What Skills Do Entrepreneurs and I Need to Guarantee my Success? Introduction to Business Entrepreneurship

Basic Skills are a Must  Though businesses and the people that run them differ there are common skills that can be found in each business owner… –Communication –Math –Problem Solving

Definition of Skill  Webster defines Skill as a DEVELOPED PROFICIENCY or dexterity in some art, craft, or the like; deftness in execution or performance; a trade or craft requiring special training for competence or expertness in its practice.  The key word is developed or learned.

1. Communication Skills  1.1 Writing Skills –Business people must be able to effectively communicate to: customers, suppliers, and employees.  Good writing communicates ideas clearly  By being positive/persuasive and by convincing the readers that they should accept what is written.  Three C’s of communication…Clear, Concise, and Coherent.

GENERAL STANDARDS  1.1a Effective Letters (written skills)- solicit business, respond to clients or negotiate. –Key ALL Correspondences –Spell ALL Names correctly with correct address –Must be Dated –Use appropriate names and titles –Be direct and positive –Be Persuasive –Avoid difficult language –Be polite –Use appropriate and tasteful closing

Writing Letters: Formatting a Business Letter Standards (general accepted rules) Start at the Date Line (2 inches from the top)  Return four times –Inside Address (receiver's address)  Return two times –Greeting Title and Last name (or business title)  Return two times –Open punctuation after the greeting (optional) –Body of the letter  Single spaced and aligned at the left  Double space between paragraphs –Closing (complementary to the letter) appropriate  Return four times –Type the senders name (full and appropriate)

Common Errors in Letter Writing  Spelling and Grammar  Address errors  Formatting errors  Signature does not appear on the document  Do not start a letter with, “I am writing this letter because….”  Informal use of language –No contractions or abbre. –Yas, cuz ain’t, ru  Failure to proofread

Personal Letter vs. Business Letter Personal Letter  Informal  Conversation  Entertaining  Writer and reader relationship Business Letter  Formal Document  Specific purpose Inform, persuade and remain positive  Follow the three C’s  Mailable Copy (without errors)

Effective Communication  1.1b Effective Memos- short written form of business communication with a set standard. –To:Receiver –From:Sender –Date:Origination Time –Subject:Topic of the document  Anyone that does business with or within the business may get memos

Writing Memos: Formatting a Memo  Standards for memo writing –Date:(2 inches from the top) Return twice –To:Receiver name and title Return twice –From:Sender and title Return twice –Subject: Topic overview Return twice –Body left aligned. Three C’s are strictly enforced. Memos are used to discuss policies, procedures or assign tasks.

Effective Communication  1.1c Effective s -electronic forms of communication similar to memos  Three C’s should be enforced.  Spell check and proofread carefully before sending.

Communication  2.1. Speaking skills – verbal communication, via phone or person to person will occupy most of a businessperson’s time. –How well you present yourself will have a huge impact on people.

 2.1a Telephone – Speaking on a telephone it is important to speak clearly talk directly into the receiver. –Be Cheerful –Always Speak Politely –Think about what you want to say –Take notes to get names, dates, figures correct (repeat spelling, dates and figures for clarification) Communication

Communication –Limit distractions  Close the door to your office  Turn off TV/Radio  Take notes have necessary items close at hand –Take Notes  Dates, Times and Names –Repeat them for clarification –Talk only with the person on the phone

FYI about those CELLS –If you are on a Cell Phone connection tell the other party (Limit the distractions and sidebar conversations) not always appropriate but does add convenience

Communication  2-1b Face-to-Face whether it be a first-time meeting or routine… –Confidence is very important –Shake hands –Make eye contact (dependent upon culture) –Show interest in the conversation –Speak clearly and slowly –Pay attention when others are talking (turn off cell phones, pagers, walkie talkie services) –Always remain polite

Communication  3.1 Listening- most people do not listen closely enough to what is being said most people hear what they want to hear.

 To Improve Listening Skills –Focus your attention on the person that is speaking. –Resist the temptation to interrupt…think about what the person is saying. –When finished speaking ask some questions to clarify points (make sure you understand) –Take notes on points to confirm what you hear. (ask the speaker to review the notes.) Communication

Communication Pay attention and try to concentrate Limit distractions –no fidgeting –no talking Set up and take notes Knowing when not to talk is a very important

Problem Solving

 4.1 Problem solving skills are a necessity in business practices. –Whether it be  Customer problems  Employee problems  Equipment problems  Creditors  General office policies  Maintenance and operations Some business people refer to this as “putting out fires”

Problem Solving  FORMAL PROBLEM solving models help business people and business work through difficult issues in a logical manner.  Usually conducted by one person (manager or business owner) 1. Define the problem 2. Gather information 3. Identify Various solutions to the problem 4. Evaluate the alternatives and select the best alternative 5. Evaluate the action.

Problem Solving 4.1a Formal Problem Solving –has a profound affect on ALL those involved. –Someone is “NOT” going to be happy with the consequences when the decision is rendered. –This method can be extremely time consuming and costly to the business.

Problem Solving  4.1b GROUP METHOD —sometimes you may want to include others in the decision making…  Most Common Method –Brainstorming  Moderator—leads the discussion sets the rules and umpires  Reporter-takes notes so everyone can see ideas  Participants-everyone should have a voice

Problem Solving  Rules for Brainstorming –Ideas are not to be criticized or commented on until all ideas are mentioned –After the ideas are exhausted Moderator will begin a discuss about each of the ideas  Evaluate and comment on each item  Set guidelines for the discussion –Idea Guidelines  Must be practical  Implement easily  Be acceptable by a majority

Problem Solving  Team Decision Making –All members of the team are responsible for coming up with ideas, independently, to solve a problem.  Members are accountable to one another the team earns (losses) benefits according to team member involvement.  Team decision which is implemented earns and shares the benefits from the solved problem. (profit sharing)