entreprenuerial skills2
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EntrepreneurialSkills
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What you need to know to runyour own business
Have you ever thought that running
your own business might be for you?
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Entrepreneurship has brought great
success for some, but it's not a careerpath for all.
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Can you
handle
them?stress
hard work
Emotional
upsand
downs
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Entrepreneurial Capabilities
A great idea alone is not sufficient for businesssuccess:
The key to success is your entrepreneurial
capability to produce results.
evaluating our own preparedness for
entrepreneurship
preparing a great business plan evaluating whether the proposed business is
likely to be viable.
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"What characteristics determine who will be asuccessful business owner?"
"Why does one person take successful
advantage of an opportunity while anotherperson, who's equally knowledgeable, does
not?
Do entrepreneurs have a different geneticmakeup? Or do they operate from a different
vantage point that somehow directs their
decisions for them?
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Successful business owners seem to have
certain traits in common. These traits fall into
four categories:
1. Personal Skills.
2. Interpersonal Skills.
3. Critical and Creative Thinking Skills.
4. Practical Skills.
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1. Personal Skills
The first things to look at are our personal
characteristics, values, and beliefs.
Do we have the inner spirit characteristic ofsuccessful entrepreneurs?
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visiondrive and persistence
initiativecommitmentcontrolrisk toleranceresilienceself determination
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Vision
Drive and persistence
Initiative
Commitment
Control
Risk tolerance
Resilience
Self determination
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When assessing our entrepreneurial
personality, be aware of areas where
we are completely at odds with the"average entrepreneur," as we'll need
to be able to compensate for possible
weaknesses in these areas.
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Perhaps the most important personal
characteristic for an entrepreneur is
the ability to accept your own
mistakes.
Not everything does work out the
way you expect.
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2. Interpersonal Skills
Running your own business is all
about working with people. You have
to communicate with and satisfyemployees, customers, suppliers,
shareholders, investors and more.
Your ability to communicate with them
is critical to entrepreneurial success.
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Communication skills
Listening
Teamwork
Leadership and motivation
Conflict resolution
The types of
interpersonalskills youneed to begood at are:
Ethics
Negotiation
Personal relations
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Interpersonal skills are developed over
time and some people are more gifted
in this area than others.
These skills can be learned anddeveloped, and you have to be
committed to changing your behaviors
and reactions.
The more you work with people, thebetter you become at deciphering the
complexity of human relationships.
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3. Critical and Creative ThinkingSkills
Entrepreneurs need a well-developed
set of critical thinking skills to organize
and administer a successful venture.As an entrepreneur, you must be able
to find the necessary information to
support wise decisions about a
venture.
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Creative thinking
Are you able to see situations from a varietyof perspectives and present original ideas?
Problem solving
Are you able to develop good solutions to theproblems you are facing?
Opportunity identification
Do you recognize trends and are you ableto generate plans for making your ideas
practical and doable?
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Creative thinking Are you able to see
situations from a variety of perspectives and
present original ideas?
Problem solving Are you able to develop
good solutions to the problems you are
facing?
Opportunity identification Do you recognize
trends and are you able to generate plans for
making your ideas practical and doable?
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Creativity and innovation require
discipline and are based on a
discrete set of skills.
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Goal settingPlanning and organizingDecision makingKnowledge
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Knowledge
Do you know enough aboutbusiness to be successful?
Business knowledge Do you have
general knowledge in the main functionalareas of a business (marketing, finance,
operations)?
Entrepreneurial knowledge Do you
understand how entrepreneurs raisecapital?
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Opportunity-specific knowledge Do you
understand the market you are attempting
to enter and what needs to be done to
bring your product or service to market?
Venture-specific knowledge Do you
know what needs to be done to make your
business successful? And do you
understand the specifics of the business
you want to start?
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Unlike personality traits, interpersonal
skills and creative thinking, which
depend to some degree on inherentcapabilities and aptitudes, you can
develop your practical skills to
whatever level your commitment takes
you.
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To gather the knowledge you need to
operate a business, you can either learn
from the school of hard knocks, or you can
learn from others who have startedcompanies similar to the one you are
contemplating.
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Tip:
Getting experience at someone else's
expense is a great idea. If you want torun a restaurant, consider working as a
waiter, maitre d' or restaurant
manager, to learn what works and
what doesn't in that business.
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However, if you do choose to learn
more about your venture by working
for another start-up, be aware of non-
compete clauses in your employmentcontract. In some jurisdictions, these
can be very restrictive, and you don't
want to risk your future business by
violating the rights of anotherentrepreneur.
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"I was born poor, but poor was not born in me.
And it shouldnt be born in you either. You can
make it. Whatever you may wish to do with
your future, you can make it. It gets dark
sometimes, but morning comes always.
Challenges breed character. Character breeds
faith. In the end, faith will not disappoint. You
must not disappoint.
Manny V.Pangilinan
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