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Entrepreneurship is about initiative and innovation in bundling resources and creating new values, using necessary time, resources and effort. There will be monetary and personal satisfaction returns with financial and risk trade-offs In today's volatile and competitive economy, changes are inevitable so effective training and development is essential to deal with evolving business realities for survival. In general, training can be divided into two core areas: soft and hard-skills. Hard-skills focus on technical expertise and other professional knowledge. Soft-skills generally refer to attitude and mindset of an Entrepreneur. It determines how one handles different types of situations and influence decision-making processes. Entrepreneurs, being 'all- rounder', need skills to analyze opportunities, create new awareness, and to manage and maintain operational issues. As hard work is required in obtaining financial returns, training is of paramount importance to cultivate the necessary skills to optimize them. One who has ideas, passion and vision to create new businesses with important resources is the cornerstone to any start-up. Hence, being positive, creative and passionate is vital for success but one should bear caution on impracticality and unrealism; Ideal entrepreneurs should be positive, rational, yet, pragmatic people.
Entrepreneurship is not just about trading, but creativity, innovative, and being sufficiently bold to handle risks and turn rubbish into valuables Before the start of any venture, it is important that the entrepreneur is exposed to business realities to learn about the complex environment. Political, socio-economic and technological aspects of a complex environment affect outcomes of investment decisions and successes. For example: Is the environment pro-business with favorable tax laws and funding opportunities?
During establishment, the entrepreneur must possessed skills to determine whether to act and develop opportunities in the chosen environment. Regardless of whether these opportunities exist in the environment or emerge as a result of creative acts, the entrepreneur needs skills to identify and exploit it Training can provide entrepreneurs with better skills to pick up good business opportunities from sources like consumers or business associate and evaluate it. The ability to carry out screening and evaluation is critical as it allows assessment of specific returns required for resources invested. One must have the technical aspects to determine variables like market size, length of opportunity, value, risk, returns and maintaining strategic fit with personal skills and goals to improve competitive advantage
Hard-skills training will help identify and evaluate opportunities, develop business plans and manage resources and ventures:
Business plan writing
Strategy on financing business and managing growth
Learning to position business to maximize profits
Marketing, branding and promotion tactics
Product and services / market analysis
Effective product development and patent protection
Understanding different types of business entities (issues related to each entity, risks, social condition and market needs)
Business laws, taxes and regulations
Human resource management
Networking and market intelligence
Competitive analysis in both domestic and international market
In order to put training into practice, it is important to include examination of real-life case studies since it is an excellent way to learn the fundamentals of entrepreneurship. These trainings will aid the development of business plans, which acts as road maps to steer ventures into incremental growth by working systemically through all factors impacting successful setup, operation and management. Preparing the plan will form the blueprint for business to attract potential investors, banks and suppliers Planning produces business models that summarizes of how profits will be generated; by determining the resources needed, identification of sustainable core products and services offerings, target customers, position in the competitive marketplace and projections for revenue and costs In addition, it gives the entrepreneur the insight to assemble a team of experienced individuals to manage operations with necessary time, effort and necessary sacrifices. The entrepreneur must also ensure that there is continuous access to human, technological and financial capital. Hence, training is essential to ensure an incremental strategic process that involves preparation and assistance of others in order to exploit profit opportunities.
One must have skills to specify activities, resources and translate them into plans with maintenance of capital to finance the venture and its growth. It is important to have financial training to determine realistic projected profits in fund operation, to lure investors and banks to offer loans. Sufficient understanding and accurate forecasts of projected cash flow will aid entrepreneurs in the setting of benchmarks for incoming and outgoing funds to remain solvent. As businesses develop, more funds will be needed to finance the growth. Entrepreneurs will also need market intelligence to identify networks of resources at lowest possible costs. Operational maintenance skills are required to manage and grow the venture by attending to operational problems, enhancing management styles and communication structures and control systems to meet customer's needs
Soft-skills training will mould entrepreneur with behavioral competencies and interpersonal skills needed to increase the success rate of any ventures:
As new ventures bear high uncertainty, the entrepreneur (as a leader) should possess transformational leadership skills to inspire members to achieve goals, paying attention to needs and encouraging goal attainments. The entrepreneur should have charisma, be inspirational, motivational and has individualized consideration when managing both ventures and employees. They require leadership skills to encourage followers to be more innovative and creative to increase efficiency. Only then would followers push beyond boundaries and be more committed, leading to their greater performances. Transformational leadership ensures vital planning and design assumptions to allow change recognition, by paying attention to the external environment, financial resources, and company staffing. These help the entrepreneur lead and manage changes by ensuring effective communications and encouraging acceptance to ride on new opportunities and enhance change momentums
Networking skills are critical for starting, running and obtaining larger business opportunities. It is through networking that entrepreneurs can acquire more knowledge about the chosen industry and make contacts with potential investors, business partners, and clients. Through networking, there are also increased opportunities for informal market researches, testing of ideas, potential leads and better viabilities. For a start, entrepreneurs can join trade associations to increase their innovation and market intelligence
Strong command of business languages allows entrepreneurs to effectively and intelligently communicate with investors or partners. Entrepreneurs must be trained to use common languages in persuading people to think and act in a certain way. One needs to cultivate a style that revolves around participation, collaboration and persuasion to change attitudes and behaviors. As an entrepreneur interacts with people in market place, persuasive power will be an asset in convincing and obtaining sales. The ability to persuade is essential because when ventures grow, communication channels grow increasingly difficult as tasks become more specialized. In addition, effective persuasive skills enable better management of team members and encourage people to accept responsibility and authority
As ventures grow, management becomes very complex. One should employ a participative style of management skills and involves employees in decision making processes. Due to increasing complexity, information processing demands will also increase so that employees can contribute and reduce the amount of tension Throughout the venture, the entrepreneur must have skills to analyze best practices to obtain ideas and strategies from other organizations to improve performance in a given area. This will help reduce costs, avoids mistakes, find new ideas and improve performance. In order to do so, there must be training programs designed to increase the ability and capacity to improve an employee's efficiency. Entrepreneurs should also focus on the new management style by the involving involvement of employees. When employees are involved in any change process, there will be reduced resistance, increased commitment and better suggestions of perspectives
Human resource management skills help entrepreneurs select, recruit, develop and retain strong human capital teams. Attracting talents is dependent on successful human capital strategies and superior workforce planning. One must align workforce with business goals while abiding with the country's legislations. Realistically, few entrepreneurs will possess all-rounder skills to excel in every requisite area. To complement areas of weakness, entrepreneurs need to form an effective team of experienced and creditable employees who can supplement those voids. Entrepreneurs must be knowledgeable to ensure that employees are effectively aligned with their responsibilities (what they are best at and enjoy doing). To enhance commitment and motivation, entrepreneurs should give recognitions and inspire employees with correct compensation packages. Entrepreneurs should also be able to design ongoing career development programs to maximize potentials of employees, equipping them with needed skills to improve the overall capabilities of the organization. In addition, one should know how to must make job opportunities visible in order to retain their talents
Entrepreneurship offers an exciting, risky, yet rewarding experience, often in an unpredictable business environment. Success is largely dependent on the degree of planning, preparation and skill sets invested in. Starting the venture in the right direction is critical in any entrepreneurial journey; entrepreneurs need to have both soft and hard-skills training to create a strong foundation for long term success. Before any venture, one needs to have the hard-skills to formulate proper strategies and business plans by studying and analyzing the business environment and opportunities. Hard-skills training will help in the identification and evaluation of opportunities, development of business plans, and finance, and the management of resources and enterprise. With a proper business plan in place, one can then move to the next phase of starting a venture. Soft-skills training in areas like leadership, networking and communication, change management and human resource skills are needed to maintain operational matters. Entrepreneurs as leaders also need to constantly review the ventures' performance against business plans and competitors. With market intelligence insights, entrepreneurs can then plan further to expand and tap on greater opportunities.