entreprenuerial skills2

7/31/2019 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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