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Managing Quality
Managing quality in a business involves establishing and maintaining a standard of excellence for the products or
services provided to customers. The quantity of items produced each day increases as the company endeavours to
expand, making quality maintenance the most crucial component.
4.8.6 Valuing Services and Diversity
Diversity is about how an organization treats its people authentically down to the roots of its business model. It is key
for an entrepreneur to remember that a person working for him/her is actually providing their service. At the same
time, people of all cultures, race, religion, gender etc. have to be treated equally and with respect, such that they
mutually flourish and grow together.
4.9 CoMMoN ENTREPRENEURIAL CoMPETENCIES
These competencies can be developed through training, experience and guidance in a budding entrepreneur. Some of
these competencies include:
Ð Ð 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.
Ð Ðtaking initiative: It is about making the first move towards setting up of an enterprise and taking action.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
Ð Ð 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.
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