Entrepreunor Lesson 3

8/2/2019 Entrepreunor Lesson 3

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3. DEVELOPINGENTREPREUNORIA

L SKILLS


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Topic to be covered today

Communication andnegotiations Skills

Selling skills Decision making skills

Understanding ofcustomers respond


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ENTREPREUNORIAL

SKILLS1. Personal Skills

2. Communication skill3. Negotiation skill

4. Leadership skill5. Sales skill

6. Decision Making Skill


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. Personal Skills The first skill you must develop as an

entrepreneur is your personal skill.

Personal skills are simply those skillsthat are attached to your personality,more like habits

developing your personal skill withrespect to building a business

The most important thing in yourbusiness relationshi s is our


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Personal Skills (Cont.)

If you can genuinely andsincerely fake honesty,you will be a success.

Never doubt it

study the lives ofsuccessful entrepreneurs,you will observe they are

courageous(berani),


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. 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 personalskills that can bedevoloped

1. Passion and Energy

(Ghairah dan bertenang)- most successfulentrepreneurs are known

to have a great amount of


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2. Ability to take

esponsibility

- Successful entrepreneurs arenown to take responsibility of theirctions and decisions even in theace of failure.

- They dont blame theiremployees; instead they takechar e correct their business


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3. Long Standing Commitment

- Entrepreneurs are known to becommitted not just for the momentbut for years.

4. Self Belief

- Successful entrepreneurs are

known to display a high levelof self confidence.

- They have little belief in fate


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5. Persistence

- When the going gets tough, theough gets going.

- This is what persistencestands for; the ability to press on

in the face of hardship. Withoutpersistence, nothing can beachieved.


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6. Goal Setting

- All successful entrepreneurshare the characteristic of being

oal oriented.

- have the ability to set clearoals for themselves.

- goals are high and


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7. Ability to take Risk

- rapidly changing world, theeople who are not taking risk are

e risk takers.

- business is a risk and to

undertake it, you have tobe daring(berani).

-


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8. Intelligent Use ofFeedback

-Feedback is oneelement that successful

entrepreneurs

- make intelligent use of

the feedback


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9. Strong Self ImposedStandards

- Successful entrepreneurs

have laid down principles which

they dont compromise for any

reason. If you want to be a

successful entrepreneur, you


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10. Ability to Work underPressure and

Uncertainty

- To be an entrepreneur, you

must have the ability towork under pressure anduncertainty.


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11. Strong Internal

Control

- Control is essential to thebusiness survival of everysuccessful entrepreneur.

- To build a successfulbusiness, you need firm

control of your cash flow andll th r in t m .


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12. Intelligent Use ofesources

- entrepreneurs are facedwith the challenge ofbuilding a business withlimited capital.

- building a small businesstartup from scratch, there iseed for efficient utilization ofhe limited resources.


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13. Ability to Quickly

Learn From Failures

- Successful entrepreneurs

make lot of mistakes thatsometimes lead to businessfailures but they dont bow their

head in defeat.

-Instead, they quickly

knowledge their business


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14. Money as a

Means of KeepingScore

- Entrepreneurs use the moneyacquired from their business as

a landmark, a target and a signto move on to other businesschallenges.

- An entrepreneur who makes


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15. Delayed Gratification

- Most individuals like theconcept of getting rich quickly,invest today and gain a 1000%

- But Entrepreneurs know thatprofit or reward may not be

instant and may even take asmuch as five years beforereceiving any dividend.

T it ( if t i ti ) f


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Traits (sifat istimewa) ofSuccessful Entrepreneurs

12 Traits (sifat istimewa)of Successful Entrepreneurs

1. Successful Entrepreneursare proactive learners

. Entrepreneurship is a lifelong process

T it ( if t i ti ) f


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2. They thrive on risk

"In today's rapidly changing

world, the people who arenot taking risk are the risktakers." Robert Kiyosaki

Successful entrepreneursare risk takers; they risk

their time, energy and


Traits (sifat istimewa) of


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3. They work for free Working for free is one trait of

successful entrepreneurs

Being an entrepreneur, I can attestto this trait because I have built

businesses without getting adime from them for someyears. All profits generated arere-invested into the business.




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4. They work longer hours thanemployees

Successful entrepreneurs are

known for their extraordinaryresilience(kebingkasan) andlong standing commitment tothe course of building a

business.

Entrepreneurs are known towork for 70 80 hours er




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5. Successful entrepreneurslearn quickly from mistakes

Successful entrepreneurs seebusiness mistakes as a learning tool;

they see it as an opportunity tolearn something new.

Successful entrepreneurs makemistakes in business but they don'tquit. They know mistakes are part of

the entrepreneurial process, so they




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6. They have the ability torun on debt

Successful entrepreneurs knowhow to use debt to theiradvantage

use debt as an instrument and

leverage to build a business




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7. They are accountable andresponsible

Successful entrepreneurs areaccountable and responsible forthe failure or success of theirbusiness.

8. They thrive on criticism




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9. Successful entrepreneursare ambitious

Ambition is one of the traits ofsuccessful entrepreneurs

Successful entrepreneurs think bigand do things big

never satisfied with their currentachievement




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10. They are opportunist

Successful entrepreneursshare a common ability tosee opportunities

Successful entrepreneurs arethe drivers of creativity andinnovation.




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11. They are great leaders

Successful entrepreneurs are great

leaders with a well thoughtleadership strategy.

They possess the ability to bring outthe best in their employees.

The ins ire creativit and foster




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12. Successful entrepreneurs areteam players

Successful entrepreneurs know thatentrepreneurship and investing areteam sports.

they never work alone, they join

forces with other entrepreneurs and



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2. Communication

skill

The next important entrepreneurial skill

youneed to develop is communication skill,

To be a successful business owner, you

must bea powerful communicator.


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How to developcommunication skill?

1. Stay Focused. Stay focused on the present,

your feelings, understanding one

another and finding a solution.

2. Listen Carefully

. effective communicationlistening to what your partner issaying. Dont interrupt. Dont

t f n iv . t h r th m


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3. Try To See Their Point ofView

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

4. Respond to Criticism withEmpathy


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5. Own Whats Yours

personal responsibility is astrength, not a weakness.

Effective communication involves

admitting when youre wrong.

If you both share some

responsibility in a conflict (which


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6. Use I Messages

begin statements with I, andmake them about yourself and your

feelings, like, I feel frustrated whenthis happens. rather than sayingthings like, You really messed up

here,

Its less accusatory, sparks less

defensiveness, and helps the other

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7. Look for Compromise

Instead of trying to win theargument, look for solutions thatmeet everybodys needs. Eitherthrough compromise, or a newsolution that gives you both whatyou want most, this focus is muchmore effective than one person

getting what they want at the

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8. Take a Time-Out

Sometimes tempers get heatedand its just too difficult tocontinue a discussion without itbecoming an argument or a fight.

If you feel yourself or your partner

starting to get too angry to be


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. Negotiation skill1. Learn to flinch.

The flinch is one of the oldestnegotiation tactics but one ofthe least used. A flinch is avisible reaction to an offer orprice. The objective of thisnegotiation tactic is to make

the other people feeluncomfortable about the offerthey presented. Here is an

example of how it works.

N ti ti kill


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2. Recognize that people often

ask for more than theyexpect to get.

.This means you need to resistthe temptation to automaticallyreduce your price or offer a

discount. I once asked for ahefty discount on a pair of shoeshoping to get half of what I

asked for. I was pleasantly

. Negotiation skill


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3. The person with the mostinformation usually doesbetter.

You need to learn as much aboutthe other person's situation. Thisis a particularly importantnegotiation tactic for sales

people. Ask your prospect morequestions about their purchase.Learn what is important to them

as well as their needs and wants.

. Negotiation skill

i i kill


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4.

Practice at every opportunity.

. Most people hesitate to negotiate

because they lack the confidence.Develop this confidence bynegotiating more frequently. Ask

for discounts from your suppliers.As a consumer, develop the habitof asking for a price break whenyou buy from a retail store. Here

are a few questions or statements

Negotiation skill

N i i kill


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5.Maintain your walk away

power.

It is better to walk away from asale rather than make too large a

concession or give a deep discountyour product or service.

Negotiating is a way of life in somecultures. And most peoplenegotiate in some way almost

every day. Apply these negotiation

Negotiation skill

L d hi kill


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. Leadership skill Successful entrepreneurs were not

born business leaders; they weremade.

They became business greatleaders because they desired it;they humbled themselves and

learned the art and science ofleadership.

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4. Leadership skill

10 Basic Skills of OutstandingLeadership

i) Integrity

ii) Vision/strategy

iii) Communication

iv) Relationships

v)Persuasion

vi) Adaptabilit

4 Leadership skill


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4. Leadership skilli) Integrity

Integrity means honesty and more.It refers to having strong internalguiding principles that one does not

compromise. It means treatingothers as you would wish to betreated.

a solid sense of right and wrong andstrong guiding principles are themost essential and basic of all

leadership skills or characteristics.

4 L d hi kill


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4. Leadership skill

ii) Vision/strategy

A leader must have a clearidea where his or herorganization and unit

leaders must be clear aboutvision, mission, and values ofthe organization in theircommunications with others.

4 Leadership skill


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4. Leadership skilliii)Communication

The chief complaint of employees innearly every organization of all types,whether large or small from any industrysegment, is lack of communication.

Communication in the context ofleadership refers to both interpersonal

communications between the leader andfollowers and the overall flow of neededinformation throughout the organization.

4 Leadership skill


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4. Leadership skilliv)Relationships

Networking (the art of socialschmoozing) is also a relationshipskill.

Relationships develop from goodinterpersonal and groupcommunication skills butrelationship skills also go deeper.

leader who likes dealin with

Leadership skill


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. Leadership skillv) Persuasion

)The ability to influence othersand cause them to move in a

particular direction is a highlyimportant skill in leadership.

) leadership is often defined as theability to persuade or influenceothers to do something they

might not have done without the

Leadership skill


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Leadership skillvi) Adaptability

) Adaptability and flexibility areimportant success factors in

leadership

)The leader must move easilyfrom one set of circumstances(the plan) to the next (the planis not going as expected) and

take them all in

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. Leadership skillvii) Teamwork

) No one person can do it all.Thats why a team, comprised

of others with different skillsets, is essential.

) A leader must know how tobuild and nurture such ateam.

Leadership skill


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. Leadership skillviii) Coaching and

Development

) Developing others is an

important role for a leader.) Encouraging others to expand

their capabilities and take on

additional assignments is partof the leaders responsibility.

) Leaders who feel threatened by

the capabilities of others are

Leadership skill


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. Leadership skillix) Decision-making

) A leader must be able towade through information,

comprehend whatsrelevant, make a well-considered decision, and

take action based on thatdecision.

) Makin decisions too uickl

Leadership skill


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. Leadership skillx) Planning

) Planning involves makingcertain assumptions aboutthe future and taking actions

in the present to positivelyinfluence that future.

)To plan means to focus morestrategically. Plans areimportant for guidance and

focus.

SALES SKILL


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. SALES SKILL "If you cannot sell, you will

be sold." Ajaero Tony Martins

"A man's success in businesstoday turns upon his powerof getting people to believehe has something they

want." Gerland Stanley

"The ability to sell is the

SALES SKILL


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SALES SKILLThe most important

entrepreneurial skill.

most important is because never

seen a business that doesn't sellone thing or the other.

If you are not sellingtangible(berbentuk) items, thenyou are probably selling intangible

items such as services.

SALES SKILL


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SALES SKILL

Anyone can learn to be an effective

salesperson, and good salespeoplecan become great ones.

The following are sales skills:

i) Maintaining SelfConfidence

ii) Good Listening

iii) Persuasiveness

iv) Building Strong

SALES SKILL


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i) Maintaining Self-

Confidence)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 salesskill listed below but you give

up at the first hint of a no,

SALES SKILL

SALES SKILL


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ii) Good Listening

)Taking the time to ask yourprospect questions and reallylisten to the answers showsrespect for them, and gives youa clearer idea of what they

want.

) By forcing yourself to be quiet,

SALES SKILL

SALES SKILL


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iii) Persuasiveness

) Emotion plays a major role insales.

) Persuasiveness is the skill thatallows you to convey theseemotions to the customer.

) If you can make your prospect

SALES SKILL


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SALES SKILL


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v) Self-Motivating

) best salesperson is a workin progress.

)Your manager might direct

you to make some changesif your sales start toplummet, but if you areconstantly working to

become a better

SALES SKILL

ecision Making Skill


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decision-making is important for

management and leadership.

There are processes andtechniques to improve decision-making and the quality ofdecisions.

Decision-making is more natural

to certain personalities, so these



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How to Make a Decision :

i. Defining the Problem

ii. Develop Alternatives

iii. Evaluate the Alternativesiv. Make the Decision

v. Implement the Solution

vi. Monitor your Solution




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i. Defining the Problem

.The first step towards adecision-making process isto define the problem.

. So, the first thing one has todo is to state the underlyingproblem that has to besolved.




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ii. Develop Alternatives

.The situation of making adecision arises because thereare many alternatives

available for it.

. the next step after defining

the main problem would beto state out the alternativesavailable for that particularsituation.




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iii. Evaluate the

Alternatives the most important stages of

the decision-making process.

the stage where you have toanalyze each alternative you

have come up with

find out the advantages and




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iv. Make the Decision

. the stage where you have toanalyze

. evaluation process would helpyou in looking at the availableoptions clearly and you haveto pick which you think is themost applicable




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v. Implement the Solution

. next step would beimplementing the solution

. you have to carry out on thedecision you have made.

. this is a very crucial stepbecause all the people involvedin the implementation of a

solution should know about the

ec s o a g S



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vi. Monitor your Solution

.Just making the decision andimplementing 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

g



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Different Types of Decision

Making The following are the most common

types of decision-making styles that amanager in a business or even

entrepreunor have to follow:i. Irreversible

ii. Reversible

iii.Delayed

iv. Quick Decisions

v. Experimental

g


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i. Irreversible- tidak bolehdiubah

.These decisions are

permanent. Once taken, theycan't be undone. The effects ofthese decisions can be felt for

a long time to come. Suchdecisions are taken when thereis no other option.




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ii. Reversible

. Reversible decisions are notfinal and binding. In fact, theycan be changed entirely at any

point of time.

. It allows one to acknowledgemistakes and fresh decisionscan be taken depending uponthe new circumstances.

g



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iii. Delayed

. Such decisions are put on holduntil the decision maker thinksthat the right time has come.

.The wait might make one missthe right opportunity that can

cause some loss, specially inthe case of businesses.

g



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iv. Quick Decisions

.These decisions enable one tomake maximum of theopportunity available at hand.

. However, only a good decisionmaker can take decisions that

are instantaneous as well ascorrect.

g



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v. Experimental

. One of the ways of decisionmaking is the experimentaltype in which the final decision

cannot be taken until thepreliminary results appear andare positive.

.This approach is used whenone is sure of the final

destination but is not

g



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vi. Trial and Error

.This approach involves tryingout a certain course of action.

. If the result is positive it isfollowed further, if not, then afresh course is adopted.

. Such a trial and error method iscontinued until the decision

g



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vii. Conditional

. Conditional decisions allow anindividual to keep all hisoptions open.

. He sticks to one decision aslong as the circumstances

remain the same.

.

Once the competitor makes a

g



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Styles of Making Decisions

for Leaders

A leader gives direction to people to follow.

He is responsible for ensuring that hisdecision provides the right direction to theorganization. Be it in a business or in otherorganizations, decision making is animportant component of leadership skills.

The different ways of decision making that aleader typically encounters are:

i. Authoritative

g



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i. Authoritative

. In authoritative type ofdecision making the leader isthe sole decision maker which

subordinates follow.

.The leader has all theinformation and expertiserequired to make a quickdecision.

g



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ii. Facilitative

. In facilitative type of decisionmaking, both the leader and hissubordinates work together toarrive at a decision.

.The subordinates should have

the expertise as well as accessto the information required tomake decisions.

g



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iii. Consultative

.

Consultative decisions are madein consultation with thesubordinates.

. However, the fact remains thatunlike in the facilitative decision

making style, in consultativedecision making it is the leaderwho holds the decision makingpower.

g

ec s on a ng


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iv. Delegative

. As per the term, the leaderpasses on the responsibility ofmaking decisions to one or

more of his subordinates.

.This type of decision making

is usually adopted by theleader when he is confident ofthe capabilities of his

subordinates

g

7 Understanding of


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7.Understanding ofCustomers Respond

i. Customer relations

ii. After sales service

iii. Dealing with complaints

iv.Measuring customer satisfaction

v. Keeping records

7.Understanding of


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7.Understanding ofCustomers Respond

i. Customer relations

What actions can you take to bettercustomer 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

7.Understanding of


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gCustomers Respond

ii. After sales service

. Steps to take to ensure goodafter sales service

Call a customer a few days after amajor sale to ensure that he/she isstill happy

Handle customers complaintsrom tl

7.Understanding ofC t R d


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Customers Respondiii.Dealing with complaints

Acknowledge that the customershave a right to be irritated i.e. Iunderstand 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

am sorr ou ex erienced a

7.Understanding of


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gCustomers Respond

iv. Measuring customersatisfaction

How does one measure

customer service Use a customer service

questionnaire, similar to the

market research questionnaire

7.Understanding of


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gCustomers Respond

iv.Keeping records

What is a database?

A database is a record of customers thatcontains a variety of information

Information contained can include

Current details

Responses to advertising campaign

Courier delivery dates

Sales and purchase dates


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Entrepreunor Lesson 3

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