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W1L1:
Entrepreneurial thinking vs managerial thinking
Explain the 10 professional entrepreneurial competencies (PECs)
Explain and apply the A.R.T framework
Entrepreneurial thinking vs managerial thinking
Explain the 10 professional entrepreneurial competencies (PECs) + corresponding behaviours
Collection of skills to allow individuals to harness opportunities, overcome obstacles, learn and implement strategies and thrive in all sorts of competitive environments
Independence and self confidence
Trusting own skills and embracing imperfections
Completing any tasks and or activity easier because of self-awareness and faith in personal abilities
Solid self belief
Seeking autonomy from rules or control of others
Striking with own judgement in the face of opposition or early lack of success
Expressing confidence in own ability to complete a difficult task or meet a challenge
E.g: Pitching → proving that your product, business works
Persuasion and networking
Using deliberate strategies to influence or persuade others
Using key people as agents to accomplish own objectives
Acting to develop and maintain business contracts
Systematic planning and monitoring
Planning by breaking large tasks down into time-constrained sub tasks
Revising plans in light of feedback on performance or changing circumstances
Keeping financial records and using them to make business decisions
E.g: Physical posters and virtual, instagram posts
Goal setting
Planning every action and carefully making decisions based on where I want to go
Setting goals and objectives that are personally meaningful and challenging
Articulating clear and specific long range goals
Setting measurable short term objectives
Information seeking
Gathering information from relevant resources, which is critical for the formulation of different business strategies
Seeking direct response, feedback
Personally, seeking information from clients, suppliers or competitors
Doing personal research on how to provide product or service
Consulting experts for business or technical advice
E.g: Track progress on goals, quantitative when selling
Commitment to work contract
Giving much time and attention to something because you believe it is right and important
Taking full responsibility and having the job done efficiently to create a delighted customer
Being able to meet a deadline
Making a personal sacrifice or expending extraordinary effort to complete a job
Pitching in with workers or in their place to get a job done
Striving to keep customers satisfied and placing long-term goodwill over short term gain
Persistence
Doing something continuously even though others say you will not succeed or that you are wasting your time and effort
Doing something over and over again until you get what you think you deserve
Standing up straight and not giving up even during the hardest times when you are trying to do something new or something difficult
Taking action in the face of significant obstacle
Taking repeated action or switching to an alternative strategy to meet a challenge or overcoming an obstacle
Taking personal responsibility for the performance necessary to achieve goals and objectives
Demand for efficiency and quality
Demanding quality and efficiency not only from himself but also workers and suppliers
Giving quality products and best services to customers that equates to a good business
Working without errors and without wasting time, money, energy
Finding ways to do better, cheaper and faster
Acting to do things that meet or exceed standard of excellence
Developing or using procedures to ensure that work is completed on time or that work meets agreed-upon standards and quality
Risk taking
Taking the chance to do smth out of comfort zone
Doing smth that can result in anything unpleasant or dangerous
Taking risk at any of risk taking behaviours from high risk or moderate risk taking to low risk taking
Deliberately calculating risks and evaluating alternatives
Taking actions to reduce risks or control outcomes
Placing self in situations involving a challenge or moderate risk
Opportunity seeking and initiative
Being active in finding openings in the environment which can be used in different ways to start a business, create a new market or improve business operations
Acting and grabbing new business opportunities even in the most problematic and hopeless situations
Doing things before being asked or forced by the events
Acting to extend the business to new areas, products and services
Seizing unusual opportunities to start new business, obtain financial, equipment, land workspace or assistance
Explain and apply the A.R.T framework
Help learners to develop the entrepreneurial mindset
Act, Transform, Reflect
Tool to cultivate and apply the 10 PEC in business
W1L2:
Organisation structure and Job Descriptions
Organisational structure: how activities such as task allocation, coordination & supervision are directed towards the achievement of organisational aims.
Allocation of roles and responsibilities
Establish clear reporting relationships, information flow and decision making
Determine resource requirements (resources used effectively)
Chain of command, span of control and centralisation and decentralisation
Simple organisational structure
Small businesses
Functional structure
Product/ divisional structure
E.g: Departmental stores
Resource allocated to product teams that perform better, the teams unable to perform continue to underperform
Matrix structure
Hybrid organisational arrangement, combining both functional and product-based structures.
E.g:In a matrix structure, the team consists of employees from different departments to work on the same project, allowing for collaboration and innovation. An example would be Nestle. product development team for Nestle’s baby food might include experts from nutrition, marketing, and supply chain departments, all working together to ensure the product's success
Job descriptions
→ importance and what goes into defining job roles
Internal doc that states essential job requirements, job duties, responsibilities and skills required to perform a certain role.
Selection process
Performance appraisal
Talent development
Job details
Position details
Qualifications
Participation questions:
Q1: Is organisational structure important and why do you think so?
Yes it is extremely essential for the business to run effectively. Organisational structure allows the clear distribution of roles for the employees of the company and authority. Choosing the right organisational structure that works best for the business helps the company to function properly, allowing clear work allocation to achieve the company’s mission and vision.
Ans 1: (Organisational structure is important as it is the core structure that ensures that a business is enabled to function. Organisational structure refers to the allocation of roles and responsibilities, establishing clear reporting relationships, information flow and decision making and to determine resource requirements. Without the allocation of proper roles and responsibilities, members of the business may feel lost as to what their work is and if they get assigned to a certain position which does not play to their strengths, they might only provide sub-par work. Without the establishment of reporting relationships, the flow of information to the CEO will be affected and the CEO might be left in the dark about many crucial factors which determine the running of the business. Thus, the organisational structure is important in ensuring that the company is able to run effectively and seamlessly without misunderstandings between members occuring.)
Q2: What is the meaning of each of the 4 types of Organisation Structures? Explain in your own words and share an example.
Simple organisational structure: One person to oversee, others are workers. E.g: In small businesses and few employees, managers communicate directly to employees.
Functional: CEO to oversee the operations in different departments such as finance, logistics and department heads to oversee the operations in each of the departments. E.g: Our business has different teams such as finance, HR and there are department heads to oversee these processes
Product structure: CEO to oversee the whole business, diverse product portfolios with product divisions and in them → functional teams like R&D, sales and marketing. E.g: Big Companies with different product lines
Matrix structure: cross functional teams- marketing, engineering, r&d department, managers for each also. Dual reporting, cross functional teams.
(In a functional structure, the organisation is divided into different smaller departments based on the various specialised functions (e.g. marketing, finance, operations, research & development). Oftentimes, employees with similar expertises and roles work in the same department under a specific head/manager. Different departments may work independently or collectively depending on the business model and environment. This allows for efficiency during operations due to the various focused expertise in each department/specialised function. An example of a functional structure is Apple, where there are specialised functions, e.g. R&D may focus solely on future product expansion and/or product improvement while marketing may focus on campaigns to attract more customers and improve user engagement and satisfaction.)
Q3: What is a job description for and how can it help your business?
Job description is an internal document that states the job requirements, job duties, responsibilities and skills required to perform a specific role.
To allow the business to achieve its goal, we need to have employees who have the requirements to perform tasks. In order to find and identify candidates fit for the job, job descriptions are essential in the selection process. The listed job requirements, position details and qualifications provided in the job descriptions help to narrow down what type of work is required from employees.
It also helps in performance appraisal where it provides a benchmark to appraise employees abilities. It also helps talent development as it can be referenced to when identifying areas of improvements, honing the talents of the employees.
W2L1
What gets measured gets done
Plan → Monitor → Review → Reward
W2l2:
Co-branding / bundling: Team up with another business to create a product that features both names, enhancing visibility
Cross promotion: Collaborate with businesses that target different audiences to expand your product’s reach into new markets
Joint content creation: Partner with other content creators or businesses to produce engaging content
Community partnership: Collaborate with local organisations or communities to build a strong local presence
W4L1
Social media marketing and live streaming
Social media marketing: a form of digital marketing that leverages the power of popular social media networks to achieve your marketing goals
It is a powerful way for businesses to reach prospects and customers. People discover, learn about, follow and shop from brands on social media.
Great marketing on social media can bring success to your businesses, creating devoted brand advocates and even drive leads and sales.
Social media marketing fundamentals
Profile optimisation
Posting
Engaging
Advertising
Measuring
Social media marketing plan: roadmap to carrying out strategy. It puts structure around your efforts so you can measure your success and make sure you’re spending your resources wisely
Choose platforms: based on target audience
Set goals and objectives: Increase followers byx%, publish x content per month
Report and adjust: analyse engagement metrics
Create diverse content: Post regularly and offer truly valuable information that ideal customers find helpful and interesting This includes
Like, share and reply to comments
Run live streams
Post polls, conduct AMA (ask me anything)
Repost others’ content
Acknowledge
Ask
Answer
Repost
Repurpose: Create a post from a customer’s review
Repost: Curate content from authoritative sources and share it in your posts
Recycle: Cross post content on different platforms
If you want to gain traction with your audience, you need to post great content regularly.
Social media content calendar
Tool to plan, organise, schedule your social media posts in advance. It helps you to keep track of social media marketing plans, what content to post, when to post it, and on which platforms.
Consistency in posting
Visualisation of content strategy over time
Saving of time by batch creating content
Alignment of posts with important events
Easy performance tracking
Identify upcoming major events to leverage on trending topics
Review existing content to see what has performed well and what hasn’t
Create content mix (content type, content post, platform, engagement goals, sales target etc.) for 1 week
Populate content calendar with scheduled posts and details. Share your content calendar with the class for feedback
Within your BETA Business Team,
Start creating content in advance
Curate content from other sources that align with your brand and audience interest
Upload posts according to content calendar
Engage with your audience
Regularly review performance of your posts and adjust your social media marketing plan as needed
Live Streaming
Social commerce: Social shopping, replicating feelings of discovery and inspiration on social media platforms and making it easy for users to act on those feelings
Enables you to sell products directly through social media.
Live Streaming is one of the methods for selling on social media.
Live Streaming: Broadcast live video content over the internet in real-time. It allows viewers to watch and interact with the content as it happens.
Popular platforms: Youtube live, facebook live, instagram live and tiktok.
Content ideas:
Live interviews, QnA
Live tutorial
Behind the scenes videos
Product launches
Contest and giveaways
Live event coverage
Steps for planning a livestream event:
Define goals and choose platform
Plan content and set date/time
Promote event
Prepare equipment (test the set up) and prepare backup plans
Create a run of show and audience engagement plan
Plan ways to interact w the viewers such as live Q&A sessions, polls, or shoutouts to keep audience interested and involved
Go live
Start on time
Energetic and engaging
Monitor and respond
Keep an eye on live comments and questions
Engage w audience in real-time to make event more interactive
Post event follow-up
After livestream, thank your audience for attending
Share a recording of the event for those who missed it and gather feedback to improve future events
Successful livestream shopping event:
Plan to livestream during a sale
Have brand-knowledgeable hosts
Engage with chat/shoppers in the stream
Pre-promote the live shopping event
Send a reminder to purchase after the event ends
In Groups,
Identify the appropriate live streaming platform and when you will be conducting the live streaming event. The livestreaming event can be conducted during EDLT or during Term 2 Week 1 Lesson 1.
Outline content ideas and audience engagement during live streaming
Identify equipment and backup plans
Plan for live streaming event promotion
Prepare post event purchase follow up. Share your live streaming plan with the class for feedback
Behind-the-scenes marketing, boothing. Holidays (location and how long), small microphones
Collab with smartees #ootd
Collaboration
Campaign period, contract, MOU
End of the year plaza 15,16,17 november → she check with her marketing team
Items that we gna sell (email)
Terms
(back in jul sg light festival) → vendors charge $200 aircon, tables chairs
What we plan to sell
Here are some ideas and tips to make your livestreams engaging and organized:
1. Behind-the-Scenes (BTS) of Marketing Content Creation
Idea: We will show the process of setting up and filming of content as viewers love seeing the candid content behind the final video.
We will provide one lucky winner with a flash deal code “BTS-EXCLUSIVE”. We will ask viewers to give content suggestions in the live comment section within a specific time frame (E.g. 3-4pm). We will keep track of the usernames of those who commented and by the end of the time frame, we will key those usernames into a wheel of fortune and have a final winner.
2. Live Streaming from Booths at Events
Idea: Stream our interactions with customers and show the setup of the booth.
We will offer deals exclusive at our booths. By showcasing our team in action and the bustling crowd, we'll give viewers an insider's look into our business process and event setup. This will also entice nearby viewers to visit the booth in person.
3. Collaboration livestream with Smartees
Combined livestream: We will take part in an activity to engage both teams and our viewers. This activity is inspired by the trend of #OOTD, where we'll style a model's outfit of the day incorporating Aurelie Reverie's scrunchies and Smartees T-shirts.
Promo Code Strategy
Random Drops: Announce that codes will drop “at random moments” during the stream. This encourages people to stay tuned.
Engagement-Based: Only reveal promo codes after certain milestones, like viewer questions or a set number of shares.
Reward for Participation: Have viewers answer questions in the chat, then reward selective, engaged participants with a unique promo code.
Promoting these livestreams beforehand will help attract more viewers, so you might also want to share a schedule or countdown on social media.
W5L1
Ethics in negotiation
Negotiation: secure deals, resolves disputes, career advancement and build relationships
It occurs when there is a need between 2 or more parties:
To agree on how to share or divide limited resources
E.g: the use of equipment or facilities in the organisation or community
To create something that neither party can attain on their own
E.g: organising an event of the development of the product that requires expertise from different parties
To resolve a problem/dispute between the parties
E.g: in crisis management where there is conflict of interests across different parties/ stakeholders
Characteristics of a negotiated situation:
Parties involved: for a negotiation to happen, 2 or more parties must be involved
Conflict: differences of needs and desires between parties to a negotiation
A better deal: by going into negotiation, parties believe that they are able to achieve a better outcome as opposed to simply accepting what is presented at status quo
Give and take: although not always the case, parties entering a negotiation to some extent are ready or are expecting a give-and-take process to happen
Search for agreement: while parties are not guaranteed an agreement by the end of all negotiations, parties involved in a negotiation are ready to arrive at one. That means, they are unlikely to fight openly, give in easily, break off contact permanently or take their disputes to a third party.
Ethics in negotiation:
Involves fairness, equity and honesty
But sometimes, despite best intentions → circumstances may lead you to behave unethically
Deception
By commission: explicitly lying about common-value issue
By omission: failing to disclose information will benefit the other
Rationalisation for unethical conduct:
Viewing the behaviour as grey area:
“Actions weren't wrong” because situation wasn't “clear cut”
“Fair or appropriate for the situation”
Believing the behaviour will benefit others:
“ it produced good consequences”
Displacing or diffusing responsibility
People tell themselves that others are to blame so their actions weren’t too bad
“The other party started it”
Minimising the consequences
Individuals downplay the impact of their actions, convincing themselves that it isnt a big deal
“It was harmless”
Blaming the victim
Justifies their behaviour by claiming that the other party deserved it or was asking for it
“They deserve it”
How to prepare for ethical standards in negotiation
Prepare thoroughly
Avoid any surprises and be better prepared to maintain your ethical positions
Know your values
Be clear about your values and what lines you're not willing to cross
Be respectful
Treat all parties with respect and avoid making personal attacks or insults. This will help ensure that all parties feel comfortable and respected throughout the process.
Listen actively
Listen carefully to all parties involved and try to understand their needs and interests. This will help facilitate respectful negotiations that aim for mutual benefit.
Seek mutually beneficial options
Focus on finding solutions that meet the needs and interests of all parties involved.
This will help ensure that everyone feels they’ve been treated fairly and will be more likely to maintain a good relationship after the negotiation is over.
Win-win outcomes are forged
Integrative negotiation: (collaborative)
Focus on creating new value and finding win-win solutions
Think of making bigger pie, all parties can get more
Distributive negotiation: (competitive)
Focus on dividing existing value, result in win-lose situations
Think of dividing the pie; one party gets more, the other party gets lesser
Integrative negotiation: Collaborative process where all parties committed to find a mutually beneficial solution. This approach focuses on expanding the total available value through creative problem solving. The expanded value can be distributed to ensure that all parties achieve their acceptable outcomes, often leading to a win-win outcome.
Step #1: Identify and define the problem
Step #2: surface interests and needs
Step #3: generate alternative solutions
Step #4: evaluate and select among alternatives
ZOPA (zone of possible agreements)
Range in a negotiation where acceptable outcomes overlap, and all parties can find common ground. This is also known as positive ZOPA.
Methods used to guide decisions and agreements towards a favourable outcome. These collaborative tactics focus on creating win-win solutions where both parties benefit.
Distributive negotiation: