Entrepreneur characteristics

●
Decision-making: Entrepreneurs need to make quick decisions
and take action for the success of their business.
●
Tenacity: Entrepreneurs overcome challenges. They persevere
through difficulties and hold on to their goals and dreams.
●
Money management: Entrepreneurs need to understand the
financial situation of their business. Even if they hire a specialist
like an accountant, they are the decision-maker and must know
their situation to run the business successfully.
●
Adaptability: When they start a business, entrepreneurs often
need to multitask. Flexibility in your schedule, as well as in your
thinking, is crucial to continue growing in challenging situations.

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 Communication
●
Business communication is the process of
sharing information between people within and
outside a company.
●
Effective business communication is how
employees and management interact to reach
organizational goals. Its purpose is to improve
organizational practices and reduce errors.

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 communication process
The communication process refers to a series of actions or steps taken in
order to successfully communicate. It involves several components such
as:
●
Sender: This is the person that is delivering a message to a recipient.
●
Message: This refers to the information that the sender is relaying to the
receiver.
●
Channel of communication: This is the transmission or method of delivering
the message.
●
Decoding: This is the interpretation of the message. Decoding is performed
by the receiver.
●
Receiver: The receiver is the person who is getting or receiving the
message.
●
Feedback: In some instances, the receiver might have feedback or a
response for the sender. This starts an interaction.

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 ROLE OF COMMUNICATION

Exchanging Information
Goal Achievement
Decision Making
Marketing Businesses

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 Teamwork
●
Teamwork: when a group of people work
together cohesively, towards a common goal,
creating a positive working atmosphere, and
supporting each other to combine individual
strengths to enhance team performance.
●
Team spirit: is the feeling of pride and loyalty
that exists among the members of a team and
that makes them want their team to do well or
to be the best.

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 Characteristics of Good Teamwork
●
Encouragement of Communication
●
Respect for Team Members
●
Collaboration Among Team Members
●
Problem Solving and Conflict Management
●
Shared Missions and Common Goals

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 Benefits of Teamwork
●
Fosters Creativity and Learning
●
Blends Complementary Strengths
●
Builds Trust
●
Teaches Conflict Resolution Skills
●
Promotes a Wider Sense of Ownership
●
Encourages Healthy Risk-Taking

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 Information required by
entrepreneurs
Entrepreneurs in different situations need
information inputs for planning, implementing,
monitoring or reviewing schemes, projects and
programs.
There may be an immediate need for information
to understand the situation one is in, to convince
and persuade others, and to use the opportunities
available; or individuals may gather information to
prevent a problem situation in future, or help one
to make the most of it.

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 Type of
information Required
●
Technical
●
Marketing
●
Technology is Constantly Changing the
Demands of Consumers
●
Information and communication Technology
(ICT)
●
Financial
●
Legal

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 Sources of information
●
The major sources of information were ‘personal
contacts’ followed by ‘professional consultants’
●
Personal contacts were the major source of
information - they could be from friends, relatives,
former employers and sometimes even competitors.
●
The library
●
Print sources
●
Online sources
●
Industrial data and information

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 Management
●
Management is a distinct ongoing process of allocating
inputs of an organisation (human and economic
resources) by typical managerial functions (planning,
organising, directing and controlling) for the purpose of
achieving stated objectives, viz., output of goods and
services desired by its customers (environment).
●
In the process, work is performed with and through
personnel of the organisation in an ever-changing
business environment.
– Maximum productivity or profitability
– Maximum human welfare and satisfaction

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 Functions of management
Planning
In the planning stage, managers establish
organizational goals and create a course of action to
achieve them. During the planning phase, management
makes strategic decisions to set a direction for the
organization. Managers can brainstorm different
alternatives to achieve the objective before choosing the
best course of action. While planning, managers
typically conduct in-depth analysis of the organization’s
current state of affairs, taking into consideration its
vision and mission and evaluating what resources are
available to meet organizational objectives.

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 Functions of management
Organizing
The purpose of organizing is to distribute the resources
and delegate tasks to personnel to achieve the goals
established in the planning stage. Managers may need
to work with other departments of the organization, such
as finance and human resources, to organize the
budget and staffing. During the organizing stage,
managers strive to create a work environment
conducive to productivity. Managers typically take
employees’ motivation and aptitude into account to
match employees with roles and tasks that best fit their
abilities.

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 Functions of management
Leading/Directing
Leading consists of motivating employees and
influencing their behavior to achieve organizational
objectives. Leading focuses on managing people,
such as individual employees, teams and groups
rather than tasks. Though managers may direct
team members by giving orders and directing to their
team, managers who are successful leaders usually
connect with their employees by using interpersonal
skills to encourage, inspire and motivate team
members to perform to the best of their abilities.

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 Functions of management
Controlling
Controlling is the process of evaluating the execution of
the plan and making adjustments to ensure that the
organizational goal is achieved. During the controlling
stage, managers perform tasks such as training
employees as necessary and managing deadlines.
Managers monitor employees and evaluate the quality of
their work. They can conduct performance appraisals
and give employees feedback, providing positive
remarks on what they are doing well and suggestions for
improvement. They may also offer pay raise incentives
to high-performing employees.

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 Functions of human capital
management
The primary function of human capital management is to
increase the value of people's resources so that they can
contribute meaningfully to the organization. Here are the
roles of human capital management in a company:
●
Hire talent
●
Orientation
●
Employee training and development
●
Employee retention
●
Effective performance appraisal and feedback
●
Provides access to data

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