Page 107 - Design Thinking C11

Quality Control
Efficiency
Setting and sustaining a level of excellence for products or services delivered
to consumers is what quality management entails in a firm. Due to the volume of
products produced every day, preserving quality becomes the most critical aspect
of a developing firm. Anuj Mundra’s tale shows that he designed high-quality clothes
since his customers were essential to him. He did not compromise on quality.

Entrepreneurial Competencies in Particular

These competencies can be developed through training, experience and guidance in a budding
entrepreneur. Some of these competencies include:

• Self-confidence: Entrepreneurs are not cowed down by difficulties as they believe in their own abilities
and strengths. They have full faith in their knowledge, skill and competence and have the confidence to
handle future uncertainties.
• Taking Initiative: It is about making the first move towards setting up of an enterprise and taking action.

• Seeking and Acting on Opportunity: An entrepreneur is always on the look-out or searching for opportunity
and is ready to exploit it in the best interests of the enterprise.
• Concern for High Quality: Successful entrepreneurs are seen to be not satisfied with moderate or average
performance. They set high quality standards for themselves and then put in their best for achieving these
standards.

• Goal Setting: Goal setting refers to establishing short or long-term objectives, usually along with incorporating
deadlines and quantifiable measures to indicate if they have been achieved. For a business, the ultimate
goal is to make profit.
• Creativity: Creativity is a process of continually improving ideas and solutions by making gradual alterations
and refinements. Entrepreneurs exhibit creativity by applying the process of design thinking, thinking of
alternatives, trying unconventional ways to do things and continuously improvise and iterate.
• Systematic Planning: Successful entrepreneurs decide future course of action keeping in mind the goals
to be achieved. They believe in developing relevant and realistic plans and ensure proper execution of
the same in pursuit of running a successful enterprise.
• Efficiency: Many entrepreneurs are always keen to devise new methods aimed at promoting efficiency.
They try and create new methods that aim at making working easier, simpler, better, and economical.
• Information Seeking: A successful entrepreneur always keeps his/her eyes and ears open and is receptive
to new ideas which can help in realizing his goals. He/she is always open to consult with experts and
mentors to get the right guidance and advice.
• Persistence: An entrepreneur is never disheartened by failures and keeps trying, adapting and iterating to
overcome obstacles that come in the way of achieving goals.
• Negotiation skills: Negotiation skills for entrepreneurs are critically important to business success. There a
number of scenarios where an entrepreneur's negotiation skills come into play such as supplier relations,
customer sales, employee hiring, securing investors etc.
• Team Building: Team building is any action or method that brings a group of individuals together and
motivates them to work cooperatively as a team. It refers to the various activities undertaken to motivate
the team members and increase the overall performance of the team.

Entrepreneurial Skills-IV
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