Mastering Contemporary Entrepreneurship Skills: A Comprehensive Guide

[Music] good day students you are welcome to the ENT 211 class

entrepreneurship and Innovation my name is Dr uh today we shall be looking at the

topic contemporary entrepreneurship skills by contemporary we mean modern modern current entrepreneurship

skills you remember that entrepreneurship has been defined as the process of creating something new of

value through the process of manufacturing and distributing goods and services uh while assuming the risks

various risks that are involved physical risk psychological risk emotional risk Financial risks for

the purpose of satisfying customers want and also making profit and ultimately achieving

Independence so that is entrepreneurship okay so know to be able to do that you need some set of skills

some set of Kno how so skill basically is the know how is how the skills your skill set is you the kind of competence

and ability to be able able to drive your entrepreneurship spirit so today we'll look at contemporary

entrepreneurship skills which requires a set of diverse skills that go beyond traditional business acument you know

some of the traditional skill is to like prepare business plan prepare I mean to be able to prepare business plan to be

able to prepare uh feasibility studies at times um make profit and L account marketing all those skills too

are very traditional and very relevant but want to look at those modern ones that you need now digital skills

technological skills uh critical thinking skills deep thinking skills problem solving skills and so many other

skills that will you will need currently in this uh genz JZ world of us as the case may be so in to this fastpaced you

know technology driven and highly competitive environment entrepreneurs need to adapt to changes leverage

digital tools and understand complex Global markets all right so these contemporary

entrepreneurship skills span across technical skills okay interpersonal

skills cognitive skills that enable uh entrepreneurs to innovate not only innovate to also scale

and be able to sustain their business so we want to look at some of these skills and uh that we must master

so as to be able to thrive in our business uh today so number one of those skills is

to uh say is innovation and creativity skills uh and for students of business administration department definitely is

a course uh Innovation and creativity okay so it's a skill that you need to have so creativity is the ability to

think outside the box or or people will say to think even without a box if people are looking this way you

can ask why I'm able to look that way okay to Envision novel Solutions okay and be able to generate

unique business ideas so Innovation skills is basically the process of turning those ideas into viable products

and services or processes and thereby gain what is called competitive Advantage competitive

Advantage is the extra Edge you have over your closest uh rival and Innovation and creativity skill is

important because in this era of Rapid change entrepreneurs need to be inventive to stand out in crowded

markets you want to be unique you must be able to have creativity skills Innovative skills to be able to stand

out uh among others so creativity Fosters problem solving and helps in

identifying new opportunities in untapped Market especially the second skills that is

very important very crucial that we cannot but do without in this modern world is what is called digital

skills or digital literacy skills or digital literacy as the case may be what does it

mean digital literacy means that it can be defined as the ability to

understand and effectively use digital Technologies know and tools how to use WhatsApp email Instagram Facebook

Snapchat uh social media platforms how to use softwares application softwares for accounting for plan um plan how to

use artificial intelligence all these things are digital skills and uh tools that you must use and platforms that you

need to know how to use them so it involves skills in areas such as like I said

social media management how to manage your page how to ensure it generates traffic how to do

Target marketing using your page uh data analytics okay how to look at those who are viewing your page the number of

minutes they spend on it and which area are they from Analyze those data to be able to Target your Market uh using

digital marketing e-commerce and so many more and this is very important because you see the business landscape today is

increasingly becoming digital if you are not on the digital space and you're in business you are

nowhere you have to be on the digital space okay with your business to be able to to leverage on those online tools for

marketing for example for operations for sales for customer engagement so Tech survey entrepreneurs can reach wider

audience optimize business processes and also gather uh data driven Insight

Okay the third skills contemporary entrepreneurship skills the third one

that you you need uh it is what is called adaptability and Agility

skills the skill to be able to adapt to be able to adjust to be able to navigate to be able to withstand the

change in the environment and take advantage of the opportunity opportunities in the

environment so adaptability is the the ability to respond effectively to changes in the business

environment while agility is the capacity to know quickly respond I mean pivot

quickly and respond where necessary so entrepreneurs must be flexible and open to altering their

strategies when faced with new challenges or opportunities and a very good example is

when there were unexpected disruption during covid-19

pandemic you remember during theid 19 pandemic everywhere was shut down everywhere was locked

down businesses could not open offices could not be visited and uh you need to lender

service to your customer so most organization leverage on their adaptability skills and their agility

skills by know using technology okay they use technology to

stay competitive is that okay number four skills that you need today is

um what we call emotional intelligence uh skill EQ emotional

intelligence uh which involves the ability to understand and manage and express one's emotion as well us to

empathize with others it is different from sympathy empathize with others is like putting yourself in other people's

shoe so you need this kind of skill to be able to build relationship with others so that can go along with others

and build correct Network an important Network know managing your things when you are working in groups of groups or

thingsam you know you need emotional intelligence and to be able to maintain resilience under pleasure so that means

must keep your smile at people you must make sure that uh you be able to look at people's body language you to

be able to know what to say what not to say what to hold and what to express because you have emotional intelligence

so entrepreneurs often work under pressure and high stress conditions you know because you have delivery to make

you have Target to make so this makes you in need of managing your emotions uh with your employees for example with

your customers for example with your suppliers for example with all the stakeholders so if you have high

emotional intelligence to help you lead your organization effectively you'll be able to resolve conflict amicably and

you'll be able to maintain a Iz professional relationship so successful entrepreneurs

most times emphasize the importance of empathy and listening to employees concerned you listen to them you know

actively so this will Foster a positive uh company culture uh in terms of

um emotional uh intelligence so emotional emotional intelligence has been studied

very uh extensively um in aard in other in Western cents and even in Nigeria here

too so when you are emotionally intelligent it will allow you to be able to relate very well with your

co-employees with your co- uh CEOs and you you be able to you know have what is called uh inter interpersonal

dynamics that is how to relate to people how to rec call people's names how to smile at them how to shake their hand

very well how to be able to you know contri POS positively not only to their work life or to also their person

personal life how to be able to maintain work life balance uh in in in in in your organization all these skills you will

need to be able to achieve that so number five of the skills that we you you need is uh networking and

relationship building skills number five is networking and relationship building skills so by

networking we mean the ability to build and maintain professional relationships okay

so your professional colleagues how do you keep connecting them and networking them you know why relationship building

goes further in nurturing long-term partnership uh with uh your customers suppliers investors and other Stak there

so relationship building is and advance and extra step are Beyond networking so you need to build

relationship I mean at times we want to call your customers after they must have purchased the product to ask did the

product work fine after you must have played do their air does that air look good on you when

you no is a feedback know doing that makes that me means that you are trying to build

relationship okay maybe you are owner of a mechanic garage automobile mechanic garage and a

customer came to um repair his vehicle after repair and the customer is gone she be able to put a call through to ask

uh how far was the car I hope it's getting better know when you are doing that you are building relationship you

know next time the car is Point you'll be the first person you will remember to take the car back to so but networking

is just to build professional relationship among Co colleages and it is important because if you have a

strong Network okay if you have a strong Network it can provide entrepreneurs

with valuable resources both Human Resources nonhuman resources tangible resources and non-tangible and

intangible resources so you'll be able to get access to valuable resources including

Capital if you need Finance you be surprised your network can assist you to get Finance if you need mentoring you

need people to Mentor you to show you how things are done in the business in medical business in engineering business

in law business uh even in Pharmacy business in agricultural business in automobile engineering business in the

fast moving consumer good business in the uh Communication business in the cement or manufacturing business in the

bakery business whatever business product or Services you are trying to render you need mentoring you need to

lean on the shoulders of others to be able to see very well uh even more than those that you are leing on but if you

feel that you can do it on your own not to be a low Ranger it is not always good so mentoring if you want to have good

mentoring you need a very important network uh to be able to do that and you need that skills that means you should

know how to ask for people's phone number for example I say good afternoon sir good morning sir please I'm sorry

can I have your phone number so I can keep in touch you know you must have a cous a very amable amicable very know

respectful way of asking for favors and able to connect with people and then once in a while you send

greetings you know on Friday jarak on Sundays happy Sunday on occasions maybe the person just gets

promotion know you you you keep in touch so that the day you will need them they will also be there for you so you also

need networking skills for industry insight there are some things that happen in the business industry that if

if not because of your network you will not know them but if you have networks and you have buil relationship if

something is going to happen that is been anticipated then uh your network will provide you this information that's

why you belongs to our WhatsApp groups so that you have information about what is going to happen you know firstand

okay and apart from that I mean if you have networking skills and Rel relationship building skills you be able

to build partnership okay you can partner coopertition you know even with your Ral it is called Co competition you

partner with them you can partner on things that will bring value to both companies because of your networking

skills so you need a very strong Network so relationship basically are very crucial and important very vital for

building trust for building trust generating repeat businesses so

that people will come back you know and still buy from you know you need that then you can expand your influence and

we know have a lot of examples of entrepreneurs who often rely on their Network for funding

opportunities or collaboration if you want to secure for example Venture Capital funding you need your network

you want to embark on a project for example you the project will cost you like 10 milliona and you only have just

6 million the balance of the 4 million you can get it from your network because of of relationship you have built over

time that's number five number six is resilience [Music]

skill or what you can call GRE skill g r i t great skills so resilience is the ability to recover

from steps back why G refers to perseverance and passion for long-term goals

again resilience is the ability ability to recover from setb so you are resilient because in business know I was

defining entrepreneurship the other time to state that there are risk you have

psychological risk Financial Risk emotional risk business risk physical risk let's talk of know maybe for

example your business is coming from Abuja coming to Lagos and an accident occur in which there were Goods lost in

transit you know one of the that's one of the reasons you have to do insurance you have to insure your

goods so you know if if your goods the goods you are expecting to arrive today that your customers are actually waiting

for you know get lost in transit you know you need resilience you know it is skill to

to be resilient so that you can be able to recover from those setbacks you can suffer setbacks from customers you can

suffer setbacks from suppliers you can suffer setbacks from your stakeholders from Bank from financials no you can

suff setbacks is part of uh business anyway so because it's a learning process and you must have

resilience uh to be able to withstand those uh BS greet in other hand is related is the perseverance or passion

for longterm goals uh some of the mistake some of uh our entrepreneurs is that they do suffer

from short time ISM they are looking for immediate quick quick quick quick let us have this thing

quick quick otherwise you should look at the long term 5 years from now 10 years from now because in the long term in the

long term uh with greet you should be able to

persevere because you know that in the long time there's always light at the end of the tunnel okay so these two

traits res resilience and G are very important and crucial for overcoming the challenges and failures that are

inevitably inevitable part of an entrepreneurial Journey I

remember that you know there's this concept called serial entrepreneurs who is a Serial

entrepreneur a Serial entrepreneur is an entrepreneur that you know do a business today it fails you do another one it

fails you do another one it feels it keep doing until gets it right so the Ser entrepreneur is you know as great

and they have resilience and there are people like that they will start fashion designing

they will stop it they will start year dressing they will stop it they will start H POS they will stop it

no and in entrepreneurship those on are just business they're not

entrepreneurship when you bring something new into fashion designing then it becomes entrepreneur when you

bring something novel something new into hairdressing it becomes entrepreneur when you bring something new to POS then

it becomes entrepreneur that is the concept of entrepreneur and that's how you can differentiate and distinguish

between Business and Entrepreneurship it is innovation it is creativity okay

so entrepreneurship is know full of uncertainty and obstacles so you need resilient because resilient

entrepreneurs can bounce back from failures and learn from their mistake and continue pushing forward desper

difficulties and we have a lot of examples like that that Nigeria even the dang refiner now can see a lot of

setbacks and a lot of know kick you know from various stes and uh you have to withand we even studed

the late we G uh of asset Bank you know you you you can you could see element of resilience and G in his

story and no enterpreneur will be successful if you're not resilient and if you don't have great I mean if you

don't look at the long time of what you are doing you have to be persistent and uh you know when you persist and you are

patient and you persevere you have you you persevere then you can be sure of achieving groundbreaking sucess in your

business that's number six number seven skills that you need number seven is also very uh

critical because it has to do with money a lot of people don't uh value or take it very serious which is financial

literacy skills and financial management skills financial literacy skills and financial management

skills so that means that financial literacy involves understanding key financial

Concepts okay you have to know and understand them such as budgeting what is a budget it's an

estimation or of inflow and outflow for a particular period for a particular project or for a particular uh activity

so you you should understand what is budget you how to generate budget uh cash flow management too in cash flow

management has to do with inflow of cash outflow of cash how do you manage it to make sure that you always liquid when

you need uh Finance then Financial forecasting 5e Financial you have to fin forast your income your Revenue your

expenses your profits all these things are part of financial literacy so financial literacy has to do

with knowing those Concepts in finance cash book invoice

um petty cash book um Tri balance profit and loss account incom which is also called in

statement your receipt and payment and there lot of applications around that you know if you study them just enter

the figes and it will generate those things for you must know um ratios liquidity ratios asset uh profit

profitability ratios liquidity ratios leverage ratios uh so under liquid ratios things like asset quick ratios

asset test ratios you you know how to comp put those figures and be able to interpret

them uh appropriately so financial management on the other on the other and refers to effectively managing an

organization's Finance that's management no that is no Finance is money Finance has to do with h Cash

Money funding so the source of Finance how do you make sure that the source of Finance is not too costly it's not too

expensive then how do we now utilize the finance okay then after that is investment decision then after you

utilize the finance how do you make sure that know your Dividend Decision is also right in terms of know should we know

compensate with the owners or we should plug back the profit we have made back into the business so financial

management involve Finance decision investment decision Dividend Decision and other for of financial management

decision and the reason why we are doing that is to be able to ensure the profitability and the sustainability of

the business because entrepreneurs must be able to manage their business finances effectively that's how at times

if you start if you do if you start a business if you have a startup you know in your team you should

have somebody who have financial literacy have somebody who have marketing financial literacy technical

skills know you bring those things together so your business finances must be effectively managed so that you make

informed decisions and attract investors and maintain Financial Health because if you suffer Financial ill health or

financial dislocation as the case may be it will affect your business so poor financial management is one of the

common reason reason why startup fail why most business fail and let me give you this

you see as part of the financial management tips or skills anytime you set up a business you must see that

business as a separate person from you that is the business is a separate entity from

you the business is an artificial person apart from you so when you take money from the business you should see as

you have borrowed the money that the business has lend you that money to be paid back even with

interest if you're not treating your business as a separate legal person entity an artificial person it becomes

very difficult for you to be able to manage the finances because you believe that the business money is your own

money no the business money is the business money

and you should be paying yourself salary or whatever uh emment or whatever honorarium or you should be compensation

or reward uh you should be paying yourself for working for that company because you should see the company as a

separate entity distinct and separate from yourself I mean we we know that from the celebrated case in company

law okay uh where uh Solomon versus Solomon I mean if you go and read that case very well

it will show you that you know the doctrine of separate legal entity was from that case in England so

it is important if you see your business like that you be able to have financial literacy so entrepreneurs must

understand uh the nuances okay of financial management uh that uh that can like ensure efficient use of fund

maintain liquidity and attract funding through solid financial planning so financial literacy and financial

management is a skill we cannot do without in this contemporary uh business

world the number eight skills the next skill that is also very important and very Jing for the Contemporary

contemporary business world that we are is strategic thinking and vision

skill strategic thinking and vision skills so being strategic means to be

longterm to know to look know very long long term and be thinking long term is strategic thinking having vision of know

where you ought to be so strategic thinking is the ability to analyze the competitive

environment okay comma that is and also be able to forecast uh future Trends after

analyzing it and then develop long-term vision for the business

so in the business environment especially the external environment you analyze it very well you

know we have quick enal scanning techniques quick okay uh or quest Quest quick environmental scanning technique

Quest where you look at what is going on in the political scene what is going on in the economic scene of Nigeria what is

going and globally too what is going on in the social social uh factors what is going on in

the technological space okay what is going on in the ecology in terms of environment what what is changing in the

environment ESG the environment social and governance which is a new paradigm ESG is a concept that has to do with h

Global and environmental uh concerns you know we have to look at the ecological environment in terms of ESG what is

happening to temperature I mean when I say temperature the humidity the atmosphere the the the

environment okay degradation and so many other things that are happening in terms of humidity H the sunshine and some

other environmental uh occurrence so you look at that as it affect your business then look at the legal

environment to the legal environment what are the rules what are the laws passed by the House of Assembly the

Senate that may or by the executive that may affect your business okay they look at the

demographics in terms of you know how many male how many female are in your environment do you have children more

than elderly people do you have adults what category are they you know how many married how many Widow how many singles

you know so that you know the kind of product you be selling that we appeal to that demographic okay so and other areas

of the en environment you need to have analyze that environment in terms of your competitive environment also

competitive envirment in another way could be looked at from the uh five fors of competition of Michael portter you

know in terms of the power of the buyer the power of the supplier a threat of new entrance and uh threat of

substitute uh and what some other Scholars have also added to to say threat of compliment then in inra

intra uh rival the level of uh rival among F in the industry all these are part of the competitive environment so

you have to like analyze it very very well and from your analysis forast future

Trend okay you forast future Trends you can use scenario planning scenario planning is a tool so for

forecasting future Trends scenario or what you can call what if analysis okay so if this happen what will I do if that

happen what will I do if price come down what will I do if price goes up what will I do if my political party enter if

my political party does not what will I do so you can even do a decision three model to know what to do your what if

analysis you know like we use in smart PS you know to to do decision

free okay so strategic thinking is very very vital and entrepreneurs must balance shortterm execution and

long-term strategic thinking you know you can you know think shortterm medium-term and longterm but you must

balance the short start execution and the Strategic thinking uh which is very very also crucial and

it is crucial because successful entrepreneurs if you look at them around us uh requires Clear Vision and ability

to map out path to achieve their Vision Strate strategic thinking helps entrepreneur position their business

effectively in the market and make informed decisions about growth about partnership and about

Innovation so globally if you look at uh like the founder of Amazon J Visos you know you can see that you know they

they've looked you know to to to create that platform such that you know their strategic thinking into the future has

made uh their platform to be one of the best retail outlets in the world because they focus on customer experience

scalability and uh Innovation so that's number eight you know strategic thinking and vision

skills it's important number nine should be um sales and marketing skills this is

very important you must know how to sell you must know how to

Market okay you must know how to sell you must know how to Market and that means you must have good

communication and good Ora Ora know good communication and good uh or okay so sales and marketing skills

involve uh understanding customers need what do they want what do they need effectively communicating the value

proposition that is this is what can solve what you want uh the value proposition of a

product or service uh and using appropriate strategies to promote and sell uh your product

to sales you must know how to Market know personal selling or how to

advertise I've always been saying that see making money has something to do with rituals or all this uh chance or

all these Miracles you see no no no no no no you need a lot of these skills to be able to navigate your way into the

business world and be successful so you must be able to convince a customer the need why he or

she should buy your product at that price so you need sales skills you should be able to convince

people come on buy this some some of the H people from some tribe they know how to do it very well they won't let you go

until you buy but some of us who have this you know exaggerated sense of entitlement to our product not knowing

that it is it is the cost customer that is maintaining your business without the customer you have no business so you

must always no matter what not be provoked by whatever your customer is saying but educate your

customer politely so you must have marketing skills too how to do publicity Public Relation personal selling sales

promo you know buy buy four get one free okay these are the skills and these

skills are very important because uh even if you have an excellent product if your product is good and fantastic a

business cannot succeed without effective marketing and sales effort so if you now if you're not you

know uh blowing your trumpet nobody's going to blow it for you if I just winking in the dark nobody will see your

hand you need to bring light and that is sh know make your product known know online marketing I mean Social

Media Marketing Online know Let Your Presence be fed put your product on your status let people know what you are

offering okay and entrepreneurs need to develop know compelling marketing campaigns you know you can do small

short videos so that people can look at it send it to people let them view it very

short one and it will be very know it will go straight to the point to communicate your business and your

product you should understand customer behavior and close sales to drive your revenue and we have a lot of those

examples uh around number 10 let's go to number 10 now one of the the skills that is very

important is leadership skills leadership skills leadership skills and team

management skills so leadership skills and team management skills uh involved guiding

motivating uh managing a team okay a team is a group of people that want to achieve a particular goal so you manage

the team to achieve business objectives so effective manage uh management and Leadership effective leadership and

management is very important to fostering a strong company culture aligning team efforts with business goal

and driving Innovation so as business grow entrepreneurs need to lead teams

delegate task and also ensure that all members are working towards the company's Vision so strong leadership

and uh we we have different types of leadership you know Styles transformational leadership style

transactional leadership style autocratic leadership style laser feir leadership style

we have Democratic Leadership style uh we have you know there are different types of leadership situational

leadership style or what you also call contingency leadership style what is important is that uh you

must be able to inspire others Inspire loyalty from others improves improve their productivity and Foster a positive

work environment among your employees so the the leadership skill is very very important that means your employees must

see you as someone that lead from the that leads from the from the front and you you you mentor and they they see as

their model and should be able to uh lead them and Inspire them to hily do things they don't want to do for the

business that is what leadership motivation and inspiration number 11 let's go to number

11 now number 11 skill is uh problem solving and decision making skills problem solving and decision making

skills so problem solving skills enable entrepreneur to identify to analyze and resolve business challenges decision

making skills involve making timely and informed choices in uncertain environment because if you have

different options and you need to pick one you must take the right decision because decision making is to choose a

course of action out of several alternative cses of actions so I must have problem solving skills to be able

to be able to diagnose identify analyze and resolve business challenges okay when you see problem you should know

that it is problem so entrepreneurs regularly face complex problem related to Market competition for example

resource allocation for example uh operational efficienc or inefficiency for example so effective

problem solving skills and decision making skills good making skills we ensure that entrepreneurs can overcome

obstacles and seize those opportunities so entrepreneurs can be able to Pivot quickly when faced with Market

disruptions when faced with uh uh Market disruption such as drop in the demand or Supply SC drop in the demand or Supply

or challenges in the demand and they can also demonstrate strong problem solving skills and making

skills in that area so when you are noticing that ah sales is dropping demand is dropping or your supplier is

giving you issues then you have to come out and take decisions about it for example you can have like four instead

of having just one supplier you have like four five suppliers and if one is giving you issues you can be able to

switch to another supplier that can give you the same quality and this is important

especially uh where we have many challenges in in business nowadays as a result of the economy that we find

ourselves number 12 let's go to 12 uh we are still going to uh 15 so let's go to number

12 number 12 we have technological proficiency skills we mentioned this earlier technology C proficiency means

to understand uh and able to apply emerging Technologies okay and that that can enhance your business operation that

can help you develop new product and also ensure customer engagement two you must have

technological proficiency because in today's Tech driven World okay entrepreneurs need to keep up with

technological advancement what is the new new to what's the new AI that can improve the efficiency of the company

reduce the cost and offer new ways to engage with customers so Technologies such as artificial intelligence Ai

blockchain and internet of things that is iot are transforming industry okay so blockchain technology is used in the

crypto uh and payment uh Solutions space so entrepreneurs for example in fintech know Financial technology fintech those

who are into op and all of that pampe and the rest know are leveraging of blockchain to create secure

decentralized Financial products while those in retail use uh AI to personalize customers experiences so blockchain

infintech and AI in customer retail experiences so you need digital uh technological literacy skills you must

know how to open apps must know how to use them that are very relevant to your business these are the skills that is

very important for you number 13 let's quickly go there is cultural awareness and Global

thinking uh this has to do with those especially who are involved in international markets uh if your C if if

you online for for example and your customers are in India you must not to say good morning in India you must not

to say good morning in China your customers are Chinese in Spanish in international languages in French bonju

uh graas which is thank you in Span in Spanish uh namaste in India which is thank you well I don't

know good morning or thank you in Chinese can go and get that for us so uh or in Arabic h

alum in Arabic so you must have this cultural awareness and Global thinking too because the

world is a global village you cannot be thinking in silos as if you are in a local person okay and it is important

because we are in an increasingly globalized world and entrepreneurs must be able to navigate cultural differences

differences in people's culture all over the world you must respect and be able to na navigate and respect their culture

uh because we are now operating in international market and we have to respond to Global Trends so cultural

awareness will help in building crossborder partnership okay and expanding uh

globally uh that means that you must be authentic in your product offering and not don't involve yourself in Internet

fraud or fraud staring and all these EFC clients you know you should not do that I mean in global space okay you must be

genuine you must be real so entrepreneurs who are culturally s sensitive can avoid misunderstanding and

develop products that cater for different Regional preferences okay number 14 skill that you need is

skill risk management skills risk management skills uh risk management is the ability to identify

uh assets mitigate risk that could impact the business entrepreneurs must be comfortable with

uncertainty and uh must also be proactive in managing risk that would derail their business venture so in the

Venture Management class we are still going to talk about it I mean h a subsequent level because this is

important because if you a start up you are often faced with high level of uncertainty uncertainty in you're not

sure of where you are going you just start it know from especially from the market volatility to technological

changes you know because I startup so entrepreneurs who can manage risk effectively are better positioned to

make informed decision and ensure business continuity so for example if an entrepreneur is launching a new product

okay you might need to conduct market research and prototype testing to mitigate the risk of product failure

so you do a small h a market research and a small a small mining launching somewhere if it's

acceptable then you can now launch uh globally and internationally and nationally so so that you mitigate the

risk of product failure or non acceptability so that is the risk management skills that you need to

acquire all right the last skills we want to look at here before we round up is uh

what is called time management skills uh time management and productivity skills time management and

productivity skills so time management involves the ability to prioritize task know there are several task but you have

to prioritize them in terms of urgency and importance which one is urgent and

important which one is less urgent and important which one is very important L urgent which one is not important and

it's not urgent so you have to categorize it that way to be able to know uh which task to do obviously the

one that is very urgent and very important must do first so time management means that you have to manage

your resources effectively we don't have more than 24 hours so we must learn to also delegate then we must Ensure High

productivity by doing so so entrepreneurs often jugle multiple roles multip you know you multitask and and

effective time management is critical and important for ensuring that all aspect of the business received H

receive adquate uh attention and entrepreneurs often work in fast-paced environment okay with competing

priorities we have family priorities you have work priorities business priorities Financial priorities so effective time

management ensures that you focus on strategic task without getting overwhelmed by day-to-day operations

day-to-day operations can easily delegate so successful entrepreneurs must use tools like project management

software agile Lan softwares agile software software Lan softwares so that you can use it to

optimize your workflow and stay at the top of your uh responsibility as the entrepreneur of uh owner and

entrepreneur of the business so these are the 15 uh skills that are very very important for us to look at so let's

take the skills one by one again so that you'll be able to understand them number one skill is innovation and creativity

skill number two is digital literacy skill number three is adaptability and Agility skill number four is emotional

intelligence skill number five is Network working and relationship building skill number six is resilience

and great skills number seven is financial literacy and management skills number eight is strategic thinking and

vision skills number nine is sales and management skills number 10 is leadership and team management skills

number 11 is problem solving and decision making skills number 12 is technology

technological Prof proficiency skills number 13 okay is cultural awareness and Global

thinking skills number 14 is risk management skills and uh lastly number 15 is time

management uh skills and productivity skills okay so in general all these contemporary entrepreneurship uh skills

are very important because because contemporary modern entrepreneurship demand a broad range of skills combining

traditional business know how with modern adaptive abilities and entrepreneurs

today must be te Tech servy must like technology and know it emotionally intelligent and

strategic while maintaining strong leadership and financial skills when you combine buy these skills and acquire

them over time uh it will make you to be able to navigate the fast moving uh fastpaced uh

business environment that we have uh today so these are the skills that you need to acquire over time and you should

deploy them into your business so as to make your business uh very successful skill is very important uh some of these

skills definitely you'll find them available at the entrepreneurship Center inab University and in all the classes

we are taking you in business you also find it there too uh thank you very much for listening to my lecture this week uh

once again uh today we have looked at contemporary entrepreneurship skills and my name is Dr ol AA from the Department

of Business Administration thank you very much bless you [Music]