ENTR101 Notes PDF

ENTR101 What is an Entrepreneur? A person who operates and manages a business undertaking a bigger risk than normal. Entrepreneurship - It is the process of starting a new business or developing an existing one. Entrepreneurial Behaviour - The study and application of kno...

ENTR101 What is an Entrepreneur? A person who operates and manages a business undertaking a bigger risk than normal. Entrepreneurship - It is the process of starting a new business or developing an existing one. Entrepreneurial Behaviour - The study and application of knowledge of how people behave they do in an entrepreneurial set-up. The importance of entrepreneurial behavior are: ○ Full knowledge of the behavior of employees. ○ For you to predict their future behavior. ○ Help to assist entrepreneurs. ○ To build a successful enterprise. Joseph Schumpeter Steve Blank The Father of Entrepreneurship Claims to be the Father of Modern Entrepreneurship. He got involved in innovation and research during a war. During this time (today) people produce goods and then advertise and encourage Found a solution during the time of crisis people to buy, which is not right. He by providing good etc. believes that we need to discuss with people (consumers) what they need, in order for us to produce the best product to answer that need. What is Business? According to Roberto Medina, it is an organization of people with varied skills that uses money, talent, and industry in order to produce goods or services that can be sold to others for more than their cost 4 Types of Business ○ Commerce - The transfer or exchange of goods from production to consumption (buying and selling) ○ Industry - Pertains to the creation of form utility or the production of goods. There are 4 types of industries: Genetic - Pertains to fish culture, farming, livestock, etc. 1.  ENTR101 Extractive - Its difference from genetic is that genetic is a personally built environment to make a business out of it. And extractive is taking raw materials from the ecosystem/environment (e.g. lumbering, sardines). Manufacturing - Turns raw materials into finished products usually in factories. Construction - Infrastructures usually onsite (e.g. houses, buildings, etc.). ○ Services - Caters to specific needs of people like beauty parlors, caterers, etc. They can also look for outlets. ○ Financing - They are very prevalent today. Those dealing with business transactions. Forms of Business Ownership ○ Sole Proprietorship - Owned by a single person. ○ Partnership - Owned by two or more people who agree to bind themselves to contribute capital with the intention of dividing profit. ○ Corporation - A legal entity that is separate and distinct from its owners. Has a life span of 50 years and is subject to renewal. ○ Cooperatives - It was started in Rochdale, England. It was an organization of “illiterate cotton makers” because they realized that there should be a free organization for ordinary people. Corporation Cooperatives A one man one vote A number of shares is Structure Small stockholders has Limited return of ○ Conglomerate - A group of companies or corporations that get benefits from each other and have similar interests to protect their interests. In a conglomerate, one company owns a controlling stake in smaller companies that each conduct business operations separately. Conglomerates can be created through mergers or acquisitions. 2.  ENTR101 One example is PHINMA Corp. (paper company), they are partnered with Vertex (Notebook manufacturers). They (PHINMA) are also partnered with Rizal Cement because cement needs paper to better the quality or to better harden the cement. ○ Merger - It is the voluntary fusion or absorption of two companies on broadly equal terms into one new legal entity to expand their reach, expand into new segments, or gain market share. One example is PS Bank and Metro Bank. Metro Bank absorbed PS Bank because they were going bankrupt. It was a way to help PS Bank to help them build back up again and be on their own again. ○ Trust Companies - It’s an organization legally authorized to manage assets and act in the best interest of an individual or business. It is retained for the administration, management, and eventual transfer of assets to a beneficiary or beneficiaries (e.g. SSS). 3. Topic 2  ENTR101 Individual Behavior Effects of behavior on yourself, on other people, and in an organization. Learning and reinforcing free perception. Introduction to the motivational process What is Motivation? It came from the Latin word “movere” meaning to cause something to move or to cause someone to act. According to Kit Davis, motivation is the strength of the drive or the influence towards an action. The 3 Key Elements of Entrepreneurial Behavior Peopl Struct Technolo Environm People 1.  ENTR101 ○ Abraham Maslow’s Hierarchy of Needs Theory Physical/Physiological Needs Food, air, and water (Basic needs of workers). When these basic needs are fulfilled by the company the workers are more motivated to work. Sex needs such as separate bathrooms for men and women. Security/Safety Needs Job safety such as job tenure (being evaluated after two years to be promoted) to assure your workers about their job status. People prefer permanent jobs regardless of salary. Social Need (Belongingness) A company must have programs to motivate the workers such as team building, sports tournaments, etc. (for camaraderie or equality). Recognition Need (Esteem Need) (Lowest need) A company needs to give rewards or recognition to workers’ efforts and hard work like raising their salary. Self-Actualization Need (Highest need) A company must encourage their workers (promotion, raising salary) to work and push through things to make them realize their true potential which can be a great asset to the company in the long run. That can also motivate them to stay in the company. ○ According to Maslow, the need is the best motivator. So you have to determine the level of need of your employee because once a need has been satisfied you can no longer use it as a motivator. ○ The Theory X and Y by Douglas McGregor 2.  ENTR101 When they treat two employees differently like when an employee is punctual, there is an award and when an employee is underperforming there is a corresponding punishment towards them. He believes that there are two kinds of people in a workforce: Theory X - The average human being is inherently lazy and will avoid work if he can. So a company must use negative motivation for X workers by being forced and being threatened with punishment. Theory Y - The average human being is good and responsible. So a company must motivate them by rewarding them. ○ The 6 Factors In Understanding The Nature of People (By Kit Davis “Organizational Behavior”) Individual differences No two persons are exactly alike. Perception Awareness of the elements of the environment through physical consciousness. It is how you perceive things and how these observations affect your life. The whole person You do not employ just the hands, you get the whole person. Regardless of their characteristics. The value of a person Ethics of which should be employed in the company (ethical treatment). The value of a person (position) demands respect regardless of their characteristics. Motivated behavior or caused behavior It is not what you really desire to do but because you want something to take effect or get attention or you have an intended result, you behave differently. Desire for involvement A company tries to involve everyone in meetings and such and let them speak and give their opinions. 3. Topic 3  ENTR101 Connections Between The Three Theories The ERG Theory by Clayton Alderfer ○ The ERG theory is a modification of Maslow’s hierarchy of needs. An empirical test of a new theory of human needs. Organizational Behavior and Human Performance. ○ Instead of the five needs that are hierarchically organized, Alderfer proposed that basic human needs may be grouped under three categories: Existence —-can relate to—> Maslow’s Physical need Relatedness —-can relate to—> Maslow’s Social need Growth —-can relate to—> Maslow’s Self-actualization and esteem The Two-Factor Theory by Frederick Herzberg ○ Frederick Herzberg approached the question of motivation in a different way. By asking individuals what satisfies them on the job and what dissatisfies them, Herzberg came to the conclusion that aspects of the work environment that satisfy employees are very different from aspects that dissatisfy them. ○ He thought that the workers’ motivation was salary. But the real motivation is the job itself. ○ The two factors are: Motivational factor Motivation - This is to cause someone to move/act. The job itself. Which is more important than the maintenance factor Maintenance factor What Frederick thought was a motivational factor at first, he now recognizes as a maintenance factor: salary. Usually, workers compare their salaries to see if the company is being fair. When the company has an unfair salary, and bad “hygiene” factors, it becomes a poor basis of motivation to work. It becomes a dissatisfier factor. Herzberg labeled factors causing dissatisfaction among workers as “hygiene” factors. Hygiene factors included company policies, supervision, working conditions, salary, safety, and security on the job. We can connect Herzberg’s motivational factor to Maslow’s Hierarchy of Needs and Alderfer’s ERG Theory. 1.  ENTR101 The 4 Motivational Patterns by Agustine ○ Achievement motivation They have the drive to overcome challenges. ○ Competence motivation Drive to do high-quality work. ○ Affiliation motivation Drive to relate to other people on a social basis. ○ Power motivation The drive to influence people and to change the course of events. 2. Interpersonal Skills  ENTR101 Interpersonal Skills Interpersonal skills are the abilities we use to effectively communicate and connect with others in everyday life. These include essential skills like active listening, clear speaking, and managing emotions. They help individuals build strong relationships and collaborate successfully in both personal and professional settings. Interpersonal skills are the cornerstone of success in business as they foster effective communication, build strong relationships, and enhance teamwork. They drive better collaboration, leadership, and customer satisfaction, ultimately leading to business success. Interpersonal Skills are the ability to understand, communicate with, interact with, and influence others. Interpersonal skills, sometimes known as People skills or Soft skills, is a skill that has to do with how a person interacts with people. Interpersonal Skills Include The Following Competencies: Communication skills ○ The act of transferring information from one place to another. It may be vocally (using voice), written (using printed or digital media such as books, magazines, websites, or emails), visually (using logos, maps, charts, or graphs), or non-verbally (using body language, gestures, and the tone and pitch of voice). In practice, it is often a combination of several of these. Ability to create rapport with others ○ The capacity to establish a comfortable and harmonious relationship with someone based on mutual understanding, trust, and respect. It's the ability to make people feel valued and understood. Effective conflict resolution ○ The process of ending a disagreement and reaching an agreement that satisfies all parties involved. It's not intended to avoid disagreements, but rather to facilitate discussions, increase understanding, and control emotional responses. Negotiation skills ○ The abilities used to reach an agreement between two or more parties in conflict. These skills are often used in everyday interactions and in the workplace. 1.  ENTR101 Personal stress management ○ The practice of using techniques to cope with stress and improve how you respond to it. Persuasion skills ○ The ability to influence others to agree with a point of view or take action. These skills are valuable in many areas of life, including leadership, negotiation, sales, and everyday interactions. Team Building skills ○ The abilities that enable people to work together effectively in a group or team. These skills are important for creating a positive and productive work environment, and they can help a team achieve its goals. Strategic thinking ○ A way of thinking that involves analyzing critical factors and variables to help an organization, team, or individual succeed in the long term. Creative Problem solving ○ A way of thinking that involves analyzing critical factors and variables to help an organization, team, or individual succeed in the long term. The way individuals present these personal traits in their behavior is closely related to their level of “Emotional Intelligence,” a broader concept, that includes other aspects of personal behavior such as friendliness and optimism. In more developed societies, we have come to realize that our soft skills serve to enhance our interactions with our friends, family, and clients and to help us improve our work performance and career prospects. Emotional intelligence and soft skills are key to success. As social beings, the way we connect with others and build positive relationships significantly influences our success in various aspects of life. This is particularly crucial for those managing a business, where frequent interactions with customers, suppliers, employees, investors, and others play a vital role. Our ability to manage relationships and how others perceive us can lead to significant outcomes, such as securing clients, negotiating favorable terms, resolving conflicts, and building strong teams. Traits like appearing confident, being charismatic, remaining calm in tense situations, being able to clearly express your thoughts and expectations, and being a creative problem solver are personal traits that are very appealing to others, helping you become a leader in their eyes. 2.  ENTR101 Strong interpersonal skills foster positivity and a solution-oriented mindset, making individuals more effective and enjoyable to work with. Enhancing these soft skills, especially for team members who engage directly with clients and partners, can greatly benefit your organization. Developing Your Interpersonal Skills Developing interpersonal skills is an ongoing process. By consistently practicing and seeking growth opportunities, you can enhance your relationships, advance your career, and live a more fulfilling life. Developing one's interpersonal skills can lead to: ○ Increase trust and dependability ○ More and better creativity through successful collaboration ○ Effective and efficient task completion ○ More enthusiasm for a particular task or job ○ Greater productivity ○ Opportunities for greater exposure to different, positive experiences with other employees or clients ○ Opportunities to display qualities of leadership ○ Opportunities for promotions ○ Growth of a reliable professional network that can help build a career Interpersonal skills are essential for building strong social and professional relationships, and improving them can lead to better communication and understanding. While these skills often develop naturally, bad habits can hinder relationships and communication. Therefore, intentional effort is required to refine them. 6 things to remember when developing interpersonal skills: ○ Identify areas for improvement Self-awareness is the foundation of growth Seek feedback from others to uncover blind spots. ○ Focus on your basic communication skills Listening: Actively listen, paying attention to verbal and non-verbal cues, and use techniques like questioning and reflection to show engagement. 3.  ENTR101 Speaking: Be clear, and concise, and seek feedback to ensure understanding. Non-Verbal Communication: Recognize that body language, tone, and speaking speed convey up to 75% of a message. Learn to read and use non- verbal signals effectively. ○ Improve your more advanced communication skills. There are two main types of barriers to communication: Physical Barriers: Refers to the obstacles that prevent you from seeing, or hearing the speaker clearly. Physical barriers can be anything such as: A closed door, a noisy environment, etc. Emotional Barriers: An internal obstacle that hinders communication. primarily driven by personal feelings and perceptions. By not being affected by their own emotions, people tend to communicate much better. To improve your advanced communication skills, it's important to be aware of these barriers and to work on your personal skills, such as self-confidence and emotional intelligence. ○ Start with yourself and Look Inwards. Improving interpersonal skills starts with self-improvement. A positive attitude, stress management, assertiveness, and emotional intelligence are essential for effective communication and building strong relationships. Develop your Emotional Intelligence. This helps to better understand someone's emotions leading to more effective communication. ○ Use and practice your interpersonal skills in particular situations. Practicing your interpersonal skills is essential when communicating. Using interpersonal skills in particular situations will help you improve in communication. It helps with your relationship with others: Understanding group dynamics, communication styles, and emotional intelligence, can build strong relationships and achieve shared goals. Effective Negotiations: Regularly practicing interpersonal skills leads to effective negotiations. Conflict Resolution: Effective communication and active listening are key to resolving conflicts and restoring positive relationships. 4.  ENTR101 Problem Solving and Decision Making: Strong interpersonal skills enhance problem-solving and decision-making by improving communication, collaboration, and empathy. ○ Reflect on your experience and improve The final element in developing your interpersonal skills is learning the habit of self-reflection. By taking your time to assess the interpersonal interactions and conversations, you will continue to develop as you learn from your mistakes and successes. You might, for example, find it helpful to keep a diary or learning journal. More About Interpersonal Skills How do we rate an entrepreneur’s “Emotional Intelligence”? ○ 5 Components of Emotional Intelligence by Daniel Goleman: Self-Awareness Self-Regulation Internal Motivation Social Skills Empathy When did human relationships really begin to affect how we do business? What accounts for the renewal of interest in interpersonal skills? ○ The renewed focus on interpersonal skills can be attributed to several factors: Globalization and Diversity Technological Advancement Customer- Centric Approaches Workplace Collaboration Leadership Development In what ways does possession of interpersonal skills translate into entrepreneurial success? ○ Interpersonal skills are critical for entrepreneurial success as they impact nearly every aspect of building and sustaining a business: Networking Customer Relationships 5.  ENTR101 Leadership Negotiation Problem-Solving Success in entrepreneurship means creating value for customers, employees, and stakeholders while achieving sustainable growth and profitability. It also involves making a positive impact on society through innovative products and services. 6. Communication Skills  ENTR101 What Is Communication? Communication is the exchange of thoughts, feelings, expressions, and observations among people. ○ verbally ( words and phrases) ○ non-verbally (signs, objects, body movements) Communication skills are the abilities to exchange thoughts, feelings, expressions and observation both verbally and mentally. Effective communication is crucial for entrepreneurs to evaluate situations, build a positive company image, attract relationships, and improve operations. Active listening ensures full engagement, while body language strengthens connections. Mastering these skills minimizes misunderstandings, fosters better decisions, and enhances the company's reputation. Types of Listening Passive Listening ○ Occurs when we are not fully focused on the speaker, often distracted by tasks like checking emails or phones. It involves pretending to listen, thinking about our to-do list, or selectively hearing key phrases, which can lead to missing the full message. This is a type of communication that is pretty one-sided. The individual listening passively will often not give any feedback on what they are listening to or a person speaking. Attentive Listening ○ Involves offering full attention to the speaker, focusing on both their facts and emotions to improve understanding. Our posture and demeanor show that our focus is entirely on the speaker. Active Listening ○ This occurs when our level of concentration and involvement is at 100 percent. We are fully concentrated and involved, paying complete attention, asking questions, and gathering information to ensure full understanding. It involves taking action to understand the message and contribute to the conversation. Active listeners avoid interrupting at all costs, summarize and repeat back what they have heard, and observe body language to obtain an extra level of understanding. 1.  ENTR101 The correct attitude required for active listening can be summarized with the following acronym: ○ Look: Direct your body towards the speaker so you can look at him directly. Maintain eye contact but keep your gaze natural. ○ Inquire: Ask questions in order to gather all the information necessary to gain a good understanding of the point the other person is trying to make. ○ Summarize: Confirm that what you heard is indeed what was just said by summarizing it in your own words. This is important because clearing up any confusion in a timely manner will prevent further misunderstanding. ○ Turn off distractions: Turn off your mobile phone or TV, look away from your computer, and make an effort to eliminate anything that can distract you from the conversation. ○ Encourage: Let the speaker know you are interested in hearing more by giving him encouraging gestures, such as nodding, and making verbal acknowledgments. ○ Neutralize your feelings: When listening, stay unbiased and focused on understanding the speaker's perspective. Avoid letting personal beliefs interfere, as this may cause you to miss important information. Save your opinions for when it’s your turn to speak, and maintain neutrality to fully absorb the message Body Language Most of the time when your body language contradicts what you are saying, it may not send the message you intend to give well. So in a meeting be sure to show and inspire confidence and drive business meetings toward a positive outcome with strong, open, and friendly body language. ○ Keep the Bigger Picture in Mind Every gesture or posture conveys a message. For instance, clenched fists suggest negativity, while a smile typically conveys positivity. When we are faced with ambiguous body language we should always be mindful because what we may perceive or assume as it is not always the real intended message. It’s best to look at the bigger picture and be open to every possible answer, treating it as a clue and not the full conclusion in the communication process. ○ Body Language’s Top Secret 2.  ENTR101 Is there a way that people can tell what is going on despite our best cover- up efforts? You cannot entirely fake body language. Its impact may be minimized with awareness and self-control, but certain feelings tend to show through. No matter how hard you try to hide it. People can still see what you are not saying. Nevertheless, there are ways to manage your body language so that it contributes to your communications more positively. ○ First Impressions A firm handshake and confident body language, including eye contact, deliberate gestures, clear speech, and a calm tone, are key to making a positive first impression. A weak handshake can leave the impression that you lack confidence or conviction. So you must always make your first impressions strong. A positive first impression can set the stage for a meaningful connection and leave a lasting impression. ○ Setting the Tone (The way you carry yourself) Body language is a critical component of effective communication, as it often sets the tone and enhances the meaning of verbal messages. Body language shapes the tone of communication. Good posture conveys confidence, while controlled gestures show excitement or urgency. Direct eye contact indicates honesty and interest but should avoid becoming a stare to maintain comfort and effectiveness. This statement emphasizes that communication isn’t just about what you say but also how you say it through your body language. ○ Ten Ways to Use Body Language for Effective Communication Control the Emotions Behind It One way to transform your body language into an effective communication tool is to understand and manage the emotions behind the message you wish to deliver. ○ Practice Deep Breathing ○ Pause Before Reacting ○ Stay Focused on the Message Open Stance 3.  ENTR101 Refers to a body position that conveys openness and receptivity in communication. It fosters trust and encourages positive interactions, making it easier for others to approach and communicate effectively. ○ Feet Hip-Width Apart ○ Body Facing the Other Person ○ Uncrossed Arms ○ Eye Contact Arms by the Side Positioning your arms by your side is a powerful nonverbal cue in communication. ○ It conveys Openness and Approachability ○ Indicates Calmness and Confidence ○ Reduces Defensiveness ○ Enhances Communication Clarity Open Hands Open hands in body language are a powerful expression of openness and trustworthiness. Showing your open palms or using expansive hand gestures while talking can help communicate honesty, transparency, and enthusiasm. Good Posture Good posture significantly enhances effective communication by conveying confidence, openness, and engagement. ○ Boosts Confidence ○ Signals Professionalism ○ Enhances Engagement Shoulders Back Shoulders back is an effective communication is a nonverbal cue that conveys confidence, engagement, and openness. ○ Projects Confidence ○ Signals Engagement ○ Enhances Professionalism ○ Facilitates Better Breathin Lean Forward 4.  ENTR101 Leaning forward during communication is a powerful nonverbal cue that enhances engagement and connection. ○ Conveys Interest ○ Encourages Openness ○ Promotes Positive Interaction Relaxed Face A relaxed face is vital for effective communication, as it conveys calmness and approachability. ○ Promotes Trust ○ Encourages Engagement ○ Reflects Active Listening Smile Smiling is a powerful tool in effective communication, offering numerous benefits: ○ Enhances Approachability ○ Boosts Mood ○ Improves Persuasiveness ○ Facilitates Connection Soft Eyes Soft eyes in effective communication are crucial for fostering connection and understanding. ○ Conveys Warmth and Approachability ○ Enhances Empathy ○ Reduces Tension ○ Improves Listening Albert Mehrabian’s 7-38-55 Rule A psychology professor named Albert Mehrabian from the UCLA introduced a rule in his 1971 book titled “Silent Messages”, stating that communication is 7% verbal, 38% vocal tone, and 55% body language. Or also known as Mehrabian's Communication Theory. Studying nonverbal communication and applying the 7-38-55 rule enhances understanding of others' emotions and intentions, benefiting negotiations, conflict resolution, and everyday interactions. How can you use this in business negotiations? ○ Observe your counterpart’s body language 5.  ENTR101 According to the theory, your tone of voice and body language (93%) are much more important than what you’re actually saying. Calm and clear communication can ease tension, encourage openness, and foster a collaborative relationship. ○ Look for inconsistencies between spoken words and nonverbal behavior Pay attention to how your counterparts speak and act. Make sure that the words match the way they’re carrying themselves. Remember that their spoken words only account for seven percent of their communication so it’s important to look more into their nonverbal cues that may contradict their words. ○ Monitor your counterpart’s speaking patterns Recognizing how someone behaves when lying helps identify deviations that may signal dishonesty. Liars often over-explain or use excessive words, so active listening can reveal these patterns and give you an advantage. ○ Learn to use different vocal tones The 7-38-55 rule highlights tone of voice as 38% of communication. In negotiations, there are two kinds of tones: Assertive - which is often viewed as declarative and typically counterproductive that’s why sometimes it is not recommended to use negotiations. While; An accommodating voice gently promotes collaboration and should be used most of the time. Electronic Communications ○ Email, texting, and social media are essential in business, but knowing when to use each is key. Mastering communication skills leads to confident presentations, successful negotiations, effective teamwork, and consistent achievement of goals..Presentation Skills Effective presentation skills involve clear communication by using simple language and avoiding jargon. Organize your presentation with a logical structure, including an introduction, main points, and a conclusion. Engage the audience by encouraging questions, fostering discussions, and using interactive techniques. ○ Communicating Clearly - Keep your language simple, and avoid jargon or complicated terms. ○ Presenting with Structure - Organize your thoughts into a logical flow, complete with an introduction, main points, and a solid conclusion. 6.  ENTR101 ○ Engaging with the Audience - Capture your audience's attention by encouraging questions, fostering discussions, and even through interactive techniques. Writing Skills Effective communication relies on strong writing skills, which help articulate thoughts, express ideas, and convey information clearly. Good writing enhances oral communication, while poor writing can lead to confusion and misinterpretation of the message. Tips to Enhance Writing Skills ○ Create an outline ○ Be clear and concise ○ Make reading a habit ○ Practice and proofread ○ Get feedback Personal Skills Personal skills, like boosting self-esteem and confidence, improve your well-being and enhance communication. Feeling good about yourself fosters a positive attitude, making you more charismatic and effective in conveying messages. An entrepreneur must possess some personal qualities in addition to the specialized abilities required for running a business. These personal skills include: ○ Risk-Taking Entrepreneurs are often required to make decisions under uncertainty. The ability to take calculated risks is a critical personal skill. Successful entrepreneurs are comfortable with ambiguity and uncertainty, allowing them to seize opportunities that others might avoid. However, their risks are not reckless but are assessed and managed through research and experience. ○ Adaptability The entrepreneurial journey is filled with challenges and changes. An effective entrepreneur must be adaptable to shifting market conditions, customer needs, and unexpected obstacles. Entrepreneurs must have the resilience to pivot their business model when necessary. 7. Public Speaking  ENTR101 What Is Public Speaking? Public speaking is the process of communicating information or the act of performing a speech to a live audience, utilizing both verbal and nonverbal skills to engage listeners and convey messages clearly and confidently. The content of your talk determines how impactful your talk can be, and your delivery determines how impactful your talk actually is. The two main components of public speaking are: ○ Content (What you say) ○ Delivery (How you say it) How to Overcome The Fear of Public Speaking? Know your topic ○ The better you understand what you're talking about and the more you care about the topic, the less likely you'll make a mistake. Get organized ○ Plan out the information you want to present. Practice ○ Rehearsing your presentations or speeches ahead of time can the presentation itself much smoother and improve your communication. Challenge specific worries ○ Identify and list your fears. Assess the likelihood of these fears occurring and gather evidence to counter them. Visualize your success ○ Imagine a successful presentation to foster positive thinking and reduce anxiety. Do some deep breathing ○ Practice deep breathing exercises before and during your speech to calm your nerves. Focus on your material, not on your audience ○ Remember that the audience is primarily interested in the content, not your nervousness. 1.  ENTR101 Don’t fear a moment of silence ○ If you lose track of what you're saying, take a moment to breathe and collect your thoughts; the audience will likely be patient. Recognize your success ○ After your presentation, reflect on what went well and acknowledge your achievements, regardless of minor mistakes. Get support ○ Join a group that offers support for people who have difficulty with public speaking. Improving Public Speaking Skills Embrace Nervousness ○ Key Insight: Nervousness is natural—channel it positively. ○ Tip: Reframe anxiety as excitement Preparation is Key ○ Research: Know your topic deeply. ○ Practice: Rehearse multiple times, including with an audience. Audience Connection ○ Understand: Tailor content to audience needs. ○ Engage: Use relatable stories and humor. Structuring the Speech ○ Opening: Grab attention with a strong start. ○ Closing: Leave a memorable takeaway. Delivery Tips ○ Be Natural: Let your personality shine. ○ Body Language: Use gestures effectively. ○ Visual Aids: Enhance, don’t distract. Adaptability ○ Stay flexible to audience reactions and questions. 2.  ENTR101 Conclusion ○ Public speaking improves with preparation and practice. ○ Keep refining skills for impactful communication. Be Prepared Select a purpose ○ Determine the general purpose of your speech or presentation. Are you informing, presenting, or entertaining? Beyond the general purpose, decide on a specific purpose, and what you want your audience to specifically think or do. Topic research ○ Research helps you provide accurate information, making you a trustworthy speaker. When your audience perceives you as knowledgeable, they are more likely to listen and respect your perspective. Research allows you to back up claims, making your speech more persuasive and logical. Practicing ○ It is important to practice delivering your speech. Perfecting your speech will help give your words a lasting impact on the audience. Rehearse your speech multiple times and observe your gestures and tone. Visual aids ○ These visual aids will help your audience understand what you are talking about easily by giving them a visual representation of your topic. Preparing for a Q and A ○ After presenting your speech, it is natural that the audience wants more clarity or issues they want to be addressed. Prepare yourself an answer to different questions the audience may ask by anticipating various questions related to your topic. 3.  ENTR101 Positive Attitude A positive attitude can reduce nervousness, improve the perception of your message, and encourage active listening. When you're positive, your energy and enthusiasm make it easier for your audience to engage with and remember your key points. A confident, positive demeanor communicates authority and credibility, making your message more impactful. Effective strategies to stay positive ○ Prepare thoroughly Familiarize yourself with the content, audience, and setting. Confidence in your material reduces anxiety and allows you to focus on connecting with the audience. ○ Practice visualizing success Imagine yourself delivering a successful speech, focusing on audience engagement and positive reactions. ○ Transform nervousness into enthusiasm Channel your nervous energy into a passion for your topic to engage your audience and boost your confidence. ○ Focus on the audience’s needs Remind yourself that the audience wants you to succeed and is there to learn or be inspired by your message. ○ Maintain a positive inner dialogue Replace negative thoughts with affirmations, such as "I am prepared" and "I can do this". ○ Smile and use positive body language Smiling helps project confidence and warmth, encouraging audience engagement. ○ Stay mindful of breathing Deep, controlled breaths help calm nerves and maintain focus. ○ Prepare for obstacles Anticipate potential distractions or errors and have strategies to handle them gracefully. 4.  ENTR101 ○ Connect with the audience Engage with attendees before the speech to establish rapport and create a supportive environment. ○ Learn from every experience Treat each speech as a learning opportunity, focusing on growth rather than perfection. Tell A Story Storytelling is a powerful tool in business because it helps you create a meaningful connection with your audience. Sharing relatable experiences and demonstrating authenticity builds trust that helps your audience transact with you more easily. It also serves as a motivational force, inspiring action by aligning your goals with the needs and desires of your customers. Furthermore, storytelling simplifies complex ideas by presenting them clearly and engagingly. How to tell a business story? ○ Introduce yourself Tell them who you are, why you are there, and why the idea you are selling is good for them. ○ Be authentic Showing authenticity and relatability fosters a genuine connection with your audience. ○ Paint a vision Inspire people with a vision by engaging all of their senses to make the story more vivid. Remember, there is a difference between a story and a lie. The benefit of telling a story in a business ○ Stories Engage Your Audience Numbers are important, but a story is more impactful, making it easier to remember and keeping the audience hooked, unlike dry data which can cause them to lose interest. ○ It Creates A Human Connection When an organization has a new idea, telling the story behind it provides the audience the feeling of being connected, making it relatable and memorable. ○ Emotionally Connect People to Create Loyalty The most engaging business stories are those that evoke emotion, such as tales of mistakes, failures, and struggles, which make organizations relatable. 5.  ENTR101 ○ Storytelling offers a competitive advantage Storytelling is essential for small businesses and organizations to stand out. ○ Using stories as marketing campaigns Sharing stories builds relationships with the audience. This relates to the emotional connection aspect with studies showing that making an emotional connection is more important than customer satisfaction Don’t Be Self-conscious Public speaking often makes people feel self-conscious because they worry about judgment, mistakes, or not meeting expectations. Self-consciousness kills communication. But here's the key; most of the audience isn’t focused on your imperfections. They're rooting for you! Tips to overcome self-consciousness ○ Focus on your message Concentrate on the value of what you're sharing, not on yourself. Ask, "How can I help or inspire my audience?" ○ Prepare and practice Confidence grows with preparation. Rehearse your talk until you're comfortable. Record yourself or practice in front of a trusted friend for feedback. ○ Embrace mistakes Mistakes are human. Often, the audience doesn’t even notice small errors. If you stumble, smile, pause, and move on. ○ Use positive vizualization Imagine yourself delivering a great presentation with an engaged audience. Picture the audience smiling and nodding in support. ○ Engage with the audience Treat it as a conversation, not a performance. Make eye contact, ask questions, or tell a relatable story to build connection. ○ Manage nervous energy Identify and list your fears. Assess the likelihood of these fears occurring and gather evidence to counter them. ○ Keep perspective You're likely your harshest critic. Most people are either rooting for you or focused on themselves. Public speaking is a skill—it improves with practice. 6.  ENTR101 Seek Professional Help Seeking Professional help such as a therapist can provide tips and strategies in order to face different obstacles such as stage fright, social anxiety and simply overcoming one’s fears to be able to able to confidently speak in a crowd. This can also help not just in public speaking but in also engaging in different conversations with different people especially gaining interactions with business people and entrepreneurs which can greatly make connections not just for their own personal business growth but also in yours as well. Having a healthy relationship with yourself also means seeking professional help because it shows that you can take care of yourself in so many ways not just by having a balanced diet but also having a healthy mental state. 7.