WELCOME TO THE ADVENTUROUS

WORLD OF ENTREPRENEURSHIP
Soft Skill Development for
Entrepreneurs
Dr. I.Parvin Banu
Assistant Professor/EDC Member
Department of MBA/IB
SRCAS - Coimbatore
3 Ideas to Spark the Rise of Innovation
in India
• 1. Believe in Creativity
-Many of us believe that ‘creativity’ means
something ‘artistic’ or something that only
pony-tailed adpersons deliver
-Creativity is home-delivery by Domino’s
Pizza. -Creativity is sachet packaging of
shampoos.
-Innovation is a direct descendant of
Creativity. - When someone scratches his
head and wonders, “Why can’t water be
sold”, a Bisleri is born.
 2. Be Happy to Fail
• From the time we enter playschool, to the time we
complete our PhDs, we are brainwashed into believing that
we should not fail. In our valiant attempt to do so, we don’t
take risks, we don’t experiment, we don’t tread the un-
trodden path and we don’t Innovate.
• In Silicon Valley today, top VC firms do not want to
fund entrepreneurs who have not failed. They think that
failure is a badge of honour that only refines a person and
makes her better than the best. For entrepreneurs, failing is
a privilege.
• In offices, we don’t tolerate failures. But we must know that
Steve Jobs failed, was kicked out of his own Company and
came back to create the Apple we all adore today. If he was
immune to failing, we would’ve never had an iPhone!

• Failing backed by reason and effort makes people better. It

creates a strong desire to circumspect and innovate to try
better the next time.

• FAILURE is the antithesis of INNOVATION. And that is why it

is so necessary!
 3.Rebel in Disruption
• As a community, we are a bit too obedient. I
was surprised to read a report that said that,
“India was the only country that had no
rebellion in its youth.” Our kids listen to their
parents and do what “Mummy and Papa
want”.
• Well, that’s pathetic and this is a curse that
needs to be lifted.
• The RedBus founder was a rebel. When he
missed a bus ride on Diwali day to go home, he
did not shrug his fate and docilely accept that
bus tickets could not be booked in advance. He
went ahead and disrupted the Bus Travel
Space. He made disruption his religion.

• Zee TV’s Subhash Chandra had to buy a satellite

in space to launch his Zee Network and disrupt
the Doordarshan that we used to watch.
So what is your great
business idea?
Why Newspaper Exercise?
 Change in the environment triggers new
opportunities.
 Newspaper is one such source that reflect current
trends -real world with real opportunities
 Newspaper is easily available and accessible
 Leads to creative thinking…
 Today’s knowledge society ...
Many of us today live in a ‘knowledge society’.
In this ‘knowledge society’ we are swimming in
an ocean of masses of data, information,
possibly also of knowledge.
 Today many of us are drowning in messages,
information, data ...
How do we deal with this overflow of data and
information?
What skills are required?
 Making sense of information
in times of exponential change ...

How do we make sense

of all this data and information?
Are previously used methods
of communicating, of understanding,
of learning, of acquiring skills still valid today?
Should we continue to use
the skills and attitudes we cultivated in the past?
 How are skills learnt?
Could reading a ‘how to do ... ’ manual
lead you to become:
 A successful F1 GP driver?
 An orchestra conductor?
 An Olympic marathon runner?
 How are skills learnt?
Could reading a ‘how to do ... ’ manual lead you to become:
 A successful F1 GP driver?
 An orchestra conductor or a world famous musician?
 An Olympic marathon runner?
 Current and future generations ...

Different generations possess different values,

attitudes, skills and ways of operating.
Gen Y should definitely be taken into consideration
when thinking about future skills in a fast changing
and technologically saturated environment.
This should assist us to identify skill sets which will be
relevant in the future.
 Who are Gen Y ...
Gen Y were born in the 1990s into the ‘internet age’.
They have grown up using the internet, mobile
phones, and social networking sites for
communication purposes.
 Gen Y
This generation are ambitious and self-confident.
‘Baby-boomers’ (born in the 1950s) may consider Gen
Y’s to be arrogant.
This is an obvious misperception.
Gen Ys have high expectations and seek new
challenges.
They are not afraid to raise questions if something is
unclear.
 Gen Y ...

 ambitious and goal-oriented

 interested in self-development and improvement
 inclined to plunge into work they find interesting and
important, even when they know little about it
 likely to equate job satisfaction with a positive work
climate, flexibility, and the opportunity to learn and grow
... / Cont.
 Gen Y (cont.) ...
 tend to value respect and want to earn it
 enjoy freedom to perform work as they think best
 likely to dislike menial work and routine tasks
 lack skills for dealing with difficult people
 may be impatient
 their technical skills may at times not matched by soft skills
such as listening, communicating, independent thinking,
being a team player, and managing time
... / Cont.
 Gen Y (cont.) ...

 tend to look for instant gratification rather than long-term

investment of time and effort
 value free time and remote working possibilities, enjoy
flexibility, they work to live (not live to work)
 may regularly negotiate and pose questions
 prepared to work hard if they know they are held in high
esteem
 change jobs easily when not satisfied with the way in which
they are treated (increased job mobility)
 Why Soft Skills for Entrepreneurs?
 Did you know that you can be one of the most brilliant
minds in your field, but lack what it takes to become
successful entrepreneurs?
 In addition to needing hard skills (technical knowledge),
you also need soft skills.
 If you don’t have these skills, you cannot successfully
develop a business, work with others, or do many of the
other tasks required when you own your own business
 1. Public Speaking

If you wish to become a better public speaker,

you must do the following:
• Work to get past your discomfort at public
speaking
• Learn your voice – Are you naturally funny, do
you have an inspiring story, etc.?
• Make an effort to speak to other people.
 2. Time Management

“Time management is one of the most essential skills that all

successful entrepreneurs have developed already in college.
Without this habit, you cannot expect to succeed in college or
business”

• Using your time in a way that is most productive to you.

• Prioritize your tasks.
• Use a calendar or an app in order to stay organized .
• And on top of things, work hard during your most productive times.
• Use self-discipline to avoid wasting time.
• Learn what helps you to be efficient.
• Delegate tasks.
• Give yourself breaks when you truly need them..
 3. Relationship Building

• Business is all about building beneficial

relationships
• You can begin relationship building by starting
an informational blog for your customers,
• Posting instructional videos on YouTube,
• Reaching out to potential customers with a
giveaway offer.
 4. Leadership
• Many people know how to be a boss. Not many know how to be a
leader.
• A boss gives out orders. A leader is not solely focused on
accomplishing tasks. They are focused on developing a team and
developing the people within their team.
Leadership means:
• Showing a willingness to work as hard as anybody on your team
• Understanding the intrinsic and extrinsic factors that motivates
each member of your team
• Supporting truly open communication
• Giving feedback that is fair, timely, and constructive
• Developing leadership skills is truly a trial by fire. The best way to
grow this skill is to lead in an open and honest way, seek advice
from mentors, and to be open to feedback from your team.
 5. Negotiation

Negotiation is a tough skill to learn. You can develop strong

negotiation skills as long as you practice, and you know a few
tricks:
• Know what you are willing to do if you cannot come to an
agreement
• Remain calm
• Know your stuff
• Never make a claim you cannot back up
• Try practicing your negotiating skills. Start by simply asking
for a small discount or a buy one get one free offer.
 6. Empathy

• Empathy is one of the most important skills

that an entrepreneur can acquire.
• It will help you to
– Approach customer service issues from a position
of understanding,
– Support and motivate your employees,
– Develop content to which your customers can
relate.
On the sheet of paper that each of you has, I
would like you to each draw a pig.
 The PIG Personality Test
• Pig Analysis If the pig is drawn:
• Toward the top of the paper – You have a tendency to be positive and optimistic.
• Toward the middle – You have a tendency to be a realist.
• Toward the bottom – You have a tendency to be pessimistic and may be prone to behaving negatively.
• Facing left – You have a tendency to believe in tradition and be friendly; you may also be prone to remembering
dates well.
• Facing Right – You have a tendency to be innovative and active, but may be prone to forgetting dates easily and
may not have a strong sense of family.
• Facing front – You have a tendency to be direct, and may enjoy playing the role of devil’s advocate; you also are
prone to neither fearing nor avoiding confrontational discussions.
• With many details – You have a tendency to be analytical, but may also be prone to being cautious to the point
that you struggle with trust.
• With few details – You have a tendency to be emotional and to focus on the larger picture rather than focusing on
details. You also have a tendency to be a great risk taker and may sometimes be prone to reckless and impulsive
decisions.
• With less than 4 legs showing – May indicate that you are living through a major period of change and as a result
you may be prone to struggling with insecurities.
• With 4 legs showing – You have a tendency to be secure and to stick to your ideals; however, others may describe
you as stubborn.
• With large ears – Indicates how good of a listener you are (the bigger, the better).
• With a long tail – Indicates how intelligent you are (the longer, the better)
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