28 Notes ENTREPRENEURSHIP SKILLS

1 computer ScienceMODULE 5 ENTREPRENEURSHIP SKILLS 504 Professional SkillsNotes28 ENTREPRENEURSHIP SKILLSIn the previous lesson you have learnt about project management SKILLS . Nowyou will learn about ENTREPRENEURSHIP SKILLS . An individual who, rather thanworking as an employee, runs a small business and takes the responsibility ofall the risk and reward of a given business venture, idea, or service offered forsale is generally known as entrepreneur. The entrepreneur is commonly seen asa business leader and innovator of new ideas and business entrepreneur requires some natural SKILLS for getting success in business ,calculated risk-taking, effective communication, management skill, quick learningability, and self-reflection. In this lesson you will learn about what an entrepreneuris what SKILLS are required for being an entrepreneur and so reading this lesson , you will be able to:zidentify a person as an entrepreneur;zdefine SKILLS required for being an entrepreneur;zexplain the importance of ENTREPRENEURSHIP WHAT IS ENTREPRENEURSHIP ?

2 Before we start to learn about ENTREPRENEURSHIP SKILLS , first let us learn aboutwho is an entrepreneur and what is is a french word meaning, one who undertakes an endeavour .A person who starts his own business or organization is called you want to become an entrepreneur you should organize and manage yourventure with considerable initiative and risk so that you can get profit from yourorganization. For example, if you are living in a village and you have startedyour shop there to facilitate your fellow villagers and for getting some profitthen you are an 5 505 ENTREPRENEURSHIP SkillsComputer ScienceProfessional SkillsNotesWhen you start a business you have some vision for your business and youestablish it according to that vision. The process of starting own business iscalled ENTREPRENEURSHIP . This process is characterized by risk management andinnovation and it involves a good amount of investment in terms of time, money,infrastructure and assemble resources including innovations, finance and businessacumen in an effort to transform innovations into economic era has made entrepreneurs in its age.

3 There are some basics to establisha business. Basics of enterpreneurship are as followes:zCalculated Risk-takingzManagement skillszEffective CommunicationzVisionzConnection with efficient peoplezStrategyzMarketingCalculated Risk-taking: An entrepreneur must have courage to take risk withvision. You should have self-confidence about what you are going to do andhow you are going to work. You should also be aware of the fact that successand failures may not come management SKILLS : An entrepreneur should be able to manage time,money, infrastructure and people who are working within the use of time and people establishes a successful Communication: You must communicate in such a way so thatcustomer as well as employee can understand your objective easily. Communicationis not language specific, it is a way of presentation so that other person canunderstand your points : Lack of planning infrastructure and money leads to failure of an individual must have clear vision of what is to be done and howto execute his with efficient people: A business always requires efficient employee of an organization should own and take responsibility of workwhenever needed.

4 An entrepreneur must allocate right work to the right entrepreneur must also have a quality to identify efficient and suitable peoplefor a particular ScienceMODULE 5 ENTREPRENEURSHIP SKILLS 506 Professional SkillsNotesStrategy: You should have a clear master plan for your business. At any pointof time if plan A fails there should also be plan B to fall back : An entrepreneur studies market needs and takes action accordingto that. After analysing market situation you can get some idea for your productand launching of it as per market needs. There are many ways to look for anidea. One should read a lot, talk to people and consider the questions as: Whatlimitation exists in current market products and services? What would you liketo have that is not available? What are other uses for new technology? ENTREPRENEURSHIP SkillsThe importance of ENTREPRENEURSHIP has been a prominent concept discussedthroughout many Youth Employment Conventions.

5 Enterpreneural SKILLS shouldbe integrated in the education system as it helps the young students to engagethemselves in the economic development of the gain insight into this idea we need to understand why ENTREPRENEURSHIP isimportant in the first place. ENTREPRENEURSHIP is a key driver of our economyas a high majority of jobs are created by and through what started as a smallidea. By integrating ENTREPRENEURSHIP in the education system, young people canbuild the confidence to see value in their own ideas. They can then makeenterprising choices that are transferable into the workplace. Technical SKILLS ,managerial SKILLS and entrepreneurial SKILLS are needed for needed for EntrepreneurshipSoft SkillsManagerial SkillsEntrepreneurial SkillsLet us discuss about these SKILLS in details(1) Soft skillsSoft SKILLS include the following:zCommunicationzInterpersonal relationszEnvironmental ObservationzCoordinationzSpecific operation TechnologyMODULE 5 507 ENTREPRENEURSHIP SkillsComputer ScienceProfessional SkillsNotesCommunicationIt is a process of exchanging information among people.

6 It needs effectivelanguage, presentation skill, environment etc. The figure below explains howto communicate is an important component in developing communication skillsDifferent information mediums require different strategies when organizing information and communicating effectvelyUnderstanding your audience and the purpose behind your communication are important elements of effective and layout of information are important elements of effective communication Different mediums of communication have their own sets of best practices and toolsHow do you communicate effetively?Fig. : CommunicationIn the next lesson you will learn about professional communication relationsIt is a skill to communicate with each other. It is used not only in offices butin our day to day social life. People with good interpersonal SKILLS are perceivedas confident, calm and MakingDelegationMotivating OtherTeamworkMentoringGroupworkDecision MakingDelegationCollaborationNetworkingS elf ConfidenceNetwork buildingEffective communicationInterpersonal skillsFig.

7 : Interpersonal skillsComputer ScienceMODULE 5 ENTREPRENEURSHIP SKILLS 508 Professional SkillsNotesEnvironmental ObservationEnvironmental observation is one of the technical SKILLS . This skill helps inunderstanding job objective and current scenario of the society with respect tothe business that one wants to is a skill that helps in understanding other people and work together to achievethe set goal. Coordination must exist among the team members in order toachieve best possible operation TechnologySometimes specific technology is required for achieving specific goal. Forexample if you want to develop a software for web designing then you requireknowledge of some specific technology like HTML, CSS, JAVA SCRIPT etc.(2) Managerial skillsManagerial SKILLS include the following:zPlanningzMotivationzMarketing zAccountingzNegotiatingPlanningIt is a basic management method involving formulation of one or more detailedplan to achieve the best result.

8 The planning process is to identify goal, formulatestrategy and decide the process to be followed to achieve the goal on the is defined as goal oriented behaviour. It is frequently used to describewhy a person is interested in doing a particular points help us to stay motivated:zSurround yourself with positivityzCreate a vision boardMODULE 5 509 ENTREPRENEURSHIP SkillsComputer ScienceProfessional SkillsNoteszMake smart goalszReward yourselfzBelieve in yourselfzAcknowledge your positive attributeszRecognize your progresszVisualize accomplishing your goalszBe kind to yourselfzDon t compare yourself to othersMarketingIt is an ability through which you sell something or create awareness aboutsomething any product. For example commercials are a part ofmarketing. It tries to satisfy needs of clients. It includes the coordination ofproduct, price, place and promotional strategy. These are known as 4 P s ofmarketing.

9 You have to follow the points mentioned below to ensure maximumsale of your product/service:zIdentify the productzDetermine its pricezReach the customerzImplement the of promotional strategyAccountingIt is a process of keeping financial record or preparing financial record. Itincludes analysis, verification and reporting of is a process through which people settle all the problems which occur betweentwo or more parties. Parties try to reach at mutual beneficial outcome throughnegotiation. Process of negotiation includes following stages:zPreparationzDiscussionzGoal clarificationzArriving at mutual beneficial pointsComputer ScienceMODULE 5 ENTREPRENEURSHIP SKILLS 510 Professional SkillsNoteszAgreementzImplementation of strategy(3) Entrepreneurial skillsIt includes the following:zInnovationzPersistencyzVision aryzFlexibilityInnovation and Risk Taking AbilityIt is a process of translating new ideas into services that create value.

10 An ideamust be replicable at economical cost and satisfy customer s need. Innovationis synonymous with risk taking. An organization that creates new idea, takesgreat risk of implementing a new this skill, you continue to do something even though it is difficult or evenif other people are against it. This skill requires lot of patience and who can visualize the future and take action according to that isvisionary. A visionary has clear ideas about what should happen and whatstrategy can be formed to achieve best possible is willingness to change as per the changing environment, forbetterment. One should not be stringent about his/her way of working; rathershould be able to adapt new ways QUESTIONS in the person who starts his business or organization is called .. is a process of keeping financial record or preparing 5 511 ENTREPRENEURSHIP SkillsComputer ScienceProfessional is a process of translating new ideas to services that is a process of exchanging information among process of starting own business is YOU HAVE LEARNTzA person who starts his/her own business is called an process of starting own business is called as is a process of exchanging information among SKILLS include communication, interpersonal relation, environmentalobservation, coordination and specific operation technology SKILLS include planning, motivation, marketing, accounting andnegotiating SKILLS include innovation, persistancy, visionary, changeorientation and risk seeking good entrepreneur needs technical SKILLS , managerial SKILLS andentrepreneurial between ENTREPRENEURSHIP and are the qualities of a manager?