Effective Communication
Communication is a way to make interaction between people. Entrepreneurs always try to improve their communication skills because it will assist them in sharing their ideas and presenting them clearly and to constantly work in a better way with their staff, team members, clients and colleagues. They understand the role of communication in entrepreneurship and they furnish themselves with some best tips to make their regular interactions effective.
Having good communication skills will also help an entrepreneur at the time of project explanation, elevator pitches, presentation, training as well as many other areas where a person has face-a-face talk with people. An effective communicable person can build his career easily.
The basic steps of communication are −
● The forming of communicative intent to make a healthy relationship.
● Message composition to make a healthy dialogue between two participants.
● Message encoding to hide your personal or confidential thoughts in a message.
● Transmit encoded messages in a sequence of signals using specific channels.
● Checking reception of signals to ensure the that they are active in communication.
● Reconstruction of the original message and acknowledge on a particular chat.
● Interpretation of previous messages and making a sensible reconstruction.
The 80/20 Rule
The 80/20 rule states that 80 percent of our success comes from only 20 percent of our actions. In simple words, it is important to focus more on the 20 percent which demands the actions to de-bone for the 80% success. Plan, prioritize and start working on the 20%. The Glass Jar: Rocks, Pebbles, Sand and Water. This method of “rocks in a glass jar demonstration” is like the time management techniques which are used to demonstrate the importance of having all your priorities set. In this method, a glass jar is first filled with large rocks and then with pebbles. After pebbles, the jar is filled with sand and water. The main objective of this exercise is to teach the participants that they have to put large rocks first, else it won’t fit later. The large rocks represent different goals which we need to prioritize in our lives to achieve.
Risk-taking Propensity
Risk-taking propensity is one of the most eminent features in the world of entrepreneurship. It is defined as the willingness to take moderate risks. This motivational influence on entrepreneurship is the result of the need to have achievements as people with a high need of achievement are always willing to take moderate risks. This is because activities with moderate risk are both challenging and achievable at the same time. This keeps people interested in the potential profitability of the venture, while also motivating them to take a calculated risk.
Entrepreneurial
Motivation is the driving force within people that get them to act in the ways they do. Entrepreneurial motivations are necessary steps of getting individuals to become entrepreneurs. Scholars have conducted various researches on entrepreneurial motivations and have come up with several factors that motivate people to become entrepreneurs. The standard issue with the concept of “Entrepreneurial Motivation” is that many scholars do not agree on the all the special characteristics that the entrepreneurs are supposed to possess to function as entrepreneurs. In fact, there have been noted cases where successful entrepreneurs haven’t been found possessing many or all the special characteristics identified by experts to become successful entrepreneurs. Hence, scholars now identify a set of several human motivations that influence the entrepreneurial process and have concluded that that entrepreneurial spirits are not solely the result of human action. External factors, such as the economy, the availability of business capital, competitors and government regulations are also important factors in entrepreneurship.
