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GSE 223 Lecture Note 3

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27 views

GSE 223 Lecture Note 3

Uploaded by

dannyadam2022
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GSE 223: INTRODUCTION TO ENTREPRENEURSHIP

LEADERSHIP AND ENTREPRENEURIAL SKILLS FOR COPING WITH CHALLENGES


Coping with challenges in entrepreneurship requires a combination of leadership and entrepreneurial
skills. These skills help entrepreneurs navigate uncertainties, overcome obstacles, and drive their
ventures toward success. Here’s a list of key leadership and entrepreneurial skills essential for
managing challenges:
LEADERSHIP SKILLS
1. Agility: Adjusting strategies and plans in response to changing circumstances.
2. Resilience: Bouncing back from setbacks and maintaining a positive attitude.
3. Problem-solving: Identifying the root causes of conflicts and finding solutions.
4. Emotional intelligence: It involves the ability to understand and manage one's own emotions, as
well as the emotions of others.
5. Empathy: Recognizing and considering others’ emotions and perspectives.
6. Communication: Ability to convey information clearly and effectively. Paying attention to
others and understanding their viewpoints.
7. Decision-Making: Should have analytical thinking, assessing situations and making informed
decisions based on data. Making timely decisions, even under pressure.
8. Vision and Strategic Thinking: The ability to see the bigger picture and set long-term goals.
Crafting and executing plans to achieve the vision.
9. Adaptability: This enables leaders to navigate change and uncertainty effectively. Adapting is
essential for sustaining growth and achieving long-term success in the fast-paced and often
unpredictable business environment.
10. Team Building and Delegation: Fostering a cooperative and productive team environment.
Assigning tasks effectively and trusting team members to execute them.

ENTREPRENEURIAL SKILLS
1. Innovation and Creativity: Coming up with new and innovative ideas and applying creative
solutions to overcome challenges and seize opportunities.
2. Risk Management: Identifying potential risks and evaluating their impact and developing plans to
minimize and manage risks.
3. Resourcefulness: Finding quick and clever ways to overcome difficulties, make the most of
limited resources, and achieve goals efficiently.
4. Persistence and Resilience: Demonstrating determination and perseverance in the face of
challenges. Maintaining a positive outlook and recovering quickly from setbacks.
5. Time Management: Identifying and focusing on the most critical tasks. Managing time effectively
to maximize productivity.

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6. Flexibility: enables entrepreneurs to adapt to changing conditions, respond to unforeseen
challenges, and seize new opportunities. It involves being open to new ideas, willing to change
course when necessary, and able to manage multiple tasks and priorities
6. Adaptability: enables entrepreneurs to respond effectively to changing circumstances, seize new
opportunities, and navigate challenges.
7. Resource Management: Managing finances effectively, including budgeting, forecasting, and
fundraising.
Optimizing the use of resources, including time, money, and human capital.
8. Market Awareness: Staying informed about market trends and industry developments.
Understanding customer needs and preferences to tailor products and services accordingly.
9. Networking and Relationship Building: maintaining a network of contacts and partners.
Cultivating and nurturing relationships with stakeholders, including customers, suppliers, and
investors.
10. Sales and Marketing: Persuading customers and closing deals. Developing and executing
effective marketing strategies to promote products and services.

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