able to create a presentation with aclear message and deliver it with confidence.

These key skills areas are:-

Planning and writing the presentation

Using visual aids effectively

Overcoming presentation nerves

Delivering the presentation confidently

Answering questions competently

SKILLS FOR PLANNING & WRITING THE PRESENTATION

Planning the presentation involves much of the work that one is

going to do before the actual delivery of presentation. This is a very

important area and it's also one that many people should consider

improving their skills in.

A key part of this planning is to research the presentation audience,

if the audiences are known, there are chances to get understand

them and mean what their preconceptions might be.

One also needs to get to grips with the purpose of the presentation

- so that it is very clear about what they are trying to achieve from

it.

Then it's down brainstorming what are actually going to say and

then structuring this into "digestible" portions within the beginning,

middle and end.

Presentation Skills

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Just as a cautious businessman

avoids investing all his capital in

one concern, so wisdom would

probably caution us also not to

anticipate all our happiness

from one quarter alone.

-Sigmund Freud


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If you take time to 'warm up' into it you may well 'lose' your

audience even before you've got to your key message.

Building rapport with the audience is an essential ingredient in

making a good impact. The more confident you feel, the easier it isto connect with your audience.

There are many ways you can generate this confidence by

developing your delivery skills - the way you use your voice, body

language and space so that you fully engage with your audience

from the beginning right until the end of the presentation.

SPEAKING CONFIDENTLY:

Speaking confidently is one of key areas that you need to look at in

order that you get your message across clearly. It's important to

speak at the correct pace and not to rush, so you have to think

about speaking a little more slowly than usual.

It's also important to speak clearly - so that you don't insult your

words together - as this will make you sound hesitant.

So, by speaking at the correct pace and pronouncing your words

clearly - especially the ends of words, you will sound more

confident and convincing to your audience.

SOUNDING INTERESTING:

The ability to sound interesting is also really important because,

although you might be passionate about what you are saying, if this

doesn't come across well to your audience, then they won't be

convinced.

To sound interesting and enthusiastic you need to use more

expression in your tone of voice so that you avoid a monotone

style. You may also emphasize key words which will help to

influence the overall meaning of your messages.

Injecting pauses into your speaking also helps to create an impact

as well as helping you to control your speed so that you don't race

ahead too quickly making it hard for the audience to follow.

You can use all these techniques to help change the tone and

dynamics of your presentation and this will help keep the interest of

your audience throughout your presentation.

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There is no telling how many

miles you will have to run while

chasing a dream.

-Anonymous


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all stick and no carrot. It is recorded that the Great Wall of China

was built by the first emperor Ch`in Shih Huang Di and other

despotic rulers and satraps by mobilizing men through brute force.

Indeed, the brute force achieved the aim but the dynasty perishedbecause the men rose in revolt. Man management, as we

understand today, was lacking. Mass mobilization of manpower, a

quality of the Chinese nation did achieve results but the cost in

terms of life, limb and emotional health was tremendous.

SENSE OF FULFILMENT:

Bread is important but man does not live by bread alone. He has to

have a sense of fulfillment after he has done his day`s work. Above

all, it is the will go a long way in raising his enthusiasm andequipping him to face the change.

In today's comprehensive world the most important and most

difficult job is to manage people. One who is the leader, manager

or mentor must lead, motivate, inspire and encourage them.

Sometimes one will have to hire, fire and discipline or evaluate

them.

"People are our most valuable asset" is a clich which no member

of any senior management team would disagree with. Yet, thereality for many entrepreneurs is that their people remain

under valued

under trained

under utilized

poorly motivated

Consequently perform well below their true capability

The rate of change facing entrepreneurs businesses has never

been greater and they must absorb and manage change at a much

faster rate than in the past. In order to implement a successful

business strategy to face this challenge, entrepreneurs must

ensure that they have the right people capable of delivering the

strategy.

The market place for talented and skilled people is competitive and

expensive. Taking on new staff can be disruptive to existing

employees. Also, it takes time to develop 'cultural awareness' of

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Time is the scarcest resource;

and unless it is managed,

nothing else can be managed.

-Peter F. Drucker

The Great wall of China


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product/ process/ organization knowledge and experience for new

staff members.

The human nature can be very simple, yet very complex too. An

understanding and appreciation of this is a prerequisite to effectiveman management and motivation in the workplace and therefore

effective management and leadership.

There is an old saying: you can take a horse to the water but you

cannot force it to drink; it will drink only if it is thirsty, so do the

people. They will do what they wanted to do. Whether it is to excel

on the workshop floor or in the ivory tower they must be motivated

are driven to it either by themselves or by external stimulus.

34

The clock represents our

commitments, appointments,

schedules, goals and activities -

what we do with and how we

manage our time. The compass

represents our vision, values,

principles, mission, conscience,

direction.

-Stephen Covey


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A LEADER:

There are leaders and there are followers', as the saying goes, and

developing good leadership skills can create the distinction

between the two. Many people believe a strong leader is born and

not made. This is not necessarily the case.

As with anything, educating to encourage make a great leader or a

person with superb leadership skills takes time, energy and

commitment. A leader is a person who has strong principles,

courage and dedication to a clear vision.

People follow a great leader because he is representative of the

beliefs of a group. This person is often a well-principled individual

who is focused on a common goal and eliminates excess fear and

doubt. The followers of the leader often provide the necessary

support for the team to advance and succeed in achieving their

goals. An individual with good leadership skills will recognize and

reward the team for the greater cause.

WHAT ARE LEADERSHIP SKILLS?

These skills are different than those required to be a manager.

Leadership and management are not the same. To be a leader,one needs an exclusive set of human relations and interpersonal

skills.

To influence one needs a number of component skills. Some are

fairly easy to develop others take a long time to protect. To get from

A to B one can choose many different ways. For example:

One can ride a bicycle or ride a plane. One is easy to learn but not

so fast. The other is fast but not easy to learn.

Leadership Skills

13

35

When you realize how perfect

everything, you will tilt your

head back and laugh at the sky.

-Buddha


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A team comprises a group of people linked in a common purpose.

Teams are especially appropriate for conducting tasks that are high

in complexity and have many interdependent subtasks.

Team building is pursued via a variety of practices and can range

from simple bonding exercises to complex simulations and multi-

day team building retreats designed to develop a team (including

group assessment and group-dynamic games) usually falling

somewhere in between.

It generally sits within the theory and practice of organizational

development, but can also be applied to sports teams, school

groups, and other contexts.

Team building is not to be confused with "team recreation" that

consists of activities for teams that are strictly recreational.

Team building is an important factor in any environment, its focus

is to specialize in bringing out the best in a team to ensure self

development, positive communication, leadership skills and the

ability to work closely together as a team to problem solve.

REASONS FOR TEAM BUILDING:

Improving communication

Making the workplace more enjoyable

Motivating a team

Getting to know each other

Getting everyone "onto the same page", including goal setting

Teaching the team self-regulation strategies

Team Building

14

38

One of the secrets of success:

do not be discouraged by

failure.

-Anonymous


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Resource management is the efficient and effective deployment for

an organization's resources when they are needed. Such

resources may include financial resources, inventory, human skills,production resources, or information technology (IT). In the realm

of project management, processes, techniques and philosophies

are the best approach for allocating resources appropriately

The process of using resources in the most effective and efficient

way is very significant task. These resources can include tangible

resources such as goods and equipment, financial resources and

manpower resources such as employees and officials. Resource

management can include ideas such as making sure one has

enough physical resources for one's business, but not anoverabundance so that products won't get used or making sure that

people are assigned to tasks that will keep them busy and not have

too much downtime.

RESOURCING AND RESOURCE MOBILISATION:

Resourcing means assigning actual resources (a rather cold

expression which normally means people) to the project.

There are two very different aspects to this:

Deciding which resources to apply to which work items in the

project plan and

Actually getting the resources to work for the project.

RESOURCE PLANNING AND SCHEDULING:

The allocation of resources to the project plan is part of the overall

process of planning, estimating and resourcing the project. Each

time the plan is reviewed and revised, resourcing will be

addressed.

Resource Management

15

41

It takes 20 years to build a

reputation and five minutes to

ruin it. If you think about that,

youll do things differently.

-Warren Buffett


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MOBILISING RESOURCES:

Getting the resources requires very different Project Management

skills. Just because one put something in the plan and get it agreed

does not mean that it will happen.

It usually takes strong support from the Project Sponsor and

constant

attention from the Project Manager to make sure the participants

are released to work on the project as agreed. These resourcesusually have enough work to keep them busy full time in their

normal line departments.

One has to convince them and their managers that it really is

essential to make them available - even though it causes pain in

their own departments. Getting the right level of input is particularly

difficult where resources are only planned to be working part time

on the project. Try to get them physically away from their line job

and working from the project team's own accommodation

otherwise they will constantly be diverted back to their regular job.

43

Here is a summary of the overall process...

What do we

need to do?

Which skills orCapabilities will that require

How can we rationalize the skillsrequirements into defined roles

How much of each type ofcapability is required?

How do we assign actual resources to fillthose roles in an optimum way?

How impact has the actual allocation hadon the plan and estimates?

Which people might we obtain tomeet those goals?

RESOUR ING

ESTIM TING

PL NNING


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not meet for a while, appearing to let the project fall by the wayside.

But people will still be thinking or have ideas occurred to them in

the shower or write down thoughts on cocktail napkins, etc.

3. ILLUMINATION:

Without warning, ideas or innovations can come any time - the

"aha!" or "eureka!" experience. More commonly, there is no

immediate "killer insight," but some new angle that may occur, or

some sudden, burning, unexplainable need to return to work on the

problem - often a sign of creative "labor pains." When the creative

project has been a team effort, sometimes the only thing needed is

to get the original group members together again after a period of

time, and then "pet!" - The spontaneous exchange among them

can bring forth an idea that no one member could articulate alone.

4. EXECUTION:

This is the stage that separates mere creativity from successful

innovation. New ideas require action, stubborn determination, and

ability to build change coalitions while marketing the idea to critical

skeptics. Perhaps more than anything else, it takes courage and

persistence. Since the execution stage is more about social skill

than it is about the technical skill that produces the innovative idea,

this is the stage where organizational management can be mostactively helpful in promoting business creativity.

FIVE BUSINESS PRACTICES THAT CREATE INNOVATIVE

CULTURES:

Entrepreneurs who want to create an innovative business must

understand the steps of the creative process, but that alone is not

enough. To promote business innovation entrepreneurs should

commit to the following business practices and institutionalize them

in the domain.

50

Anyone who stops learning is

old, whether at twenty or eighty.

Anyone who keeps learning

stays young. The greatest thing

in life is to keep your mind

young.

-Henry Ford


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1. SELECT THE MOST PROMISING INNOVATORS BUT

ENCOURAGE UNEXPECTED SURPRISES:

To build innovative "conservatory" in an organization, executives

may want to gather out the most promising ideas and provide themwith extra resources. Those are the people who can benefit most

from the "buffer zones" in step two. But the other practices listed in

this section should be generalized throughout the organization, if

possible, so that innovators in unexpected places will have the

room to produce ideas and results.

2. CREATE "BUFFER ZONES" FOR THE MOST INNOVATIVE

PEOPLE:

Here, creating "buffer zones" means building a kind of protective

cushion around creative people or around the innovative teams,

within an organization. That means eliminating the ways that

policies or other work pressures get in the way or discourage the

information gathering involved in the preparation stage. It also

means being sure that the tools and resources are available when

creative people go looking around for data or answers to questions.

3. GIVE INNOVATORS ROOM TO "PLAY:"

For innovators, anything they can do to mess around with the kinds

of data or projects that they see as helpful - will be helpful.

But during the incubation stage, activities that may look like useless

diversions - that may not even look like work - are all necessary to

allow the deeper parts of the brain to solve a problem and make

new connection. The key to letting people have room to "play" is to

refrain from judgment of their activities or methods.

4. RESIST THE TEMPTATION TO LOOK FOR IMMEDIATE

RESULTS:

Any team can develop incremental solutions or recommendations.

There is no business or technological process that cannot be

improved through study and modification. But to build a culture that

truly encourages innovation, the pressure to get immediate results

will yield only incremental improvements and the need to meet

deadlines can sometimes kill the creative process before the

illumination stage.

While it is true that deadlines can focus creative teams and

encourage timely ultimate illumination, setting deadlines should not

51

Never tell people what to do,

and they will surprise you with

their ingenuity.

-General George S. Patton


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Business ideas are all around you. They are being in your garage,

in your basement, in your kitchen and in your children's room. You'll

find them in magazine ads, at your neighbor's house and at work.They are right there in the vegetables you brought in from the yard

. . . in the stack of papers next to your laser printer . . . in the back

of your truck . . . and at the back of your mind.

A business idea is a concept which can be used for commercial

purposes.

It typically centers on a commodity or service that can be sold for

money, according to a unique model.

There are several methods for developing and testing a business

idea. The ability to come up with a business idea can be

transformed into a viable business, where ideas supported by

feasibility and a business plan can then be sold to interested

investors, firms, and interested parties for a lump sum or a

management contract, or as agreed.

Business ideas, if introduced at the right time, when demand for

such service or a product introduced by the idea is expected to

surge, can lead to a very profitable business. Business ideas arealways available through different sources; however, it is the

application applied on these ideas and timing makes all the

difference in failure or success.

A New product idea can come from several sources. They may

come from internal sources, researchers, sales personnel,

engineers, or other organizational personnel. Brainstorming and

incentives or rewards for good ideas are typical intra-firm device for

stimulating the development of products ideas. New product ideas

may also arise from sources outside the firm-customers,

Business Idea Generation

19

53

Once you replace negative

thoughts with positive ones,

youll start having positive

results.

-Anonymous


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competitors, advertising agencies, management consultants and

private research organizations. Asking customers that they want

from producers and organizations have helped many firms to

become successful and to remain competitive.

Direct observation of competitors' products, customers' evaluations

of their product features and the grapevine of suppliers and other

who serve competitors often contributes ideas. Ethical and legal

issues can arise from clandestine activities, yet such activities

sometimes occur. Disassembly and intensive analysis of

competitors' product is common.

Another approach is to use brainstorming in which small groups of

customers toss out new product ideas. Such sessions may last one

or two hours and are largely unstructured and freewheeling.

Leadership keeps the interchange moving and the discussion on

the desired track. Focus group interviewing is a technique similar

to brainstorming. The session is freewheeling, but they often go

beyond ideas generation to include evaluation and discussion of

related issues.

54

Be not afraid of greatness;

some are born great, some

achieve greatness, and others

have greatness thrust upon

them.

-William Shakespeare


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One way to test a business idea is to do a SWOT analysis. A

SWOT analysis is a technique to identify Strengths, Weaknesses,

Opportunities and Threats of enterprises or projects wherebyinternal and external factors are considered.

Rate the strengths, weaknesses, opportunities and threats as very

important or less important; Evaluate your business idea; Decide if

you are going to continue with your business idea.

A SWOT technique can be applied to the functional areas of an

enterprise as well as projects, products and services. For the

purpose of starting a new business, the Strength, Weakness,

Business Idea Identification

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55

Obstacles are those frightful

things you see when you take

your eyes off your goal.

-Henry Ford

Opportunities

How do you ensure your

weaknesses will not stop

you from opportunities?

How will you fix

weaknesses that can

make threats have a real

impact?

How will you leverage

your strengths to benefit

from opportunities?

How do you use your

strengths to minimize the

impact of threats?

External

Threats

Stre

ngths

W

eaknesses

Internal


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An intact plan for business is useful and very necessary to focus

and get an overall picture of what to do in order to build plenary

enterprise. On top of that, a good business plan is an absolutemust if one wants to convince institutions or individuals to loan

money or invest in their business.

The real value of creating a business plan is not in having the

finished product in hand; rather, the value lies in the process of

researching and thinking about business in a systematic way. The

act of planning facilitates to think things thoroughly, study and

research about the facts and look in to ideas critically. It takes time

now, but avoids costly, perhaps disastrous, mistakes later.

One way to organize business plan is to compose it like an

informative news article, explaining the "who," "what," "when,"

"why, and "how" of the business.

Who are you?

Write about your background and previous experience in your field.

Tell about your notable accomplishments and about your partners

and staff. If your company has been in business for some time now,

then write about your "track record." Explain what your company

has already accomplished and give an idea of how it stands in

relation to competitors in your particular field of business.

What are Your Products or Services?

What are you producing or what are you going to produce? What

are your products or services? What kind of revenue will these

activities be bringing in or what is the expected range of revenue

once the products are launched? Answer these questions giving a

Business Plan - A Case Study

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58

I think that only daring

speculation can lead us further

and not accumulation of facts.

-Albert Einstein


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BUSINESS CASE STUDY

A case study is a research methodology common in social science.

It is based on an in-depth investigation of a single individual, group,

or event. Case studies may be descriptive or explanatory. The

latter type is used to explore causation in order to find underlying

principles.

A case study - review:

1. General, theoretical knowledge is more valuable than

concrete, practical knowledge.

2. One cannot generalize on the basis of an individual case and,

therefore, the case study cannot contribute to scientific

development.

3. The case study is most useful for generating hypotheses,

whereas other methods are more suitable for hypotheses

testing and theory building.

4. The case study contains a bias toward verification, i.e., a

tendency to confirm the researcher's preconceived notions.

5. It is often difficult to summarize and develop general

propositions and theories on the basis of specific case studies.

60

Great dreams of great dreamers

are always transcended.

-APJ Abdul Kalam


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Market is the group of consumers or organizations that is interested

in the product, has the resource to purchase the product and is

permitted to acquire the product. It includes

Total Population.

Potential Market -

Those in the total population who have interest in acquiring the

product.

Available Market -

Those in the potential market have enough money to buy the

product.

Qualified available market

Those in the available market who legally are permitted to buy the

product

Target Market

The segment of the qualified available market the firm has decided

to serve.

Penetrated Market

Those in the target market who have purchased the product.

Business Market

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61

Hope sees the invisible, feels

the intangible and achieves the

impossible.

-Anonymous


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Marketing strategy is a method of focusing an enterprises energies

and resources on a course of action which can lead to increased

sales and authority of a targeted market.

A marketing strategy combines

PRODUCT DEVELOPMENT,

PROMOTION,

DISTRIBUTION,

PRICING,

RELATIONSHIP MANAGEMENT

and other elements; identifies the firm's marketing goals and

explains how they will be achieved, ideally within a stated

timeframe.

Marketing strategy determines the choice of target Market

Segments, Positioning, Marketing Mix, and Allocation of

Resources. It is most effective when it is an essential component of

overall firm strategy, defining how the organization will successfully

engage Customers, Prospects, and Competitors in the market

arena.

Marketing Strategy

23

63

Always do your best. What you

plant now, you will harvest later.

-Anonymous


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Selling is similar to playing a game. Every game has its own set of

rules and regulations to ensure fairness amongst the players.

Guidelines are also provided to prevent players from breaking therules and playing unfairly.

No matter which industry you are working in, there are rules to

guide each player in a fair and reasonable way.

In order to perform well, there is a need to follow some rules.

Anyone who is unclear of the rules of the selling game will definitely

get eliminated by competitors. In selling, these are some golden

rules to know and master, in order to stay competitive in the long

run.

The rules are:

Practice the proper sales knowledge, techniques, mindset and

skills

Never say no to constant learning and strengthening yourself

in all aspects to stay competitive

Practice what you have learnt and perfect it.

Only this can help become a big winner in a sales game.

Sales techniques that focused on the customer's needs or building

customer relationship are

1. Attention: One has to get the attention of the prospect through

some advertising or prospecting method.

2. Interest: Build their interest by using an emotional appeal such

that it reminds them and stimulate to buy.

Selling Techniques

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64

An entrepreneur tends to bite

off a little more than he can

chew hoping hell quickly learn

how to chew it.

-Ratan Tata


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CUSTOMER SATISFACTION:

In Business, the term customer satisfaction is a measure of how

products and services supplied by a company meet or surpass

customer expectation. It is seen as a key performance indicatorwithin business and is part of the four perspectives of a Balanced

Scorecard.

CUSTOMER DELIGHT:

An effective CRM brings new customers for more. It causes new

customers to come. It takes to out of the realm of being the same

as all the others and places you clearly at the top. It distinguishes

you from the rest. It allows you to sell your product or service for

more money than the competition. It allows you to make more

return on your investment. It allows you to reward your employees.

In this article let us see what different people say to achieve

customer satisfaction and customer delight.

CUSTOMER SATISFACTION - DISTINGUISHED

APPROACH:

1. ENCOURAGE FACE-TO-FACE DEALINGS:

It's important to meet your customers face to face at least once or

even twice. A client finds it easier to relate to and work with

someone they've actually met in person, rather than a voice on the

phone or someone typing into an email or messenger program.

When you do meet them, be calm, confident and above all, take

time to ask them what they need. A potential client spends over half

the meeting doing the talking and well on the way to a sale.

Respond to Messages Promptly & Keep Your Clients Informed.

This goes without saying really. We all know how annoying it is to

wait days for a response to an email or phone call. It might notalways be practical to deal with all customers' queries within the

space of a few hours, but at least email or call them back and let

them know you've received their message and you'll contact them

about it as soon as possible. Even if you're not able to solve a

problem right away, let the customer know you're working on it.

67

Do not say, It is morning, and

dismiss it with a name of

yesterday. See it for the first

time as a newborn child that has

no name.

-Rabindranath Tagore

Yeah maam, youre my customerand Ive a gift for you.


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2. BE FRIENDLY AND APPROACHABLE:

It's very important to be friendly, courteous and to make your

clients feel like you're their friend and you're there to help them out.

There will be times when you want to beat your clients over thehead repeatedly with a blunt object - it happens to all of us. It's vital

that you keep a clear head, respond to your clients' wishes as best

you can and at all times remain polite and courteous.

3. HAVE A CLEARLY-DEFINED CUSTOMER SERVICE

POLICY:

This may not be too important when you're just starting out, but a

clearly defined customer service policy is going to save you a lot of

time and effort in the long run. If a customer has a problem, what

should they do? If and all the first option doesn't work, then what?

Should they contact different people for billing and technical

enquiries? If they're not satisfied with any aspect of your customer

service, who should they tell?

There's nothing more annoying for a client than being passed from

person to person, or not knowing who to turn to. Making sure they

know exactly what to do at each stage of their enquiry should be of

utmost importance. So make sure your customer service policy is

present on your site and anywhere else it may be useful.

4. ATTENTION TO DETAILS (ALSO KNOWN AS 'THE LITTLE

NICETIES'):

Have you ever received a Happy Birthday email or card from a

company you were a client of? Have you ever had a personalised

sign-up confirmation email for a service that you could tell was

typed from scratch? These little niceties can be time consuming

and aren't always cost effective, but remember to do them.

Even if it's as small as sending a Happy Holidays email to all yourcustomers, it's something. It shows you care; it shows there are

real people on the other end of that screen or telephone; and most

importantly, it makes the customer feel welcomed, wanted and

valued

68

There is nothing either good or

bad, but thinking makes it so

-William Shakespeare


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The requirement of fixed assets is related to types of industry. A

manufacturing concern will require more investments in fixed asses

than a trading concern. The working capital needs depend upon

scale of operations. Larger the scale of operations, the higher will

be the needs for working capital. A wrong assessment of financial

needs may jeopardize the survival of a concern.

CHOOSING THE SOURCES OF FUNDS :

A number of sources may be available for raising funds. A concern

may be resort to issue of share capital and debentures. Financial

institutions may be requested to provide long-term funds. The

working capital needs may be met by getting cash credit or

overdraft-facilities from commercial bands. A finance manager has

to be very careful & cautions in approaching different sources.

FINANCIAL ANALYSIS AND INTERPRETATION :

The analysis & interpretation of financial statement is an important

task of a finance manager. He is expected to know about the

profitability, liquidity position, short term and long term financial

position of the concern. For this purpose, a number of rations have

to be calculated. The interpretation of various ratio is also essential

to reach certain conclusions on financial analysis and interpretation

has become an important area of financial management.

1. COST-VOLUME PROFIT ANALYSIS :

This is popularly known as "CVP relationship". For this purpose,

fixed costs, variable costs and semi variable costs have to be

analyzed. Fixed costs are more or less constant for varying sales

volumes. Variable costs vary according to the sales volume. Semi-

variable costs are either fixed or variable in the short term.

Moreover, a firm will have to generate an adequate income to cover

its fixed costs as well. The financial manager has to find out the

breakeven point that is, the point at which the total costs are

matched by total sales or total revenue.

2. WORKING CAPITAL MANAGEMENT :

Working capital refers to that part of firm's capital which is required

for financing short-term or current assets such as cash, receivable

and inventories. It is essential to maintain proper level of these

assets. Finance manager is required to determine the quantum of

such assets.

72

Limitations live only in our

minds. But if we use our

imaginations, our possibilities

become limitless.

-Anonymous


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FAVOURABLE AND UNFAVOURABLE FINANCIAL

LEVERAGE

Financial leverage may be favourable or unfavorable depending

upon whether the earning made by the use of fixed interest ordividend bearing securities exceeds the explicit fixed costs, the firm

has to pay for the employment of such funds or not.

The leverage will be considered to be favorable so long the firm

earns more on the assets purchased with the funds than the fixed

costs of their use. Unfavorable leverage occurs when the firm does

not earn as the funds costs.

SIGNIFICANCE OF FINANCIAL LEVERAGE

Financial leverage helps in deciding the appropriate Capital

Structure. One of the objectives of planning an appropriate Capital

Structure is to maximize the return on equity shareholders funds or

maximize the earning per share.

Financial leverage is double-edged sword.

On one hand, it increases the earning per share and on the other

hand it increases the financial risks. High financial leverage means

high fixed financial cost and high financial risk i.e., as the debt

content in Capital Structure increases, the financial leverageincreases and at the same time the financial risk also increases i.e.,

risk of insolvency increases.

The finance manager is required to trade-off between risk and

return for determining the appropriate amount of debt.

76


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the pricing decisions of competitors. For example, setting the price

too low may threat a price war that may not be in the best interest

of either side.

Setting the price too high may attract a large number of competitorswho want to share in the profits. And here for new products, the

pricing objective often is either to maximize profit margin or to

maximize quantity (market share). To meet these objectives, skim

pricing and penetration pricing strategies often are employed. Skim

pricing; attempts to "skim the cream" off the top of the market. By

setting, a high price and selling to those customers who are less

price sensitive.

Penetration pricing pursues the objective of quantity maximization

by means of a low price. The pricing objective depends on many

factors including production cost, existence of economies of scale,

barriers to entry, product differentiation and rate of productdiffusion, the firm's resources and the product's anticipated price

elasticity of demand.

78

Planning without action is futile,

action without planning is fatal.

-Anonymous

Economy Penetration

Skimming PremiumHig

h

Low

Low

Pricing Strategies Matrix

High

Price

Quality


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purposes, to help you save for the future, and to keep order in your

finances.

Accounting costs in a business, records the expenses of

production. A deficit in production lets a company know that inorder to be more productive a change may be needed. Most

businesses have an accounting cycle that can chart the

performance of a company. The accounting cycle makes sure the

company records are accurate and the company complies with

state laws and regulations for tax purposes.

A successful company will remain to strict accounting policies. A

proprietor of a company relies on the accounting department for

accurate records, correct balance sheets and performance charts

to share with the stockholders or investors.

All functions of a company are related to the accounting

department in some way. As an accounting professional, there are

many opportunities for work and advancement within a company.

Accounting software has even added more efficiency and ease in

the bookkeeping or payroll departments.

Bookkeeping is the recording of financial transactions.

Transactions include sales, purchases, income and payments byan individual or organization. Book keeping is usually performed by

a bookkeeper. Bookkeeping should not be confused with

accounting. The accounting process is usually performed by an

accountant. The accountant creates reports from the recorded

financial transactions recorded.

DEBITS AND CREDITS:

These are the backbone of any accounting system. Understand

how debits and credits work and you'll understand the whole

system. Every accounting entry in the general ledger contains both

a debit and a credit. Further, all debits must equal all credits. If they

don't, the entry is out of balance. Out-of-balance entries throw your

balance sheet out of balance.

ASSETS AND LIABILITIES;

Balance sheet accounts are the assets and liabilities of a firm.

When we set up your chart of accounts, there will be separate

sections and numbering schemes for the assets and liabilities that

make up the balance sheet.

80

Diligence is the mother of good

luck.

-Benjamin Franklin


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After developing personal and business budgets that can sustain

the company for the time you think it'll take to get to break even,

add at least 50%, suggests Mr. Manohar, a management

consultant who specializes in growth. "That's managing your risk."

That commitment isn't yours alone. You need ongoing buy-in from

family and friends. Make sure your time and money also is spent

on family or a significant other.

Lesson: Don't let a launch cause lifelong regrets.

In the end, many missteps occur because new owners insist on

doing everything themselves. Instead, review what you do best and

try to delegate or outsource the expertise you lack. And when the

inevitable errors do arise, remember the old adage: Learn fromyour mistakes.

Mistake 7: WAITING FOR TIME AND EXCUSE:

Learn to manage your time correctly. Work will always be there

tomorrow. Working 20 hours a day is not bad for as it is your

business you will responsible for everything, but sometimes is very

unhealthy too, though one should be adoptable.

That is time away from your business cannot help you to refocus

and remind you of what you're working for.

Lesson: Time is everything

86

I have no special talents. I am

only passionately curious.

-Albert Einstein


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entrepreneurship qualities

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