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| The Entrepreneurial Mind

UNIT 1: Entrepreneurial Mindset and Thinking Skills

1.0 Intended Learning Outcomes

At the end of the unit, the student should be able to:
a. Discuss the relevance of the course;
b. Explain the key concepts of common competencies;
c. Explain the core competencies in Entrepreneurship; and
d. Explore job opportunities for entrepreneurship as a career.

1.1. Introduction
Entrepreneurship synthesizes information from across academic specialties and
demands that practitioners work with wide variety of people from different
callings. All of us are entrepreneurs. We are all born in the innate ability to
survive; and survival involves innovate thinking. Think about your life. Think
about the times you needed to make a decision-a choice-that involve doing
something innovative so that you could “move on” or adopt to a challenging 3
situation. In our normal course of daily living, we are faced with choices. It is
about assessing a situation, designing alternatives, and choosing a new way or
perhaps a combination of ways that we hope will lead us to something better;
how ever we happen to define “better” at that moment. Hopefully, we make
our choices in the context of the maximizing our happiness without harming
and act on that innovation, we are entrepreneurs.

1.2 Topics/Discussion (with Assessment/Activities)

1.2.1 Critical Thinking Skills of Entrepreneur

Critical thinking is to ability to apply reasoning and logic to new or

unfamiliar ideas, opinions, and situations. Thinking critically involves
seeing things in an opening minded way and examining an idea or
concept from as many angles a possible. The important skills allow
people to look past their own views of the world and the better
understand the opinions of others. It is often used in debates, to form
more cogent and well-rounded arguments.

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| The Entrepreneurial Mind

1. Open-Minded Approach

The ability to think critically is essential, as it

creates new possibilities in problem solving.
Being “open minded” is a large part of
critical, thinking allowing a person to not
only seek out all purpose answers to a
problem, but to accept an answer that is
different from what was originally expected.
Open minded thinking requires that a
person does not assume that is or her way of
approaching a situation is always best, or
even right. Ex: a scientist must be open to
the idea that the results of experiment will
not be what is expected; such result, though
challenging, often lead to tremendous and 2
meaningful discoveries.

2. Rational Considerations
Another aspect critical thinking is the ability
to approach a problem or situation rationally.
Rationality requires analysing all known
information and making judgement or
analyses based on fact or evidence, rather
than an opinion or emotion. An honest
approach reasoning requires a thinker
acknowledge personal goals, motives, and
emotions that might color his or her opinions
or thought processes. Rational thought
involves identifying and eliminating 3
prejudices, so that someone can have a fresh
and objective approach to problem.

Critical thinking often relies on the ability to

view the world in a way that does not focus on
the self. Empathizing with the person usually
involves a thinker trying to put himself or
herself in a place to someone else.

3.Empathy

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4. How to Apply It

Effective critical thinking often begins with a

thinker analysing what he or she know about
the subject, with extra effort made to recognize
what he or she does not know about it. The
forms of initial knowledge base for
consideration. The thinker can them look at
what research has been done on the subject,
and identify what he or she can learn simply
looking over such work. This approach is often
used in science, as it allow scientist to
determine what people do not yet know or
understand, and then look for ways to
discover this information through
experimentation.
5. Common Uses

Critical thinking is used in many

situations. Members of the debate team
frequently think critically about a
subject to form a strong argument and
anticipated points their competitors
might make. Diets using common sense,
in which the focus is on how weight is
4
gained and lost through calories
exercise, can require that their dieter
thinks critically about his or her lifestyle.

6. Teaching the Skill

School systems in the US usually

teach critical thinking from
elementary school up through college
level courses. Teachers encourage
students to learn trough writing
assignments and problem solving.

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1.2.2 Develop Critical Thinking Skills

 Critical thinking is the process of analyzing information to get the best answer to a
question or problem. By drawing upon your own experience, reasoning, observation
and communication with others, you can make informed decisions that yield
positive solutions.

 Don't Believe Everything You're Told. The first step to critical thinking is to consider more
than one point of view. ...
 Don't Believe Everything You Think. ...
 Ask Questions. ...
 Research Deeper. ...
 Evaluate Your Work.

 Benefits in Professional and Everyday life

It brings precision to the way you think and work. You will find that practice in
critical thinking helps you to be more accurate and specific in nothing what is
relevant and what is not.
 Ancillary Skills
 Observation
 Analysis
 Judgement
 Decision-making
 Realistic Self-appraisal
It is likely that you are already possess some or all of these skills in order to cope
with every day life, work. However the more advanced the level of study or the
professional area, the more refined these skills need to be.
 Emotional Self-management
Sounds like a dispassionate process and it can engage emotions and even passionate
responses. We should not surprise us when we consider that reasoning requires us
to decide between opposing points of view.

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How To Improve Your Critical Thinking Skills

We have to think critically to solve problems so

that they meets their objectives. Every decision we
make has an objective or purpose attached to it and
identifying exactly what that is, what we actually
want out of it, gives us a starting point to work
with.

Know exactly What you Want

We often think from only our own perspective to
deal with problems. However, it helps with
critical thinking and decision making if you try
thinking from someone else's point of view.
Furthermore, it gives you a clearer picture of the
overall situation. 

Deal with your biases

Every option we choose has consequences for ourselves,

or maybe others involved in the problem You need to
weigh up the possible consequences which may arise
from each of your options and go for the one that benefits
you most whilst limiting the negative effects on others
involved. By asking yourself to think of every possible
positive outcome alongside every possible negative
outcome, you can make a much more informed decision. 

Consider the Consequences of your options

Critical thinking requires you to let go of your

beliefs sometimes to solve problems.
Reluctance to learn, research or acquire new
beliefs will only hold you back and certainly
won't help you with critical thinking.

Do you Research

This one can be harder than it sounds.

It's okay to make mistakes and no matter who
we are, we all make them.  If you are doing
something wrong and repeatedly keep doing it
because you have already assumed that you
can never go wrong, then this needs to change
for your own good.

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Accept the fact you’re not always right

The reason being that smaller sections are

easier to mentally digest and work with
Working with numerous small things is an
easier task than trying to solve the bigger
picture which can become too much to handle.

Break it down

Overcomplicating things is something a lot of

us have in common. It's a necessity to think
things through but it only makes things
difficult if you begin overthinking. You have to
discover the fine line between positive
thinking and overthinking.

Don’t Overcomplicate things

1.2.3 Need for Critical Thinking

One of the great things about critical thinking is it versatility. It is valuable at all levels
of our thinking.

a. At the Level of Practical Decision Making= it helps when we are simply trying to
deal with ordinary tasks: how to study more efficiently, find strategy when we are
stuck in an airport, decide what kinds of clothes to buy. This is thinking about the
means to use accomplish our goals.

b. At the Level of Meaningfulness = Learning to think critical also helps people deal
with the much larger issues of living their life. Critical thinking frees people, the
way nothing else really can, from habits of thinking they are open ruled by. Not

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completely of course, but substantially.

c. At the Level of Concept = We think in terms of concepts, in this inevitably shape
or life to a considerable degree. Very often the concept we think in terms of are
ones we accept uncritically. Understand what love is in the movies and from the
way we feel. We may understand what freedom is simply by having heard the
word over and over making vague associations with it.

WHY DO WE NEED CRITICAL THINKING?

Critical thinking will enable you to better express your thoughts, ideas, and beliefs.
Better communication helps others to understand you better, resulting in less
frustration for both of you. Critical thinking fosters creativity and out-of-the-box
thinking that can be applied to any area of your life.

The Importance Of Critical Thinking

1. Critical Thinking Is Universal

 
Critical thinking is a domain-general thinking skill. What does this mean? It means that no
matter what path or profession you pursue, these skills will always be relevant and will
always be beneficial to your success. They are not specific to any field.

2. Crucial For The Economy

 Our future depends on technology, information, and innovation. Critical thinking is
needed for our fast-growing economies, to solve problems as quickly and as effectively as
possible.

3. Improves Language & Presentation Skills

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In order to best express ourselves, we need to know how to think clearly and systematically
— meaning practice critical thinking! Critical thinking also means knowing how to break
down texts, and in turn, improve our ability to comprehend .
 
4. Promotes Creativity
 By practicing critical thinking, we are allowing ourselves not only to solve problems but
also to come up wit h new and creative ideas to do so. Critical thinking allows us to analyz
these ideas and adjust them accordingly.

5. Important For Self-Reflection

 Without critical thinking, how can we really live a meaningful life? We need this skill to
self-reflect and justify our ways of life and opinions. Critical thinking provides us with the
tools to evaluate ourselves in the way that we need to.

6. The Basis Of Science & Democracy

 In order to have a democracy and to prove scientific facts, we need critical thinking in the
world. Theories must be backed up with knowledge. In order for a society to effectively
function, its citizens need to establish opinions about what’s right and wrong (by using
critical thinking!).
 
Benefits Of Critical Thinking
a. Key For Career Success g. Promotes Curiosity
b. Better Decision Making h. Allows For Creativity
c. Can Make You Happier! i. Enhances Problem Solving Skills
d. Form Well-Informed Opinions  j. An Activity For The Mind
e. Better Citizens k. Creates Independence
f. Improves Relationships l. Crucial Life Skill

Key For Career Success

Better Decision Making
Critical thinking is crucial for
many career paths. Not just for There’s no doubt about it —
scientists, but lawyers, doctors, critical thinkers make the best
choices. Critical thinking helps us
reporters, engineers,
deal with everyday problems as
accountants, and analysts
(among many others) all have to they come our way, and very

use critical thinking in their often this thought process is even

positions. done subconsciously. It helps us

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 | The Entrepreneurial Mind

Can Make You Happier!

While this often goes unnoticed,
being in touch with yourself and Form Well-Informed Opinions
having a deep understanding of There is no shortage of
why you think the way you think information coming at us from all
can really make you happier. angles. And that’s exactly why
Critical thinking can help you we need to use our critical
better understand yourself, and thinking skills and decide for
in turn, help you avoid any kind ourselves what to believe.
of negative or limiting beliefs, Critical thinking allows us to
and focus more on your ensure that our opinions are
strengths. Being able to share based on the facts, and help us
your thoughts can increase your sort through all that extra noise.
quality of life.

 Improves Relationships
Better Citizens
There is no shortage of  While you may be convinced
information coming at us from all that being a critical thinker is
angles. And that’s exactly why bound to cause you problems in
we need to use our critical relationships, this really couldn’t
thinking skills and decide for be less true! Being a critical
ourselves what to believe. thinker can allow you to better
Critical thinking allows us to understand the perspective of
ensure that our opinions are others, and can help you become
based on the facts, and help us more open-minded towards
different views.
Promotes
sort through all that extra noise. 
Curiosity Allows For Creativity

 Critical thinkers are constantly Critical thinkers are also highly

curious about all kinds of things creative thinkers, and see themselves
in life, and tend to have a wide as limitless when it comes to
range of interests. Critical possibilities. They are constantly
thinking means constantly asking looking to take things further, which
is crucial in the workforce.
questions and wanting to know
more, about why, what, who,
where, when, and everything else
that can help them make sense of
a situation or concept, never
taking anything at face value.
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 | The Entrepreneurial Mind

An Activity For The Mind

Just like our muscles, in order for
them to be strong, our mind also
needs to be exercised and
challenged. It’s safe to say that
Enhances Problem Solving
critical thinking is almost like an
Skills
activity for the mind — and it
Those with critical thinking skills needs to be practiced. Critical
tend to solve problems as part of thinking encourages the
their natural instinct. Critical development of many crucial
thinkers are patient and skills such as logical thinking,
committed to solving the decision making, and open-
problem, similar to Albert mindness.
Einstein, one of the best critical
thinking examples, who said “It’s
not that I’m so smart; it’s just that
Crucial Life Skill
I stay with problems longer.”
Critical thinking is crucial not
just for learning, but for life
overall! Education isn’t just a
Creates Independence way to prepare ourselves for

When we think critically, we life, but it’s pretty much life

itself. Learning is a lifelong
think on our own as we trust
ourselves more. Critical thinking process that we go through each
is key to creating independence, and every day.
and encouraging students to
make their own decisions and
form their own opinions.

1.2.4 Mindset

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“I can learn anything I want to. I’m either good at it, or I’m not
When I’m frustrated, I persevere. When I’m frustrated, I give up
I want to challenge myself. I don’t like to be challenged.
When I fail, I learn. When I fail, I’m no good
Tell me I tried hard. Tell me I’m smart.
If you succeed, I’m inspired. If you succeed, I feel threatened.
My effort and attitude determine everything” My abilities determine everything

The Mindset for Entrepreneurship

o The growth mindset for entrepreneurship. The practice of entrepreneurship.
The practice of entrepreneurship and how it requires a specific mindset so
that entrepreneurs have the ability to alter their ways of thinking in order to
see the endless possibilities in the world.
We touch the concept of metacognition, which is the way in which we
understand our own performance or the process of “thinking about thinking”

What do I really
What is my How to
know about this? How much
goal? motivate am
i? time will it
take?

What strategy
works best?

WAYS TO CULTIVATE

ENTREPRENEURIAL MINDSET

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 Prioritize Learning and growth

It’s all to easy to look at a successful entrepreneur and assume they’ve got it all
figured out. But the most successful entrepreneurs readily acknowledge that wthey’ll
NEVER know it all.

 Set Goals
Successful entrepreneurs don’t accomplish great things by accident-they set thoughtful
goals they care about and work towards them.

 Embrace Risk
Whenever you take a risk, you’ve got two possible outcomes: you’ll either win or
you learn.

 Spend Time with Another Entrepreneur

The most significant factors in your life are the people around you. If you surround
yourself with negative people who complain there’s nothing, they can do to improve
their circumstances, you’ll eventually find yourself feeling the same way.

KILLERS OF THE ENTREPRENEURIAL MINDSET

 Comfort Zone
 Discouragement
 Rejection
 Fear
 Anxiety
 Low Self-Esteem
 Laziness
 Doubts

1.2.5 Evaluate Problems and Opportunities

Opportunities for Entrepreneurs :

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 Invest in Multiple Businesses

Most self-made billionaires are people who invested in many different business
opportunities at once instead of focusing on just one idea. While there are also plenty of
business owners who have focused on one idea and succeeded, it is harder to do this
and if you fail, many more of your resources are lost. For the first time entrepreneur,
instead of taking the idea from the ground up, it maybe more appealing to run other
businesses and be apart of their inception, limiting your risk without limiting your
opportunity for profit.

 Angel Investors
This investors are becoming more popular than venture capitalist in some industries,
and the money that comes from them generally has far fewer string attached or
expectation that bank loans and money from venture capitalist. These investors can be
great resources for the entrepreneur looking to stress less about funding and focus on
product on customers loyalty and service, and angel investors are backing the market in
a way that has been seen before.

 Quality Content
Producing quality content will always set your business ahead of the curve. Good
content can be found everywhere nowadays, and providing great content has become
easier with the proliferation of ghost-writing networking websites that also allow for
quality designers and filmmakers to sell their works businesses looking to a creatively
reach out and connect with their customers. Making good content is going to be your
biggest in to making new sales, which means that producing good content in an
opportunity that every start up owner should be jumping on to give his or her business
an edge.

 The social Power of the Internet

Strategically placing your business and brand in the center of the conversations and
creating a culture around your brand will effectively separate your business from your
competition’s by truly connecting to customers on issues they care about.

 Foreign Market
Foreign Markets especially the Chinese one, have seen exponential growth in the
past few years. Any start up owners that know how to recognize this opportunity for
what is truly is-access to the largest market on earth-will be thanking themselves all the
way to the bank.

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PROBLEM FACE BY THE ENTREPRENEURS:

 Cash Flow Management

Cash flow is essential to small business survival, yet it many entrepreneurs struggles
to pay the bills (let alone themselves) while their waiting for checks to arrive. Part of the
problems stems from delayed invoicing. Which is common in the entrepreneurial
world. You perform a job, send an invoice, then get paid ( hopefully) 30 days later. In
the meantime, you have to pay everything from your employees or contractors to your
mortgage to your grocery bill. Waiting to get paid can make it difficult to get by-and
when a customer doesn’t pay, you can risk everything

 Dealing with Unknown Self –Doubt

Unlike employee traditional job, you are directly responsible for making the
business profitable. There’s no larger company structure to provide a cushion for when
things go sour. And in the early days, taking a vacation means taking time away from
growing your business.

 Decision-Making

In a business situation can be daunting, especially when there are so many things
riding on each decision. Entrepreneurs can face dilemma while making a decision,
especially when they have limited information. Entrepreneurs must also guard
themselves against getting overly involved in decision-making and causing a delay
which may delay the progress. They can delegate the smaller decisions to their team of
experts and ask them to come up with the alternatives before evaluating options and
finally deciding.

 Facing Criticism
you might be warned repeatedly the various ways your business can fail. A lot of
people truly do think that is more stable to depend on a tenuous job at a brick-and-
mortar than to be the head of your own company. Sometimes critics get personal.
They’ll feel jealous of and threatened by your independence and try to magnify
anything negative they can find, projecting their own insecurities onto you.

 Finding Customers
Your marketing budget isn’t able to reach as wide an audience as a multi national
conglomerate. People tend to stick with well-known brands and companies that

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they’re really familiar with. However, a small company has a big advantage when it
comes to pricing. Large companies tend to charge more, and for many clients that
well be enough to choose your over the familiar brand. Ensure that the quality of the
product or service you provide is top notch so that you’ll retain customer’s year after
year.

Activity/Self-Check

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1.What is the difference between the Entrepreneurship and Entrepreneurial Mindset?

___________________________________________________________________________
___________________________________________________________________________
__________________________________________________________________________
2.What is Mindset?
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
3.What you have learned about Entrepreneurial Mindset?
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
4.The above mentioned, the Benefits of Critical thinking that what you feel, the glad and
expressing? Choose only one.
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
5.How can you develop critical thinking Skills? (Base in you experience)
____________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

6.About Critical Thinking that can illustrate above (problem, thinking & solution) choose
one that can be marked by you.
________________________________________________________________________________
________________________________________________________________________________
_______________________________________________________________________________

UNIT 2: Entrepreneur’s Resources to Transform Idea and Pursuit of

Knowledge

2.0 Intended Learning Outcomes

At the end of the unit, the student should be able to:
a. Willingness to evaluate his/her colleagues by means a peer reviews activities;

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 | The Entrepreneurial Mind

b. Become aware of the Entrepreneurial Mindset concept orientation;

c. Define Entrepreneurial Mind;
d. Learn about the process of Entrepreneurial Mind.

2.1. Introduction
Entrepreneurial Mind is a procedure where the knowledge and skills of the Entrepreneurs
are improve via multiple classroom and training programs. And the basic idea behind this
program is to grow the number of entrepreneurs in the world. With the help of the
entrepreneurship development program, the pace at which new ventures of business are
created becomes a lot more better that it was before the program. And if we look at the
larger picture, this program creates rooms for employment and enhances the economy of
the country as well as the business.
2.2 Topics/Discussion (with Assessment/Activities)
2.2.1 Business Resources and Ideas for an Entrepreneur

FINANCIAL RESOURCES: FUNDING

 The most important element in starting a business is funding. Even the most
basic home business incurs a multitude of start-up costs, including registering a
business name, obtaining a business telephone line and printing business cards.
INTERNATIONAL FRANCHISE ASSOCIATION
 For those who are conceding to purchase a franchise, you can comfortably start
your research here. This website would help with numerous resources, links, and
information for finding the right one. They aim to make it easier for you to
choose the franchise and not regret the decision. The amount of information on
the website would help you have a through research of the franchise model, the
franchise industry, and the pros and cons of owning a franchise.
B Plans
2.2.2 
Factors
If youthat
areInfluence
stuck at aEntrepreneurship
point where you are not able to plan a better thing for your
business, the B plan can help you out of the 500-plus free business plan
ENTREPRENEURSHIP
templates. You would come across many useful articles and can also purchase the
 Itbest
is act of starting and running your own business or a tendency to be creative and
wish to work for yourself in your own ventures.

5 Key Factors that can Influence Entrepreneurship

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-Creativity
- Risk Tolerance
Responsiveness

Leadership

Rights

The best-selling business plan software-the Business Plan Pro.

MARKETINGPROFs
 Marketing id critical in the business world and with an evolving technology, the digital
marketing is taking up ample space on the business minds. If you are not aware of the
primary requirements or anything about the marketing world, the website will help you
with it.

Risk Tolerance & Taking Advantage of Responsive to Opportunity

Opportunity  The capacity to adopt to changing
market conditions and new business
 If you cannot afford the risk, financially or
possibilities can make the difference
emotionally, then you might make
between a successful entrepreneur
decisions that are too tepid to be
successful. To do well, an entrepreneur and an unsuccessful business model .
needs a strong sense of self-efficacy to To be responsive, a business owner
believe the risk is surmountable must have the flexibility and resources
to recognize and exploit new and
emerging opportunities

Leadership & Inspiring Others

 It is up to the entrepreneur to marshals assets. Leaders are challenged with taking
possibilities and turning them into inspiring visions for others. You will inevitably have to
sell either your idea or your product to begin your entrepreneurship. It will be up to the
entrepreneur to take the idea & turn it into actions & products to capitalize on the
opportunity. Leadership
Creativity & Accumulation can come in many forms,
of Ideas but it isProperty
Intellectual nevertheless essential to
Rights
entrepreneurship. You
 Recognize when you have a new idea must take the lead for your ideas to come to fruition.
 Intellectual property laws can provide
and don’t let it go. Keep a record of it. you with exclusive business rights to
It is not necessary for every idea to be your ideas in the public domain, it may
grandiose. By gathering your thoughts, no longer be possible to use that idea
as a competitive advantage. Society
you will be able to separate the good
values ideas being shared.
from the bad and be ready to run with In exchange for sharing ideas,
the best. government provide limited
monopolies that will allow you to
capitalize on them for a period,
making up in part for the costs you
have incurred in research and
development. Intellectual property
professionals can aid you in seeking
such rights.

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2.2.3 Essential Entrepreneur Resources

DUE – Is a digital payment and online invoicing platform that also delivers abundant
information via the blog about the trends, issues, and even the solutions that are at the top
of mind for ever entrepreneur. These blogs are related to the security, operations
marketing, compliance and technology.
IRS SMALL BUSINESS & SELF-EMPLOYED TAX CENTER- With this, you would be
able to stay on the right side of the latest tax new and the tax code without spending and
giving in too much efforts. You can also get all the official tax forms from this site easily.
PRLog- Press releases are used to make the public aware of the services that you offer in
your business and is one of the leading aspects when it comes to online marketing. This

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website would let you know about the website that allow you to post the press releases for
free.
ENTREPRENEURS CONTROL RESOURCES

RESOURCES
= Is a physical material that humans need and value such as land, air, and water.
ENTREPRENUERS CONTROL RESOURCES
= Resources management is a process by which business manage their various resources
effectively. Those resources can be intangible and tangible. It involves planning so that the
right resources are assigned to the right task.

2 TOUSE OF RESOURCES
1. Tangible Resources
2. Intangible Resources
1. TANGIBLE RESOURCES
= are assets that have physical form. They can be seen, touched, and felt.

a. PRODUCT-BASED BUSINESS= raw materials, land, facilities, buildings,

machinery, computers, supplies, and vehicles.
b. SERVICE= based business buildings, doctor office, bank, movie theatre,
amusement park, retail store or restaurant.
c. PLACE OF OPERATION= Your facility needs will depend on the types of
product or service you are offering and vary in scope from office space to a
food truck to a manufacturing facility to a forefront sale. Knowing the limit
of your budget should help you focus on location that you can afford.
d. MACHINERY/EQUIPMENT = Are critical assets to helping launch a
business.
e. VEHICLES= for business vehicle is very necessary equipment to run day-
to-day operation. You can use your own, which can be cost effective, or
you can purchase or lease one.
f. TECHNOLOGY= No matter what business you are in you must invest in

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technology to support your day-to-day operation.

g. SUPPLIES= There are many other supplies needed to operated the
business, mostly basic items that you might take for granted but not need
to be expensed.
h. LICENSE & PERMIT= Provided by the government for the business to
valid, such registering as an LLC, partnership, or company.

2. INTANGIBLE RESOURCES
= Which includes creative imagining such formulas, design, brands, and inventions.
In other words all those assets which don’t have any physical existence are known as
intangible assets. (Ex: goodwill, patent, trade marks, copyrights, business name,
computer software)

a. INTELLECTUAL PROPERTY= Which includes creative imaginings such

formulas, design, brands, and inventions.


patent- the ability to exclude others from making, selling, using, and
importing a product process.
 Trademark – The ability to use the owner a name, symbol, jingle, or
character in conjunction with a specific good.
 Copyright –Is provide by the author of an original work, including
artistic, dramatics, architectural, musical, literary, and software works.
Turn on idea information start up: begin with a business concept
statement for entrepreneurs, it is often easier to come up with variety
of ideas for new business and more difficult to actually implement
those concepts.
WHAT IS BUSINESS CONCEPT STATEMENT?
=Think that of your Business Concept Statement as a tools that distils your voluminous
business plan into a handy one-or-two-page document.

WHAT SHOULD A BUSINESS CONCEPT INCLUDE?

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1. A Brief Description of the Business Concept

=it doesn’t have to be more than sentence or two that captures the essence of your
product.
2. The Market Need
= identify the void in the marketplace that your business is going to fill. This could
be a problem, create a new market.
3. Your Solution
=This is more high-depth discussion of your business idea is going to fill the void,
solve the problem, create a new market.
4. Your Proposed Business Model
= This is critical component for every stakeholder involved because this is the
element of the business concept statement that deals how are you going to make
money.
5. Your Unique Value Proposition (UVP)
= Explain how your product or service is different from others in the market place.
6. A succinct Competitive analysis
= Absolutely sure your new business idea will fill a hole in the market, you’ll need
to look at your potential competition.
7. A Quick Overview of your Market Plan

2.2.4 Requirement of Entrepreneur Network

Networking in Entrepreneurship: Why it is important?

 The term networking in entrepreneurship refers to creating and maintaining social
contact that can help business meet their needs.
 It takes a lot of time and effort to create a successful company, so it is reasonable to
have a network of business partners and associates to draw energy from and keep
you motivated.
Entrepreneurial Network
 It is an association of an entrepreneurs organized, formally or informally, with the
object of increasing the effectiveness of the members business activities.
 These are social organizations offering different type of resources to start or improve
entrepreneurial projects.

REQUIREMENTS OF ENTREPRENEUR NETWORK

a. Join Online communities = With your internet, networking is easier and faster.
There are communities online dedicated to the purpose of helping people connect

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and network. However, you can go beyond that and join online forums that cover
topic in your area od expertise.
b. Be Prepared = before heading to events or striking up conversation, make sure that
you’re prepared. Have business cards tucked in your wallet and know what u want
to say about your business if the opportunity arises.
c. Attend Social Event = Attending social events is a great way to connect with others
and grow your networks while having a bit of fun. Some events are put on
specifically for the purpose of helping people network while other events are just
some fun parties that turn into networking opportunities.
d. Get involved in your own community = Getting involved in your community will
give you the opportunity to volunteer and attend events where you can make
connections with other local businesses and leaders.
e. Start talking to everybody = Talking to everyone is a great way to expand and
improve you entrepreneurial network. Although your objective when talking to a
people may be build your network, don’t make the point or focus of the
conversation about you, your business or networking the best connection are ones
that are sincere and founded on a connection of friendship.
f. Follow-up and engage with your connections = The Goal of Networking is not to
collect as many business cards and phone numbers of possible, the goal should be to
connect and develop relationships. Following up on conversations or reaching out to
connect just to check in can go a long way toward cultivating those relationships and
making them last longer which will likely be great benefit down the road.

2.2.5 Develop Economic Idea for Business

HOW DOES ENTREPENEURSHIP & INNOVATION FUEL ECONOMIC GROWTH?

 Entrepreneurs create businesses and new businesses create jobs, strengthen market
competition and increase productivity.

WAYS TO DEVELOP ECONOMIC IDEA FOR BUSINESS

a. Consider and analyse the relevant markets

o Consider the market that your start-up is applicable to. What are needs of the
industry and its consumer? Are there any unresolved problems faced by the
industry? Is your startup idea going to bring up resolutions and improvement
to situation?
b. Note Down your ideas and expand them
o At this stage, you might have identified needs or ideas or areas that can be
improve upon. Note them down with a tool such as Evernote. This allow you
to save clippings of pages, images and even attached documents and power
point slides.

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c. Carry out Competitive Analysis

o Competitive analysis is a great way of comparing and predicting how your
business will stand up against your competitors in the industry.
d. Execute a market survey
o No business ought to be launched without the execution of a market survey.
Invite people from your targeted demographics to participate in a group
discussion on the product of services. This can help you achieve:
-consumer’s first impression
-customer’s real time feedback
-tweaking market strategies and improve your product

e. Develop your final product

o The next step would be to implement the tweaks and necessary adjustments
to create the final product.

f.Gather customer feedback and measuring your business result

o This information helps you to further refine your marketing strategies and
improve your business.

 2.2.6 Identify and Meet to Market Need

KNOW YOUR COMPETITION= knowing who your competitors are, and what they
are offering, can help to make you products, services and marketing stand out. It will
enable you to set you prices competitively and help you to respond to rival marketing
campaigns with your own initiatives.

 COMPETITORS
Will try to win market share by cutting cost, improving efficiency,
lowering price and innovating by either creating new products and
services or improving upon old ones. In other words, competition-tends
to give consumer’s better goods and services at lower price.
=companies offering similar or identical products and services to the
same group of target customers.

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TWO TYPES OF COMPETITION

DIRECT COMPITITION

-a situation in which two or more offer

product or services that essentially the
INDIRECT COMPETITION
same; as such the businesses are competing
for the same potential market. -A business that make only a small amount
of money selling the same or similar
products and services to the same market as
other business.

LARGE RETAILERS
 Superstore are some of our large retailers in the country. These large retailers can
bring lower prices and jobs to a community.

COMPETITIVE ANALYSIS
 Refers to identifying and examining the characteristics of a competing firm.
 SWOT stands for STRENGHT, WEAKNESSES, OPPORTUNITIES and THREATS, and so a SWOT analysis is
a technique for assessing these for aspects of your business.

MAINTENING COSTUMERS LOYALTY

 Describes an on going emotional relationship between you and your customer, manifesting
it self by how willing a customer is to engage with and repeatedly purchase from you versus
your competitors. Loyalty id the by product of a customer’s positive experience with you
and works to create trust.


How Much Have You Learned?

Activity/Self-Check

1. What are the 2 TOUSE of Resources? Explain.

2. 5 key factors that can influence, give at least only 2 and explain with your own
perception.
3. Differentiate the Intangible Resources & Tangible Resources.
4. About the Requirements of Entrepreneur Network give at least 3. Specify the answer.

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5. What are the two types of competition? Explain

6. What is your idea about “Entrepreneur Network”?
7. Cite the other ways about the economic ideas for business beside those what we
discussed above.
8. In your own words define what is meant by Intellectual property.

UNIT 3: The Environment Management

3.0 Intended Learning Outcomes

At the end of the unit, the student should be able to:
a. Learn about the process of Entrepreneurial Mind
b. Identify the factor for a successful Entrepreneur
c. Become aware of the Entrepreneurial Mind concept orientation

3.1. Introduction

Entrepreneurial Mind is the process of establishing a new business or commercial

enterprise, typically in a high-growth industry or sector of the economy. Entrepreneurship
is often associated with resourcefulness, ingenuity and the willingness to take calculated
risks, in order to launch a new, untested product or service into the market. Entrepreneur is
typically self-employed, self motivated, and ambitious, and they are willing to take risk in
order to achieve their objectives. Unlike a capitalist, who usually restricts his or her role
financing commercial ventures, an entrepreneur is the driving force behind the formation
of a new company and has significant control over key management decisions.
3.3.1 Doing the Right Thing

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Doing the right thing generally means making decisions that are not based on your own
personal needs, that don't expand your popularity, or enforce your personal beliefs. It
means doing what is best for the greater or common good. Some examples are: Maintaining
your character when no one is watching

Doing the the Right Thing is Always the Right Thing – I write a lot about decision
making because I believe it sucks a way all of the energy that we need to be creative if we
let it. What if making decisions making could be a lot easier.

5 REASONS TO DO THE RIGHT THING IN BUSINESS

1. Because it feels good to do then Right Things

 You will not feel good if you retaliate, bad mouth someone, or do anything otherwise
negative. You WILL feel good if you do the right thing: stay positive, focus on something
else, continue to be who you are, and treat people with kindness and compassion.
2. Because it’s the right thing to do!
 You can rationalize all you want, but no matter how badly you’ve been treated, it’s not
RIGHT to treat anyone else badly, in return! The right thing to do, doesn’t change
according to your situation, it’s always to treat people with kindness and compassion,
and to stick to your values and mission.
3. Because it Works! What Goes around Comes Around
 This might be the most convincing argument, and that’s ok, because this is one of
the most convincing reasons I have for almost everything I teach my clients –
THIS STUFF WORKS! Doing the right thing, sticking to your values and your
mission, and treating others with kindness and compassion WILL benefit you,
BEYOND just feeling good – maybe not in that exact moment, but definitely some
time in your life, and in much bigger ways that you can imagine. The energy you
put out, and the way you show up, will be returned to you and your business,
guaranteed. So do the right thing – it works.
4. Because You Can Only Control or Change Yourself
 If you’re anything like me, you may learn this lesson OVER and OVER again for the rest of your
life. But that’s ok, it’s a great lesson! You can ONLY CHANGE YOURSELF. So don’t even try to
change someone else, because you will only become frustrated! Change your paradigm, change
your outlook, or change the way YOU’RE showing up, and know that that is all you can do! Also
know, that…..
5. Others Magically Change When your Change!
 I can’t tell you how many times I have empowered a client by teaching them to CHANGE
THEMSELVES to get better results from their team, and they’ve come back to me saying “it’s like

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magic! He’s so much better! I can’t believe it!” This is a direct result of the client being better,
which inspired a different set of circumstances and behavior from the employee. 

DOING THE RIGHT THING ALWAYS A GOOD THING?

 Well, it can be. The answer is always this: “Doing the right thing is always the right
thing.” Deep down you know what the right thing is and you know good from bad . The
knowledge you need to make better decisions comes from doing the right thing and
seeing the result.

IMAGES FOR DOING THE RIGHT THING

The Environment of Management

 Is a set of processes and practices that enable an organization to reduce its environmental
impacts and increase its operating efficiency.
The Importance of Environment Management
 Having an effective EMS helps businesses reduce their impact on the environment, as well
as improving health and safety for both employees and the community. An EMS also
ensures that a company's activities do not defy any environmental legislation or regulations.
What is the Purpose of an Environment Management?
 Is it an essential system put in a place of businesses to behave in an environmentally friendly
way. All businesses should have an EM that reflects the regulations and legislations applicable to
their specific organization. The EM manages environmental concerns by implementing policies
with clear environmental objectives and targets, and planning strategies to ensure that the
business conforms to the legislations. In order for the EM to successfully identify the necessary
measures to take, the organization must be clear about all the different aspects of its
environmental impact.

3.3.2 Managing Across Borders

THE DEMANDS OF MANAGING in an international operating environment changed considerably
over the past decade. In an increasing number of industries, the benefits of exploiting global economies of
scale and scope enhanced the need for integration and coordination of activities. 
3.3.3 The Foundation of Successful Management
The activities of successful businesses can be analyzed by looking at four key roles or
tasks: planning, organizing, leading, and controlling. These primary functions are the foundation of
effective management.
1. The Planning & Strategy
Planning – Define as a setting goals and deciding how to achieve them. It is also coping with
uncertainty by formulating future courses of action to achieve specified results.

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Strategy – Is a set long term goals or direction to pursue of a survival or prosperity of the
organization.
2. The Three Types of Planning
Strategic Planning by Top Management - determines what the organizations long term goal
should be for the next one to five years with the resources to expect to have available.
Tactical Planning by Middle Management – determines what contributions their department or
similar work units can make their given resources during the next 6 to 24 months.
Operational Planning by first Line Management – determines how to achieve specific tasks
with available resources within the next 1 to 52 weeks.
6 Keys to Management Success
#1 – Make Time.
Management is all about people and one of the top keys to management success is to
make time for your employees. ...
#2 – Openly Communicate. ...
 when people can openly express their thoughts and ideas to one another. In a business setting, an
organization can implement open communication by encouraging all employees to express their feedback and
thoughts.

#3 – Create a Positive Work Environment. ...

I LOVE MY JOB! ..An employee’s motivation to work is heavily influenced by his or
her environment. You want your employees to respect you—not fear you.
Creating a positive work environment will yield far better results for your
employees and your company.
#4 – Delegate....
refers to the transfer of responsibility for specific tasks from one person to another. From a
management perspective, delegation occurs when a manager assigns specific tasks to their employees
#5 – Set Goals. ...
 is a purposeful and explicit process that starts with identifying a new objective, skill, or
project you want to achieve. Then, you make a plan for achieving it, and you work to
complete it.
#6 – Think about the Future.
a process known as prospection—can help us lead more generous and fulfilled lives. Mindfulness is all
the rage these days, and for good reason. Focusing on the moment can improve our well-being, foster
compassion, and help our relationships.
Characteristic of an Effective Manager
 Professional Experience
If you don’t have experience working in a professional environment and leading a team, it will be hard to step
up as a manager. A great way to gain experience in a management role is to communicate with your current
job your goals. In some instances, when management knows you are looking to step up as a leader, they'll
inherently train you through a variety of scenarios that could help develop you for an upcoming promotion or
position that may become available.

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 Good Communication Skills

Effective communication is a staple that all the best managers have. This not only means communicating job
responsibilities and expectations, it means listening to your team and working with them to produce results
within their position. Making sure to take time and have weekly meetings with your employees will help you as
a leader understand where everyone is at in their projects. This will also build trust with your employees and
empower them to boost productivity in their workflow knowing they have someone to help them if they need
it.

 Knowledge
Experience as a manager is a must but so is knowledge. Going back to school is an investment that many
effective leaders have seen as a benefit not only to their professional work life but to their personal lives as
well. There are various degrees offered for managers, including a bachelor’s degree in business or a master’s
degree in leadership or project management. You can also get a certificate in project management,
entrepreneurship, ethics, or human resource management

 Time Management Skills

Another key factor in being a successful manager is time management. If you’re late every day, your
employees might think it’s acceptable to also be late. Time management is important when it comes to
prioritizing your day, making sure you have time to communicate with your employees, and accomplishing
goals throughout the week.

 Confidence
To be an effective manager, you need to be confident in your abilities, experience, and decision-making skills.
This doesn’t mean you have to be arrogant or feel that you’re better than your employees. But you’re in a
management role for a reason, your confidence will empower your team to be the best they can be. 

 Respect for Co-workers

Establishing a healthy and respectful work environment for your team is very important as a leader. If you do
not show respect for your employees, there will definitely be tension in your workplace. Some things to be
aware of are their time and abilities, being able to listen and communicate with them, and being a resource of
knowledge and guidance.

 Organization
If you aren’t organized in your position, there’s a good chance that the employees you manage
won’t be either. There are many resources online that can inspire you to get organized. A good
example is you can buy a personal planner or download an app on your phone that can remind you
of meetings, tasks you need to complete every day, etc.

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3.3.4 Strategic Management

Strategic management is the process of setting goals, procedures, and objectives in
order to make a company or organization more competitive. Typically, strategic
management looks at effectively deploying staff and resources to achieve these goals.

The four phases of strategic Management

 Formulation
 is the process of choosing the most profitable course of action for success. This is the
phase for setting objectives and identifying the ways and means of achieving them.
 Implementation
 means the time during which a project is constructed or implemented. "Implementation
phase" also includes the testing, inspection, adjustment, correction and certification of facilities
and systems to ensure that the project performs as specified.
 Evaluation
In general, evaluation processes go through four distinct phases: planning,
implementation, completion, and reporting. While these mirror common
program development steps, it is important to remember that your evaluation
efforts may not always be linear, depending on where you are in your program or
intervention.
 Modification
modification phase is essential in correcting any weaknesses or failures found during
evaluation. Strengths identified can lead to implementation in other areas. One example is a
strategy to sell a selected number of products on the internet and sales data shows a significant
profit.
STRATEGIC MANAGEMENT CONCEPT

1. A business strategy is a series of business decisions that lead to achieving a

business goal.
2. The essence of strategic management is matching business resources to
market opportunities.
3. Strategic management involves looking into the future rather than dwelling on
the past.
4. Strategic management involves deciding what is important for the long-range
success of your business and focusing on it.
5. Strategic management is based on the premise that "all businesses are not
the same."
6. Strategic planning is more words and less numbers than business planning.
7. Strategic thinking involves assessing how decisions made today will affect my
business in the future.
8. Strategic management involves anticipating change and taking advantage of
it.
9. Strategic management is proactive rather than reactive
10. When assessing strengths and weaknesses, personal skills and abilities
are likely to be more important than business assets.

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The Benefits of the Strategic Management

 Identification
 Prioritization
 Exploration of opportunities

The 3 most Important Aspects of Strategic Management

SA- refers to an evaluation of an organization's work environment

SI- is the process of turning plans into action to reach a desired outcome.

SC- refers to the decision which determines the future strategy of a firm. It addresses the
question “Where shall we go”

3.3.5 How Managers Can Make Things happen

 Managers can realize their full potential by getting positive things to happen
within their organizations. Making things happen is no accident. It is the result of a
management style that incorporates excellent communications, problem-solving
abilities, and the ability to motivate groups of people.

What 5 things do managers do?

 They Align Organizational Purpose With Team Goals.
 They Demonstrate Empathy With Their Team.
 They Delegate Tasks Effectively.
 They Set Clear Goals And Expectations.
 They Make Communication A Priority.
 They Bring Out The Best In Their People.
 They Leverage The Latest Technology.
 They Set Up The Team For Success.
Top 5 Qualities of a Manager
 Good managers know how to communicate. ...
 Good managers know how to listen. ...
 Good managers lead with confidence. ...

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 Good managers care about and take care of their teams. ...
 Good managers are authentic.

HOW DOES A MANAGER GAIN CONTROL TO HIS EMPLOYEES?

 Supervision is one of the most important responsibilities of a manager. Supervisors monitor and
direct the work of employees, making sure that the company’s goals are carried out and its
personnel policies are upheld.

Build the Right Team= is an ongoing process that helps a work group evolve into a cohesive unit.
The team members not only share expectations for accomplishing group tasks, but trust and support one
another and respect one another's individual differences.
Don't Be Overbearing = You want workers to perform even when you are not watching, so let them know
you respect their abilities by allowing them to make decisions and work without close supervision.
Policies and Procedures = Review the information with your employees and make sure they understand
your expectations, the consequences for violating workplace rules and your commitment to enforcing
guidelines consistently and fairly.
Identify Problems = Develop strategies for supervising the many types of difficult employees. Learn to
identify toxic employees and the best way to handle them before they disrupt the workplace. A slacker might
need closer supervision, clear timelines and quick responses to performance issues. An employee who
constantly challenges authority needs honest discussion about consequences and help correcting the
behavior through goal-setting and evaluation.
Tip = Take classes and training workshops that update and reinforce your supervisor and management
knowledge and skills.

 MANAGER GAIN AUTHORITY

You earn authority by showing your employees that you respect them and consider their
opinions. An easy way to show this is to make a pro-employee change early. For example, you
could loosen a dress code or change a burdensome policy.
 EMPLOYEE MANAGEMENT
If you’re in a leadership position in your corporation or small business, you know that  employee
management can make or break the success of your organization. Happy, hardworking
employees will catapult you to success, while disgruntled, lazy ones will bring you down from the
inside.
a. Be Consistent
With providing feedback, both negative and positive, and make sure that you’re
always available to your employees when they need you.
b. Engage your Employee
With providing feedback, both negative and positive, and make sure that you’re
always available to your employees when they need you.
c. Lead by Example
Your workplace mantra should never be "Do as I say, not as I do.” If your behavior
and actions in the workplace don’t match up with the messages that you’re sending,
don’t expect employees to listen, much less respect you. It’s paramount that
everything you are telling your employees lines up with your behavior.
d. Be Self Aware

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If you have a hard time seeing your own flaws or weaknesses, make sure you have at
least a few trusted associates who will keep your words and actions in line.
e. Be Sincere
When addressing employees. This will always be a more effective form of
communication than having a distanced corporate tone.
f. Use a personal touch
When at all possible, communicate face-to-face rather than email or phone. This is
very refreshing in an e-communication world.

g. Simplify any Lengthy or complex messages

So that you can clearly communicate to your employees in a way that is more easily
digestible and memorable. By being concise, you’re better able to keep your
audience’s attention and focus on the message at hand.

3.3.6 Getting the right People of Managerial Success

Being decisive is fundamental to effective management. Employees will look to their manager to
make decisions on how to progress projects, solve issues, and steer the team towards its goals. The ability to
give clear direction to a team and make key decisions can set a good manager apart from a mediocre one.

Habits into your leadership strategy to become a good manager .

 A good leader sets a positive example and knows how to use their strengths to help their team
achieve goals.
 Successful managers get to know their employees and find ways to support them so they produce
their best work.
 It’s important to consistently communicate clear goals, expectations and feedback to your team.
 This article is for small business owners and managers interested in adopting effective leadership
skills.

8 Essential People Management Skill

 Empowering Employees
- helps them develop new skills and be more productive. It’s important to train
new employees well and give them the knowledge and resources they need
to perform assigned tasks and continue learning on their own.
 Active Listening
- is the practice of listening to the speaker to fully understand their perspective,
question or concern before responding. Active listeners remove distractions,
maintain eye contact and offer verbal or non-verbal cues to indicate their
engagement and understanding. 
 Conflict Resolution
-  can help address interpersonal challenges. You can analyze the situation
and identify what the causes of the conflict might be. If there’s a
miscommunication or differing opinions, you can mediate between opposing
parties and help them make a compromise or reach a collective
understanding.
 Flexibility
- Knowing when to be flexible and when to more firmly direct employees is an
important aspect of effective people management. You can demonstrate
flexibility in your management style by accommodating individual employee

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needs—such as adjustable schedules or remote work options—and allowing

employees to adjust their individual workflow so they can be as productive as
possible.
 Patience
- is an important people management skill that uses kindness, respect and
empathy while helping others overcome obstacles. You can use patience
when training new employees, teaching new processes, handling conflicts or
solving problems. When employees can trust their managers to be patient,
they are more likely to ask for clarification to ensure they understand
directions and to increase the quality of their work.

 Clear Communications
- is a necessary people management skill that enables team members to work
together in solving problems, brainstorming new ideas and adapting to new
changes. Your ability to clearly communicate with your coworkers can help
you be a better team member.
 Trust
- means believing that you can rely on someone’s abilities, assistance or
advice when you need it most. Building trust helps your team work together
more efficiently and productively. Teams should be able to trust that their
leader supports them and believes in their hard work. 
 Organization
- Managing a team involves handling several different ongoing tasks
simultaneously. Being organized is an important people management skill
that helps you track and maintain your team’s productivity. Signs of effective
organization include

Employees Experience: The Manager makes the Difference

 They are involved in every major milestone of the employee journey, from onboarding to exit, and
their interactions with employees are typically the dominant factor in positive outcomes at each stage. For this
reason, leaders need to look carefully at their employee experience strategy: Are managers set up for
success at each major stage of the employee experience?

Activity/Self-Check

1. What are the 8 essential management skills?

2. How does manager gain control to their employees?
3. Cite the 8 habits to become a good manager.
4. Explain the keys management Success.
5. Illustrate the most important aspects of Strategic Management.
6. Give the specific characteristic of an Effective Manager.

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