3.

DEVELOPING ENTREPREUNORIA L SKILLS

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Topic to be covered today

Communication and negotiations Skills Selling skills Decision making skills Understanding of customers respond

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ENTREPREUNORIAL SKILLS 1. Personal Skills 2. Communication skill 3. Negotiation skill 4. Leadership skill 5. Sales skill 6. Decision Making Skill 4/22/12

1. Personal Skills

The first skill you must develop as an entrepreneur is your personal skill. Personal skills are simply those skills that are attached to your personality, more like habits developing your personal skill with respect to building a business The most important thing in your business relationships is your

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. Personal Skills (Cont.)

If you can genuinely and sincerely fake honesty, you will be a success. Never doubt it study the lives of successful entrepreneurs, you will observe they are 4/22/12 courageous(berani),

1. Personal Skills (Cont.)

"Courage(keberanian) is what it takes to stand up and speak, courage is also what it takes to sit down and listen."

Winston Churchill
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15

Successful personal skills that can be devoloped

1.

Passion and Energy (Ghairah dan bertenang) - most successful entrepreneurs are known to 4/22/12 have a great amount of

2. Ability to take Responsibility

- Successful entrepreneurs are known to take responsibility of their actions and decisions even in the face of failure. They dont blame their employees; instead they take 4/22/12 charge, correct their business

3. Long Standing Commitment - Entrepreneurs are known to be committed not just for the moment but for years. 4. Self Belief Successful entrepreneurs are known to display a high level of self confidence.

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- They have little belief in fate

5. Persistence

- When the going gets tough, the tough gets going. This is what persistence stands for; the ability to press on in the face of hardship. Without persistence, nothing can be achieved.
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6. Goal Setting

- All successful entrepreneurs hare the characteristic of being goal oriented.

- have the ability to set clear goals for themselves. goals are high and

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7. Ability to take Risk

- rapidly changing world, the people who are not taking risk are he risk takers. business is a risk and to undertake it, you have to be daring(berani).
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8. Intelligent Use of Feedback

-Feedback is one element that successful entrepreneurs make intelligent use of the feedback 4/22/12

9. Strong Self Imposed Standards

- Successful entrepreneurs

have laid down principles which they dont compromise for any reason. If you want to be a successful 4/22/12 entrepreneur, you

10.

Ability to Work under Pressure and Uncertainty

To be an entrepreneur, you must have the ability to work under pressure and uncertainty.

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11. Strong Internal Control

- Control is essential to the business survival of every successful entrepreneur. To build a successful business, you need firm control of your cash flow and

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12. Intelligent Use of Resources

entrepreneurs are faced with the challenge of building a business with limited capital.

- building a small business startup from scratch, there is need for efficient utilization of the limited resources.
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13. Ability to Quickly Learn From Failures

- Successful entrepreneurs make lot of mistakes that sometimes lead to business failures but they dont bow their head in defeat.

- Instead, they quickly 4/22/12 cknowledge their business

14. Money as a Means of Keeping Score

- Entrepreneurs use the money acquired from their business as a landmark, a target and a sign to move on to other business challenges. - 4/22/12entrepreneur who makes An

15. Delayed Gratification

- Most individuals like the concept of getting rich quickly, invest today and gain a 1000% - But Entrepreneurs know that profit or reward may not be instant and may even take as much as five years before receiving any dividend.
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Traits (sifat istimewa) of Successful Entrepreneurs

12

Traits (sifat istimewa) of Successful Entrepreneurs Successful Entrepreneurs are proactive learners Entrepreneurship is a life long process
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1.

Traits (sifat istimewa) of Successful Entrepreneurs

2. They thrive on risk

"In today's rapidly changing world, the people who are not taking risk are the risk takers." Robert Kiyosaki Successful entrepreneurs are risk takers; they risk 4/22/12 their time, energy and

Traits (sifat istimewa) of Successful Entrepreneurs

3. They work for free

Working for free is one trait of successful entrepreneurs Being an entrepreneur, I can attest to this trait because I have built businesses without getting a dime from them for some years. All profits generated are re-invested into the business.
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Traits (sifat istimewa) of Successful Entrepreneurs

4. They work longer hours than employees

Successful entrepreneurs are known for their extraordinary resilience(kebingkasan) and long standing commitment to the course of building a business. Entrepreneurs are known to 4/22/12 work for 70 80 hours per

5. Successful entrepreneurs learn quickly from mistakes

Traits (sifat istimewa) of Successful Entrepreneurs

Successful entrepreneurs see business mistakes as a learning tool; they see it as an opportunity to learn something new. Successful entrepreneurs make mistakes in business but they don't quit. They know mistakes are part of the entrepreneurial process, so they 4/22/12

Traits (sifat istimewa) of Successful Entrepreneurs

6. They have the ability to run on debt

Successful entrepreneurs know how to use debt to their advantage use debt as an instrument and leverage to build a business 4/22/12

Traits (sifat istimewa) of Successful Entrepreneurs

7. They are accountable and responsible

Successful entrepreneurs are accountable and responsible for the failure or success of their business.

8.4/22/12 thrive on criticism They

Traits (sifat istimewa) of Successful Entrepreneurs

9. Successful entrepreneurs are ambitious

Ambition is one of the traits of successful entrepreneurs Successful entrepreneurs think big and do things big never satisfied with their current achievement
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Traits (sifat istimewa) of Successful Entrepreneurs

10. They are opportunist

Successful entrepreneurs share a common ability to see opportunities Successful entrepreneurs are the drivers of creativity and innovation.
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Traits (sifat istimewa) of Successful Entrepreneurs

11. They are great leaders

Successful entrepreneurs are great leaders with a well thought leadership strategy. They possess the ability to bring out the best in their employees. They inspire creativity and foster
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Traits (sifat istimewa) of Successful Entrepreneurs

12. Successful entrepreneurs are team players

Successful entrepreneurs know that entrepreneurship and investing are team sports. they never work alone, they join forces with other entrepreneurs and 4/22/12

2. Communication skill
The next important entrepreneurial skill you need to develop is communication skill, To be a successful business owner, you must be a powerful communicator.
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1. .

Stay Focused

How to develop communication skill?

Stay focused on the present, your feelings, understanding one another and finding a solution. Listen Carefully effective communication listening to what your partner is saying. Dont interrupt. Dont 4/22/12 get defensive. Just hear them

2. .

How to develop communication skill?

3. Try To See Their Point of View

Try to really see the other side, and then you can better explain yours. (If you don't 'get it', ask more questions until you do.)

4. Respond to Criticism with Empathy

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How to develop communication skill?

5. Own Whats Yours

personal responsibility is a strength, not a weakness. Effective communication involves admitting when youre wrong. If you both share some 4/22/12 responsibility in a conflict (which

How to develop communication skill?

6. Use I Messages

begin statements with I, and make them about yourself and your feelings, like, I feel frustrated when this happens. rather than saying things like, You really messed up here, Its less accusatory, sparks less 4/22/12 defensiveness, and helps the other

How to develop communication skill?

7. Look for Compromise

Instead of trying to win the argument, look for solutions that meet everybodys needs. Either through compromise, or a new solution that gives you both what you want most, this focus is much more effective than one person 4/22/12 getting what they want at the

How to develop communication skill?

8. Take a Time-Out

Sometimes tempers get heated and its just too difficult to continue a discussion without it becoming an argument or a fight. If you feel yourself or your partner starting to get too angry to be 4/22/12

3. Negotiation skill

In the course of building a business, you are bound to negotiate deals. You negotiate with customers and suppliers over goods and services offered. You negotiate with bankers over bank loans terms and conditions, just as you negotiate with investors over equity and stakes.
4/22/12 It is important to learn how to

3. Negotiation skill
1. Learn to flinch.

The flinch is one of the oldest negotiation tactics but one of the least used. A flinch is a visible reaction to an offer or price. The objective of this negotiation tactic is to make the other people feel uncomfortable about the offer they presented. Here is an example of how it works. 4/22/12

. Negotiation skill
2.

Recognize that people often ask for more than they expect to get. This means you need to resist the temptation to automatically reduce your price or offer a discount. I once asked for a hefty discount on a pair of shoes hoping to get half of what I asked for. I was pleasantly 4/22/12

3. Negotiation skill
3. The person with the most information usually does better.

You need to learn as much about the other person's situation. This is a particularly important negotiation tactic for sales people. Ask your prospect more questions about their purchase. Learn what is important to them as well as their needs and wants. 4/22/12

. Negotiation skill
4.

Practice at every opportunity. Most people hesitate to negotiate because they lack the confidence. Develop this confidence by negotiating more frequently. Ask for discounts from your suppliers. As a consumer, develop the habit of asking for a price break when you buy from a retail store. Here 4/22/12 are a few questions or statements

. Negotiation skill
5. Maintain your walk away power.

It is better to walk away from a sale rather than make too large a concession or give a deep discount your product or service. Negotiating is a way of life in some cultures. And most people negotiate in some way almost 4/22/12 every day. Apply these negotiation

4. Leadership skill

Successful entrepreneurs were not born business leaders; they were made. They became business great leaders because they desired it; they humbled themselves and learned the art and science of leadership.
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4. Leadership skill

10

Basic Skills of Outstanding Leadership i) Integrity ii) Vision/strategy iii) Communication iv) Relationships v)Persuasion
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vi) Adaptability

i)

Integrity

4. Leadership skill

Integrity means honesty and more. It refers to having strong internal guiding principles that one does not compromise. It means treating others as you would wish to be treated. a solid sense of right and wrong and strong guiding principles are the most essential and basic of all 4/22/12 leadership skills or characteristics.

4. Leadership skill
ii)

Vision/strategy

A leader must have a clear idea where his or her organization and unit leaders must be clear about vision, mission, and values of the organization in their communications with others.

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4. Leadership skill
iii)

Communication
The chief complaint of employees in nearly every organization of all types, whether large or small from any industry segment, is lack of communication. Communication in the context of leadership refers to both interpersonal communications between the leader and followers and the overall flow of needed information throughout the organization.
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4. Leadership skill
iv)

Relationships
Networking (the art of social schmoozing) is also a relationship skill. Relationships develop from good interpersonal and group communication skills but relationship skills also go deeper. leader who likes dealing with
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4. Leadership skill
v)

Persuasion

The ability to influence others and cause them to move in a particular direction is a highly important skill in leadership. leadership is often defined as the ability to persuade or influence others to do something they might not have done without the 4/22/12

. Leadership skill
vi)

Adaptability Adaptability and flexibility are important success factors in leadership The leader must move easily from one set of circumstances (the plan) to the next (the plan is not going as expected) and 4/22/12 take them all in

. Leadership skill
vii)

Teamwork No one person can do it all. Thats why a team, comprised of others with different skill sets, is essential. A leader must know how to build and nurture such a team.

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4. Leadership skill
viii)

Coaching and Development

Developing others is an important role for a leader. Encouraging others to expand their capabilities and take on additional assignments is part of the leaders responsibility.

Leaders who feel threatened by 4/22/12 capabilities of others are the

4. Leadership skill
ix)

Decision-making A leader must be able to wade through information, comprehend whats relevant, make a wellconsidered decision, and take action based on that decision.

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Making decisions too quickly

4. Leadership skill
x) )

Planning Planning involves making certain assumptions about the future and taking actions in the present to positively influence that future.

To plan means to focus more strategically. Plans are important for guidance and 4/22/12 focus.

5. SALES SKILL

"If you cannot sell, you will be sold." Ajaero Tony Martins "A man's success in business today turns upon his power of getting people to believe he has something they want." Gerland Stanley "The ability to sell is the

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. SALES SKILL
The most important entrepreneurial skill.

most important is because never seen a business that doesn't sell one thing or the other. If you are not selling tangible(berbentuk) items, then you are probably selling intangible items such as services. 4/22/12

. SALES SKILL
Anyone can learn to be an effective salesperson, and good salespeople can become great ones. The following are sales skills: i) Maintaining Self Confidence ii)
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Good Listening

iii) Persuasiveness iv) Building Strong

. SALES SKILL
i)

Maintaining SelfConfidence This is the absolutely most important skill a salesperson can cultivate. Why? Because all the other skills are based on persistence. If you have every other sales skill listed below but you give 4/22/12 up at the first hint of a no,

. SALES SKILL
ii)

Good Listening Taking the time to ask your prospect questions and really listen to the answers shows respect for them, and gives you a clearer idea of what they want. By forcing yourself to be quiet,
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. SALES SKILL
iii)

Persuasiveness Emotion plays a major role in sales. Persuasiveness is the skill that allows you to convey these emotions to the customer. If you can make your prospect 4/22/12

. SALES SKILL
vi)

Building Strong Relationships This sales skill is just as important to a salesperson's business life as it is to their personal life. Building and maintaining healthy relationships is the key 4/22/12 to developing a strong

. SALES SKILL
v)

Self-Motivating best salesperson is a work in progress.

Your manager might direct you to make some changes if your sales start to plummet, but if you are constantly working to 4/22/12 become a better

Decision Making Skill

decision-making is important for management and leadership. There are processes and techniques to improve decisionmaking and the quality of decisions. Decision-making is more natural to certain personalities, so these 4/22/12

Decision Making Skill

How to Make a Decision :
i. ii. iii. iv. v. vi.

Defining the Problem Develop Alternatives Evaluate the Alternatives Make the Decision Implement the Solution Monitor your Solution
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Decision Making Skill

i. .

Defining the Problem The first step towards a decision-making process is to define the problem. So, the first thing one has to do is to state the underlying problem that has to be solved.
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Decision Making Skill

ii. .

Develop Alternatives The situation of making a decision arises because there are many alternatives available for it.

the next step after defining the main problem would be to state out the alternatives available for that particular situation. 4/22/12

Decision Making Skill

iii. Evaluate the Alternatives

the most important stages of the decision-making process. the stage where you have to analyze each alternative you have come up with find out the advantages and 4/22/12

Decision Making Skill

iv. .

Make the Decision the stage where you have to analyze evaluation process would help you in looking at the available options clearly and you have to pick which you think is the most applicable
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Decision Making Skill

v. .

Implement the Solution next step would be implementing the solution you have to carry out on the decision you have made. this is a very crucial step because all the people involved in the implementation of a 4/22/12 solution should know about the

Decision Making Skill

vi.

Monitor your Solution Just making the decision and implementing it is not the end of the decision-making process it is very important to monitor your decision regularly at this stage, you have to keep a

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Decision Making Skill

Different Types of Decision Making

The following are the most common types of decision-making styles that a manager in a business or even entrepreunor have to follow: i. Irreversible ii. Reversible iii. Delayed iv. Quick Decisions
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v. Experimental

Decision Making Skill

i.

Irreversible- tidak boleh diubah These decisions are permanent. Once taken, they can't be undone. The effects of these decisions can be felt for a long time to come. Such decisions are taken when there is no other option.
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Decision Making Skill

ii. .

Reversible Reversible decisions are not final and binding. In fact, they can be changed entirely at any point of time. It allows one to acknowledge mistakes and fresh decisions can be taken depending upon the new circumstances.

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Decision Making Skill

iii. .

Delayed Such decisions are put on hold until the decision maker thinks that the right time has come. The wait might make one miss the right opportunity that can cause some loss, specially in the case of businesses.

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Decision Making Skill

iv. .

Quick Decisions These decisions enable one to make maximum of the opportunity available at hand. However, only a good decision maker can take decisions that are instantaneous as well as correct.

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Decision Making Skill

v. .

Experimental One of the ways of decision making is the experimental type in which the final decision cannot be taken until the preliminary results appear and are positive.

This approach is used when one is sure of the final destination but is not 4/22/12

Decision Making Skill

vi. .

Trial and Error This approach involves trying out a certain course of action. If the result is positive it is followed further, if not, then a fresh course is adopted. Such a trial and error method is continued until the decision 4/22/12

Decision Making Skill

vii. .

Conditional Conditional decisions allow an individual to keep all his options open. He sticks to one decision as long as the circumstances remain the same. Once the competitor makes a

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Decision Making Skill

Styles of Making Decisions for Leaders
A leader gives direction to people to follow. He is responsible for ensuring that his decision provides the right direction to the organization. Be it in a business or in other organizations, decision making is an important component of leadership skills. The different ways of decision making that a leader typically encounters are: i. Authoritative

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Decision Making Skill

i. .

Authoritative In authoritative type of decision making the leader is the sole decision maker which subordinates follow. The leader has all the information and expertise required to make a quick decision.
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Decision Making Skill

ii. .

Facilitative In facilitative type of decision making, both the leader and his subordinates work together to arrive at a decision. The subordinates should have the expertise as well as access to the information required to make decisions.
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Decision Making Skill

iii. .

Consultative Consultative decisions are made in consultation with the subordinates. However, the fact remains that unlike in the facilitative decision making style, in consultative decision making it is the leader who holds the decision making power.
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Decision Making Skill

iv. .

Delegative As per the term, the leader passes on the responsibility of making decisions to one or more of his subordinates.

This type of decision making is usually adopted by the leader when he is confident of the capabilities of his 4/22/12 subordinates

7.Understanding of Customers Respond

i. Customer relations ii. After sales service iii. Dealing with complaints iv.Measuring customer satisfaction v. Keeping records
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7.Understanding of Customers Respond

i. Customer relations

What actions can you take to better customer relations?

Provide better customer service Make call centres more efficient Cross sell products more effectively Help sales staff close deals faster Simplify marketing and sales processes

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7.Understanding of Customers Respond

ii.

After sales service Steps to take to ensure good after sales service

Call a customer a few days after a major sale to ensure that he/she is still happy

Handle customers complaints 4/22/12

7.Understanding of Customers Respond

iii.Dealing with complaints

Acknowledge that the customers have a right to be irritated i.e. I understand why you are unhappy Give an assurance that you will take care of things and then do it Make a sad-glad statement, i.e. I 4/22/12 am sorry you experienced a

7.Understanding of Customers Respond

iv. Measuring customer satisfaction

How does one measure customer service

Use a customer service questionnaire, similar to the market research questionnaire

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7.Understanding of Customers Respond

iv.Keeping records

What is a database?

A database is a record of customers that contains a variety of information Information contained can include

Current details Responses to advertising campaign Courier delivery dates and purchase dates

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