Entrep Handouts 5 & 6 PDF

Entrep Handout 5 Entrep Handout 6 Curious being. Entrepreneurs make it a habit to be open and curious about everything. Naert’s Model Turn obstacles into assets. The best entrepreneurs believe and...

Entrep Handout 5 Entrep Handout 6 Curious being. Entrepreneurs make it a habit to be open and curious about everything. Naert’s Model Turn obstacles into assets. The best entrepreneurs believe and act as if everything is a gift. Enerfy saving lamps First, an entrepreneur will discover what others did and did not like about his idea Van Duzer’s Second, the feedback could take an entrepreneur in another direction. To serve customers by providing goods and services that promote human flourishing. The focus is primarily on customers and the broader community. Third, the entrepreneur will gain an advantage over his competitors since he knows something To serve employees by providing opportunities for meaningful and creative work. It they don't. He is ahead of the game. tends to focus on employees and vendors. Businesses create jobs that allow people Having a high tolerance for ambiguity. adept at assessing risk. Some of the most successful (through their labor) to sustain their lives. entrepreneurs share that trait with kids. They tend to have a high tolerance for ambiguity, Parikh’s Model Using fears and anxieties as fuel. an anxiety attack can only worsen performance. Instead, the argues that the ancient wisdom of Hindu scriptures can be appropriated to business anxiety must be reframed as excitement. practices. Focus on the causes, not effects, of confidence and success. they tend to focus on the causes of Bhagavad Gita. their success, believing they were right all along. It asserts that people should focus on their thoughts and actions rather than the outcomes of Be proactive. It means that as human beings, people are responsible for their lives. those actions. – karma capitalism. Greed is bad. Be fair Act rather than react Seek higher consciousness Dharma. a renowned management guru, has highlighted some of the core concepts of Dharma (natural law) as enshrined in the Indian Shastras (timeless principles). 1. Loka Sangraha (Public Good) – the practice of seeking one’s gains and catering to the welfare of others. It primarily reflects all the stakeholders. 2. Kausalam (Efficacy) – sensible use of resources for future generations. It reflects concern for ecology as well as for stakeholders. Begin with the end in mind. involves envisioning the future. There is a mental (first) creation, and 3. Vividhta (Innovation) – beyond survival, the business must be the engine of innovation, constantly seeking more effective solutions to meet its economic and social expectations. a physical (second) creation. 4. Jigyasa (Learning) – change and continuity coexist. Corporate governance must keep Put first things first. urgent and important. Urgentmeans it requires immediate attention. learning from the feedback loop of society and through internal processes of questioning, Importance, on the other hand, has to do with results. challenging, debating, and training. Think win-win. Win-win means that agreements or solutions are mutually beneficial and Business Models satisfying. The Six (6) Considerations Seek first to understand, then to be understood. They are eitherspeaking or preparing to speak. 1. A more personalized product or service. customization (shirt,mugs,name tags etc.) Synergize. the relationship of departments within an organization is catalytic, empowering, 2. A closed-loop process. used product recycled unifying, and exciting 3. Asset sharing. sharing of costly assets Sharpen the saw. having a balanced program in four (4) areas of life (physical, social/emotional, 4. Usage-based pricing. some model charge customer when they use the product or services mental, and spiritual). This balance allows individuals to become more productive, efficient, and 5. A more collaborative ecosystem. help allocate business risk more appropriately effective 6. An agile and adaptive organization. innovators use technology to make decisions for better and allow real-time adaption. Entrep Handout 7 Balance Sheet/Statement of Financial Position Current Ratio The balance sheet shows the financial position of a business on a certain date (usually the end The current ratio relates current assets to current liabilities and shows a firm's immediate of the month or year). It is also called the statement of financial position (or SFP). solvency and liquidity. Business funds. shows the capital contribution of owners and outside lenders. It also Quick Ratio (Acid-Test Ratio) presents the acquired assets of the business The quick ratio indicates a company's short-term liquidity and measures its ability to meet its Business value. provides a starting point for assessing a firm's value since it lists all the short-term obligations with its most liquid assets. assets and business claims. Debt Ratio Business assets and claims. It can be helpful to look at relationships between various The debt ratio compares a company's total debt to its total assets. It gives creditors and statements of financial position items investors a general idea of the amount of leverage a company has. Business performance. The effectiveness of a business in generating wealth can be Stockholder's Ratio assessed against the amount of investment involved It measures how much of a company's assets are funded by issuing stock rather than Income Statement borrowing money. the revenues earned and expenses incurred by a business over an accounting period. It is also Debt-Equity Ratio called the profit-and-loss (P&L) statement. The debt-equity ratio measures the percentage of the company's balance sheet financed by Wealth generation. It provides a measure of the wealth created for the owners. suppliers, lenders, creditors, and obligors versus what the shareholders have committed. Profit derivative. It reveals the level of sales revenue and the nature and amount of Interest Coverage Ratio expenses incurred, which can help understand how profit was derived The interest coverage ratio indicates a company's ability to meet its interest payment Cash Flow Statement obligations. Cash flows are the inflows and outflows of cash into and out of business. Net cash flows are the difference between inflows and outflows. Return on Investments (ROI) means the return on the owner's equity. Profit Margin/Return on Sales (ROS) The profit margin may also indicate a company's ability to manage expenses. Return on Assets (ROA) it is a measure of asset utilization. Hotel Handout 5 Hotel Handout 5 FRONT OFFICE SERVICES AND CONFLICT MANAGEMENT The following are some categories of guest complaints: Conflict involves disagreements between hotel guests, employees, or departments. It usually Mechanical complaints: issues with equipment in guest rooms, like air conditioning or results from misunderstanding, differing expectations, or personality clashes. Internet access, often lead to guest complaints. Guest Service Attitudinal complaints: arise when guests feel insulted by rude or unhelpful behavior from Guests experience the services and facilities a hotel offers during their stay. hotel employees, such as a front desk clerk appearing annoyed by questions. Bell service/porter service: handling luggage, escorting guests, explaining room features, Service-related complaints: concerns about hotel services, such as delays in room service or and storing belongings upon request. long check-in/check-out times, often leading to guest frustration and complaints. Concierge service: providing hotel and city information, booking events, handling mail and Unusual complaints: issues beyond hotel control, like natural disasters, where guests expect messages, arranging transportation, and reserving restaurant tables. assistance despite the circumstances. Telephone service: managing incoming, outgoing, and internal calls through a switchboard, Steps in Managing Conflicts with operators greeting and directing callers to the appropriate department. 1. Listening: Understand the guest's perspective to build rapport and teamwork for problem- Business support service: It includes assistance with business-related tasks such as solving, assess the issue's seriousness, and determine appropriate actions. printing, scanning, faxing, or arranging rooms for brief meetings. 2. Apologizing: Express regret for the incident as a business representative, acknowledging the Wellness service: A hotel offers this service to guests who want access to fitness facilities, issue and taking accountability, which helps resolve employee conflicts by fostering mutual arrange spa and massage treatments, or offer yoga classes and meditation sessions. understanding. Pet service: includes pet-sitting, pet-walking, designated play areas, and access to an on-site 3. Solving: Address the guest's problem by offering solutions, asking for their suggestions, and veterinarian. clearly communicating next steps while adhering to hotel policies. Language interpretation service: provides translators to assist guests with language 4. Thanking: Show appreciation to guests for highlighting issues, reinforcing that their feedback barriers, especially during complex interactions, meetings, or conferences. is valuable and that the company genuinely cares about their satisfaction. Babysitting service: offers parents peace of mind by ensuring children's safety and well- HEART Method being, with age-appropriate activities like storytelling, educational play, and games. Hear them out: means allowing the guest to talk and share their story about their experience. Shopping service: assists guests in finding and purchasing local products or souvenirs by Empathize: understand the guest's perspective and feelings of disappointment regarding the accompanying them to shops or arranging purchases on their behalf. service, and communicate this understanding to them. Photography service: enables guests to capture special moments during their stay, offering Apologize: is promptly apologizing for the inconvenienced caused. sessions at the hotel or nearby attractions at their preferred times, subject to availability. Resolve: the concern is done by acting immediately on the problem and seeking the guest's Managing Conflicts in the Front Office suggestions to resolve the problem. Employee disputes: disagreements between parties or departments due to job duties, Thank them: express gratitude to the guest for sharing their experience, as it provides an personal clashes, scheduling conflicts, or concerns, such as incorrect room status updates opportunity to rectify the situation and transform them into a satisfied customer. leading to conflicts between housekeeping and front office departments. Operational issues: conflicts related to hotel structure and operations, including malfunctioning equipment, understaffing, and regulatory problems, which can lead to delays in service, such as late check-ins and unavailable rooms. A complaint: is a statement of dissatisfaction from the guest when they are unhappy about their experience with the products or services of the hotel. Hotel Handout 6 Hotel Handout 6 FRONT OFFICE CASHIERING Night Audit The front office processes a multitude of charges and payments every day. A night audit is a process conducted by the night auditor during the graveyard shift to review and Cashiering Procedures verify the accuracy of guest and non-guest accounts. It involves checking transactions related to The front desk officer performs cashiering functions when processing guest billing. During guest arrivals and departures, food and beverage, mini-bar, laundry services, interdepartmental checkout, they ensure all guest expenditures are accounted for and process the payments. vouchers, foreign currency activities, and various payment types. While night audits can be done Request and maintain a cash bank for shift transactions manually using papers and receipts, they are more easily completed with a Property Management The front desk officer manages a cash float at the beginning of each shift, counting it for System (PMS). transparency and maintaining it throughout operations to ensure responsible handling of daily The steps in night auditing are as follows: funds. 1. Check posting: Front office staff record transactions in guest accounts throughout the day. Post charges and credits into guest folios 2. Reconcile room status discrepancies: Night auditor checks for errors between Each transaction is logged in the guest's folio in the order it occurs, with charges for what they housekeeper's and front office reports to avoid revenue loss. owe and credits for any payments made. A Property Management System (PMS) helps by 3. Verify room rates: Night auditor completes a room revenue report, checking rack rates and automatically adding charges from departments like food and beverage. The front desk officer selling prices, and ensures discounts are applied correctly according to hotel policies. manages each folio, which has a unique serial number, allowing guests to use credit until they 4. Balance all department accounts: Night auditor balances revenue accounts by comparing check out, as long as they can prove they can pay (like showing a credit card). The hotel sets front office totals with departmental sales summaries to correct any discrepancies. limits on how much guests can spend to avoid overspending, and both the front desk officer and 5. Verify no-show reservations: Night auditor files and posts charges to the no-show account, night auditor keep an eye on this. ensuring accuracy to prevent duplicate reservations or billing errors due to misspelled guest Split or transfer guest balances to other accounts/folios as required names. When guests sharing a room want separate accounts, a split transaction is used. Room charges 6. Prepare reports: The night auditor prepares various kinds of reports that indicate the status appear on one folio for convenience, while other charges are recorded in individual folios. A of front office activities. transfer occurs when one person in a group reservation pays for some charges on other folios, The following are some of the reports being prepared: transferring those amounts to their account before settling the bill. These processes can be easily The cashier report: details the cashier’stransactions, including cash and creditcard managed using a Property Management System (PMS). payments, adjustments, and discrepancies. Prepare and present the bill to guests at departure The end-of-day report: consolidates all financial data and reconciles accounts to ensure Once the charges are posted to the guest accounts, the guest must review and confirm the bill. accuracy before the start of the next business day. This confirmation ensures sound business practice. Processing refunds due to posting errors is The guest in-house report lists: all guestscurrently staying at the hotel,including their inconvenient and time-consuming. names, room numbers, check-in and expected checkout dates, and any special requests or Process guest payments preferences. It involves processing guest payments using the mode they prefer. Usually, the mode of payment The arrival list: includes all guests expected to check in on the current day, including their they used for their reservations will still be used for settling their bills. names, reservation details, and special requests or preferences. Reconcile financial transactions. The departure list: summarizes guests scheduled to check out on the current day, including This accounting process ensures that the actual money spent and received matches the recorded their names, room numbers, final charges, and payment details. amounts at the end of a shift. This allows the actual takings to be counted as revenue for the The no-show report: details guests who had reservations but did not arrive, including the business for that day or shift. reasons for the no-show, any charges incurred,and actions to manage the unoccupied room. The front desk officer may encounter at the end of the shift that could impact the handling of The manager’s report: provides an overview of the hotel’s operations, highlighting financial cash and transactions: performance, including the summary of room revenue generated, room occupancy, and the Overage: happens when the cash in the drawer exceeds the amount based on recorded forecast for the next day’s business activities. transactions in the system during the shift. 7. Deposit cash: Night auditor counts total cash received, prepares a cash deposit voucher, and Shortage: is the opposite of overage, where the amount in the drawer is less than that of secures the cash in a deposit bag for safekeeping before handing it over to the general system-recorded transactions in a shift. cashier for bank deposit. Par is when the cash on hand equals the number of transactions recorded in the system in a 8. Create a new day: Once all processes are performed, the data for the last working date will shift. be closed and frozen, and a new working date will then begin. 9. Distribute reports: Night auditor delivers crucial night audit reports to authorized individuals, ensuring accurate and timely completion for informed managerial decisions. short bond paper Mathematics in Modern World 1. Negation – “not p” 3. Disjunction – “or” Negation is the statement “not p”, denoted ¬p¬p, and so it would have the opposite Expresses "or" which means either p or q can be true or both. truth value of p. If p is true, then ¬p¬p if false. If p is false, then ¬p¬p is true. Notice that the truth table shows all of these possibilities. Example: Example: “You can either order the pasta, or you can choose the salad.” p: I will go to school today. "The meeting can be held in the morning, or it can take place in the afternoon." ¬q: I will not go to school today. A disjunction is a compound statement formed by joining two statements with the In Mathematics, the negation of a statement is the opposite of the given connector “OR”. The disjunction “p or q” is symbolized by pq. A disjunction is false if mathematical statement. If “P” is a statement, then the negation of statement P and only if both statements are false; otherwise it is true. The truth values of pq are is represented by ~P. The symbols used to represent the negation of a statement listed in the truth table below. are “~” or “¬”. 4. Implication – “If” For example, the given sentence is “Arjun’s dog has a black tail”. Then, the An implication is the compound statement of the form “if p, then q.” It is denoted negation of the given statement is “Arjun’s dog does not have a black tail”. Thus, p⇒qp⇒q, which is read as “p implies q.” It is false only when p is true and q is false, if the given statement is true, then the negation of the given statement is false. and is true in all other situations. 2. Conjunction – “and” Consider the statement “p and q”, denoted p∧qp∧q. To analyze this, we first have to think of all the combinations of truth values for both statements and then decide how those combinations influence the “and” statement. In words: Example: p: I participate in class q: I will pass the course If a father promises his kids, “If tomorrow is sunny, we will go to the beach,” the Example: kids will take it as a true statement. Consequently, if they wake up the next morning p: James passed MMW and find it sunny outside, they expect they will go to the beach. The father breaks q: James passed MICE his promise (hence making the implication false) only when it is sunny but he does not take his kids to the beach. When two statements are connected with an ‘AND’ gate, we can say that they have conjunction. For conjunctions, when both statements are true, then only If it is cloudy outside the next morning, they do not know whether they will go to the the combined compound statement is true. beach, because no conclusion can be drawn from the implication (their father’s promise) if the weather is bad. Nonetheless, they may still go to the beach, even if it For example, the same would be true if two statements were ‘Jessi likes cold rains! Since their father does not contradict his promise, the implication is still true. coffee,’ and ‘Sony likes milkshake.’ If we combined them with ‘and’ to make ‘Jessi likes cold coffee and Sony likes milkshake,’ then the two statements must be true for the compound statement.