Successful Entrepreneur

The first syllable en is pronounced like the word on. The e in the second and third syllable is pronounced like the a in china, about, and amount. Theeur in the final syllable neur sounds like the or in words like worm, worst and world. The stress is on the final syllable. The word is pronounced entrepreneur.

Dictionaries define an entrepreneur as someone who starts a business in order to make a profit. Who in his right mind would start something in order to lose money?


An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome. The term is originally a loanword from French and was first defined by the Irish economist Richard Cantillon. Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome. Jean-Baptiste Say, a French economist is believed to have coined the word "entrepreneur" first in about 1800. He said an entrepreneur is "one who undertakes an enterprise, especially a contractor, acting as intermediatory between capital and labour."


Common Traits in a Successful Entrepreneur


1. Good health. Successful entrepreneurs must work long hours for extended periods of time. When they get sick, they recover quickly.



2. A Need to Control and Direct. They prefer environments where they have maximum authority and responsibility and do not work well in traditionally structured organizations. This is not about power, though. Entrepreneurs have a need to create and achieve by having control over events.


3. Self-confidence. Findings showed that as long as entrepreneurs were in control, they were relentless in pursuit of their goals. If they lost control, they quickly lost interest in the undertaking.


4. Sense of Urgency. They have a never-ending sense of urgency to do something. This corresponds with a high energy level. Many enjoy individual sports rather than team sports. Inactivity makes them impatient.


5. Comprehensive Awareness. They have a comprehensive awareness of a total situation and are aware of all the ramifications involved in a decision.


6. Realistic Outlook. There is a constant need to know the status of things. They may or may not be idealistic, but they are honest and straightforward and expect others to be the same.


7. Conceptual Ability. They have superior conceptual abilities. This helps entrepreneurs identify relationships in complex situations. Chaos does not bother them because they can conceptualize order. Problems are quickly identified and solutions offered. The drawback is that this may not translate well to interpersonal problems.


8. Low Need for Status. Their need for status is met through achievement not through material possessions.


9. Objective Approach. They take an objective approach to personal relationships and are more concerned with the performance and accomplishment of others than with feelings. They keep their distance psychologically and concentrate on the effectiveness of operations.


10. Emotional Stability. They have the stability to handle stress from business and from personal areas in their lives. Setbacks are seen as challenges and do not discourage them.


11. Attraction to Challenges. They are attracted to challenges but not to risks. It may look like they are taking high risks, but in actuality they have assessed the risks thoroughly.


12. Describing with Numbers. They can describe situations with numbers. They understand their financial position and can tell at any time how much they have in receivables and how much they owe.

Front office accounting system

Front office accounting may look like a herculean task but it nothing but a straight forward logic with basic skills of arithmetics & basic knowledge of accounts. A front office system monitors both guest account & non-guest account.


Accounting Fundamentals:
Front office accounting system maintains, monitors & charts the financial transaction of guest & non-guest at the hotel during the guest cycle.


1. PRE ARRIVAL: At the time of making reservation an advance is received to confirm or guarantee the reservation. The track of payments & deposits is systematically taken care of.


2.ARRIVAL/CHECK-IN: The various formalities are completed to form a contract between hotel & the guest. Signing of guest registration card by the guest & issuing of welcome card/ key card by the hotel to guest is a part of the contract signed between hotel & the guest. Room rent, meal plan,tax at registration is agreed upon. The bill folio is opened immediately on arrival & the opening telephone meter reading is noted in case of hotel is extending direct dialling facility from the guest room.


3.DURING  THE STAY : A guest signs various bills (vouchers) & these are debited to his weekly bill (bill folio). In case of groups, a master bill is raised for all the group members.Usually a consolidated bill/ master bill is made for room rent only which is settled by the group leader & for extras individual bill folios are opened for all members of the group so that the individual bills can be presented to them for settlement. At times hotel pays on behalf of the guest & visitors paid out voucher is raised & debited to his account. Guest also deposits an advance during the stay towards his room account.


4.CHECK-OUT:At the time of check out, the hotel bill is either settled in cash or it can be settled by signing & transferring to city ledger/non guest account.


5.POST CHECKOUT: Non guest accounts  are properly maintained at respective city ledgers & their payment schedules are monitored by the  able staff of accounts department, either managed by fornt office cashiers or by the accounts department.


It can be said that front office accounting system creates, operates & maintains accurately account files for both guest & nonguest accounts.During the entire guest cycle front office cashier/accountant tracks financial transactions & records all transactions in proper ledgers & collects payment either at the time of checkout or transfers the guest ledgers to city ledgers & subsequently collects the payment. During the entire cycle both the internal control & daily night auditing is carried out to ensure the correctness of accounts. Public limited hotels require statutory auditing by chartered accountant & audited reports are made public.
A proper receipt is issued for all cash receipts. The cash receipt book is serial numbered & it contains minimum of three copies. The original is handed over to the guest as his receipt, the first carbon copy is sent to control department the third copy is sent to accounts department. All cash received is recorded in the cash book. There are three most common methods of recording cash transactions in the cash book:

1. "T" form of cash book
2. Bank pass booktype of cash book/ journal form
3. Cash book

"T" form of cash book: It is the normal cash book which we maintain in accounts. The left side of the book is debited(Dr) side & the right side is called credit side(Cr). All payments received are recorded on the left hand side & all the payments made are entered on the right side. The only difference in Front office cash book & the normal cash book used in accounts is that there is no coloumn for date as the date is entered on the top of right hand side because all the transaction of one day is entered in one page.


Bank-pass book type of cash book /journal form: It is called bank-pass book type of cash book as it is maintained like bank maintains its pass book. In this cash book there is only one coloumn of description & it has a separate debit amount/ receipt & credit amount/payment coloumn & it also has a balance coloumn. That means after each transaction the account is balanced & the cashier can see that how much balance he has & it must tally with the cash in the cash box. When an entry is made on debit sidethen along with the details in the description coloumn the entry is made with a word "To" and if the amount is entered on the credit side then the entry is made with a word "By",the amount is written the respective amount coloumn. After each transaction the balanceof debit and credit side is calculated and entered in the balance coloumn.


Guest Accounts:
The final transactions between a guest and the hotel is called guest accounts. At the time of guaranteed reservation or check-in the guest accounts are created.We generally follow two types of accounting system: a) Fully automated accounting system and b) Semi automated accounting system. 
a) Fully automated: In a fully automated hotel,the information from the reservation department and from the reception department is transferred to an electronic folio. Electronic folios are automatically cross referenced with the guest with the guest registration card through local area network. A software has been developed which automatically opens a bill folio on registration of a guest and it also records the telephone meter reading. In this system there is only one coloumn of the amount if amount is debited then a sign of '+' is affixed before the amount and in case of credit the sign of '-' is printed before the amount. there is no need to pick up the balance as the balance is automatically transaction are just handled once and the computer automatically records the transaction in the respected accounts.This helps in controlling the errors in posting significantly.
b) Semi automated accounting system: In Semi automatic accounting system, a bill folio is specially designed depending upon the system used. All vouchers are posted with the help of accounting machine. For each transaction room number to be updated is selected, the old balance is picked up then date, department/reference number, amount of the transaction is entered. The balancing and posting to visitors tabular ledger/ day book is done simultameously by the machine. After each transaction the balance of the bill is shown in the balance coloumn. The debit balance is the money owed by the guest to the hotel and the credit balance means that the guest has paid more in advance than the bill due to him and the balance is to be returned to the guest.


Visitor's paid out/cash paid out: Hotel at times pays on behalf of the guests. When a guest connects directly from foreign country, he may not be having Indian currency and hotels pays on behalf of the guest to taxi driver for his fare from airport to the hotel and debits the guests account with the same amount. Visitors paid out payments are made from the imprest or float issued to front office cashier. During the stay, a guest may ask hotel to buy tickets(air, rail,cinema,etc.) and also pays from the hotel account as guest is instructing on phone. Hotel pays on behalf of the guest an debits his account(bill/folio). Before debiting the guests account a visitors paid out voucher is raised, signed and approved by the authorized person from the hotel, guest is also requested to sign ( guest can sign when he cmes to reception).


Restaurant Bills/Debit vouchers : During the stay guest avails various services. Usually he does not pay in cash and instead signs the bills for the services. These signed bills are reffered as debit vouchers. The guest's name and room number is written on the bill and sent to the frontoffice. In case of fully computerized hotels, restaurant cashierposts the guest's bill on his computer and simultaneously the bill is also posted to respective guest's master folio at front office and the charged bill/voucher can be sent to front office  for records purposes. in case of manual system of accounting, the restaurantcashier sends the charged bill to front office either manually or dispatches through pneumatic tube.


Tips/Service charge : It is customary to pay cash as tip to waiter. Guest staying in the rooms find it convinient to debit their bills with tip amount. When the bill is presented to guest for settlement, guest at times add cash to be paid to waiter on his behalf as tips. The tips are immediately paid in cash to waiter and the amount is debited to guest account. The guest settles the bill along with the tip amount either at the time of check-out or subsequently. The tip amount is shown separately in the restaurant sales summary sheet from the food and beverage sale. While posting this bill at front office bills department to guest's account the total amount of the bill/heque/voucher is debited to the master bill/ bill folio.


Rectification of bills/folios : Though hotel staff is careful enough to debit and credit the guest bill properly but still some times due to oversight or any other reason guest is over  charged or under charged. Over charged bill if  presented and paid by guest can create more negative reputation for the hotel. the wrong charging of bills is due to posting error, over charging by mistake, dissatisfactory service, wrong posting of rates, posting a voucher to wrong room etc. The rectification of bills can be done either by correction or by aalowance.


Correction : If the mistake is discovered before closing the account for the day then it can be rectified by correcting/ altering the amount. This method can not be used if the mistake is discovered on the next day. Correction voucher is prepared and authorized by manager before rectifying the error. Sample format of correction voucher is given below.


Allowance : In case the mistake is discovered on the next day to rectify  the mistake  the allowance voucher is prepared and authorized by a manager. In case guest has been charged and rebate is to be given then credit allowance voucher is prepared and on the contrary if guest is under charged then debit allowance voucher is sen t to accounts department and control department.


Non-guest accounts:
Hotel offers credit facilities to local residents who visit hotels and avail various services other than guest rooms. The guests may organize a marriage party conference, meals at restaurants, etc. and instead of paying in cash at the time of services received, hotel allows them to sign the bills and sends them to their offices for settlement on subsequent day or days. The front office or accounts department of the hotel creates non guest accounts to track these outstanding payments. The resident guests at times do not pay cash at the time of checkout. These guest's bills are transferred to non guest accounts for settlement in future.
Sometime non guest accounts are also called city ledger.


Credit Monitoring:  The front office and accounts department must monitor guest non guest accounts to ensure they remanin within house limit. Hotels extendcredit to all guests whether known or unknown. All guests who check in and have enough luggage are usually not asked to pay in advance. The guests are required to settle their bill at the time of check-out.But in case the credit limit during the stay of a guest if crosses the house limit then he is requested by the management to deposit cash.

Overview of Learning Styles

The visual (spatial) learning style

If you use the visual style, you prefer using images, pictures, colors, and maps to organize information and communicate with others. You can easily visualize objects, plans and outcomes in your mind’s eye. You also have a good spatial sense, which gives you a good sense of direction. You can easily find your way around using maps, and you rarely get lost. When you walk out of an elevator, you instinctively know which way to turn.

The whiteboard is a best friend (or would be if you had access to one). You love drawing, scribbling and doodling, especially with colors. You typically have a good dress sense and color balance (although not always!).

 

Common pursuits and phrases

Some pursuits that make the most use of the visual style are visual art, architecture, photography, video or film, design, planning (especially strategic), and navigation. You may use phrases like these:

Let’s look at it differently. See how this works for you. I can’t quite picture it.

Let’s draw a diagram or map. I’d like to get a different perspective . I never forget a face.

The aural (auditory-musical-rhythmic) learning style
If you use the aural style, you like to work with sound and music. You have a good sense of pitch and rhythm. You typically can sing, play a musical instrument, or identify the sounds of different instruments. Certain music invokes strong emotions. You notice the music playing in the background of movies, TV shows and other media. You often find yourself humming or tapping a song or jingle, or a theme or jingle pops into your head without prompting.

Common Pursuits and Phrases
Some pursuits that use the aural style are playing, conducting, or composing music, and sound engineering (mixing and audiovisual work). You may use phrases like these:

That sounds about right. That rings a bell. It’s coming through loud and clear

Tune in to what I’m saying Clear as a bell. That’s music to my ears.

The verbal (linguistic) learning style
The verbal style involves both the written and spoken word. If you use this style, you find it easy to express yourself, both in writing and verbally. You love reading and writing. You like playing on the meaning or sound of words, such as in tongue twisters, rhymes, limericks and the like. You know the meaning of many words, and regularly make an effort to find the meaning of new words. You use these words, as well as phrases you have picked up recently, when talking to others.

Common pursuits and phrases Pursuits that use the verbal style include public speaking, debating, politics, writing and journalism. You may use phrases like these:

Tell me word for word… Let’s talk later. The word you’re looking for is

I hear you but I’m not sure I agree. Let me spell it out for you. In other words…

The physical (bodily-kinesthetic) learning style
If the physical style is more like you, it’s likely that you use your body and sense of touch to learn about the world around you. It’s likely you like sports and exercise, and other physical activities such as gardening or woodworking. You like to think out issues, ideas and problems while you exercise. You would rather go for a run or walk if something is bothering you, rather than sitting at home.
You are more sensitive to the physical world around you. You notice and appreciate textures, for example in clothes or furniture. You like “getting your hands dirty,” or making models, or working out jigsaws.

You typically use larger hand gestures and other body language to communicate. You probably don’t mind getting up and dancing either, at least when the time is right. You either love the physical action of theme park rides, or they upset your inner body sense too much and so you avoid them altogether.
When you are learning a new skill or topic, you would prefer to “jump in” and play with the physical parts as soon as possible. You would prefer to pull an engine apart and put it back together, rather than reading or looking at diagrams about how it works.

The thought of sitting in a lecture listening to someone else talk is repulsive. In those circumstances, you fidget or can’t sit still for long. You want to get up and move around.

Common Pursuits and Phrases
Pursuits that involve the physical style include general physical work, mechanical, construction and repair work, sports and athletics, drama and dancing. You may use phrases like these:

That feels right to me. I can’t get a grip on this… Stay in touch. Get in touch with

That doesn’t sit right with me. I have good feelings about this. My gut is telling me… I follow your drift.

The logical (mathematical) learning style
If you use the logical style, you like using your brain for logical and mathematical reasoning. You can recognize patterns easily, as well as connections between seemingly meaningless content. This also leads you to classify and group information to help you learn or understand it.

You work well with numbers and you can perform complex calculations. You remember the basics of trigonometry and algebra, and you can do moderately complex calculations in your head. You typically work through problems and issues in a systematic way, and you like to create procedures for future use. You are happy setting numerical targets and budgets, and you track your progress towards these. You like creating agendas, itineraries, and to-do lists, and you typically number and rank them before putting them into action.

Your scientific approach to thinking means you often support your points with logical examples or statistics. You pick up logic flaws in other peoples words, writing or actions, and you may point these out to people (not always to everyone’s amusement). You like working out strategies and using simulation. You may like games such as brainteasers, backgammon, and chess. You may also like PC games such as Dune II, Starcraft, Age of Empires, Sid Meier games and others.

Common Pursuits and Phrases
People with a strong logical style are likely to follow such pursuits as the sciences, mathematics, accounting, detective work, law and computer programming.

You are more likely to use phrases that reflect you’re most dominant style out of the visual, aural or physical styles, however you may also use phrases like these:

That’s logical. Follow the process, procedure, or rules. There’s no pattern to this

Let’s make a list. We can work it out. Quantify it, or prove it!

The social (interpersonal) learning style
If you have a strong social style, you communicate well with people, both verbally and non-verbally. People listen to you or come to you for advice, and you are sensitive to their motivations, feelings or moods. You listen well and understand other’s views. You may enjoy mentoring or counseling others.

You typically prefer learning in groups or classes, or you like to spend much one-on-one time with a teacher or an instructor. You heighten your learning by bouncing your thoughts off other people and listening to how they respond. You prefer to work through issues, ideas and problems with a group. You thoroughly enjoy working with a “clicking” or synergistic group of people.

You prefer to stay around after class and talk with others. You prefer social activities, rather than doing your own thing. You typically like games that involve other people, such as card games and board games. The same applies to team sports such as football or soccer, basketball, baseball, volleyball, baseball and hockey.

Common pursuits and phrases
Some examples of pursuits that people with a strong social style may follow include counseling, teaching, training and coaching, sales, politics, human resources, and others.

As with people with the logical style, you are more likely to use phrases that reflect your dominant style out of physical, aural and visual styles. Here are some other phrases you may also use:

Let’s work together on this. We can work it out. Tell me what you are thinking.

Help me understand this. Let’s pull some people together to discuss. Let’s explore our options.

The solitary (intrapersonal) learning style
If you have a solitary style, you are more private, introspective and independent. You can concentrate well, focusing your thoughts and feelings on your current topic. You are aware of your own thinking, and you may analyze the different ways you think and feel.

You spend time on self-analysis, and often reflect on past events and the way you approached them. You take time to ponder and assess your own accomplishments or challenges. You may keep a journal, diary or personal log to record your personal thoughts and events.
You like to spend time alone. You may have a personal hobby. You prefer traveling or holidaying in remote or places, away from crowds.

You feel that you know yourself. You think independently, and you know your mind. You may have attended self-development workshops, read self-help books or used other methods to develop a deeper understanding of yourself.

You prefer to work on problems by retreating to somewhere quiet and working through possible solutions. You may sometimes spend too much time trying to solve a problem that you could more easily solve by talking to someone.

You like to make plans and set goals. You know your direction in life and work. You prefer to work for yourself, or have thought a lot about it. If you don’t know your current direction in life, you feel a deep sense of dissatisfaction.

Common pursuits and phrases Those that have a strong solitary style include authors, researchers, park rangers and security guards. Peak performers in any field often have a good solitary style behind other more dominant styles. You are more likely to use phrases that reflect your other dominant styles. Here are some other phrases you may also use:

I’d like some time to think it over. This is what I think or feel about that

I’d like to get away from everyone for a while. ·        I’ll get back to you on that.

Write an effective communication

      How to Write An Effective Communication Quickly

   When you have an effective communication to get out and time is of the essence, you want to be sure that critical details aren't missed.

The following steps will explain how to write a memo quickly and efficiently.

•        Step 1

Know your audience.
Who will receive the communication? Your audience will determine the language, tone and content of the memo.

•        Step 2

Identify the sender.
Almost as important as knowing who the message is going to, is who is sending it. The memo should be written in a way that complements the sender's personality and style.

•        Step 3

Identify the key message(s).
What is the purpose of sending out this communication? Is there an action required? Is it for information only? Clarify the intent of the communication and you will be able to establish the key messages that will be stated.

•        Step 4

•        Use the journalist standard in developing your content: who; what; when; where; and how.

•        Asking yourself these questions will help you craft the final content.

•        Step 5

Tell them, tell them, then tell them again.

The key message or purpose of the communication should be stated at least three times in the communication (depending on length). If dates or deadlines are part of the message, you may want to consider bolding those items or putting them in a different colored font so they stand out in the message.

•        Step 6

Always add a contact.
There are always questions when a communication goes out, so save yourself some time and provide support to your audience by listing a contact at the end of the communication that your audience can get in touch with to ask for more information.

Writing a startegic communication

•        How to Write a Strategic Communication Plan

•        The purpose of writing a communication plan is to effectively use communications as a tool to help solve a problem or exploit an opportunity.

•        Large corporations retain communication specialists experienced in writing plans to assist them with issues of management and day-to-day business operations.

•        Being prepared and thinking about what you want to say, to whom you need to say it and why it needs to be said could mean the difference between good or poor communication.

With a little practice, you can write your own communication plan for your organization or business. The following steps make up a typical communications plan. Follow them through and in no time you will have a fully developed plan.

•        Step 1

Executive Summary

This provides the reader with a general overview of what the communication plan seeks to accomplish. Tell the reader what the problem or opportunity is and what the impact will be to the organization. Then explain how the plan will help solve the problem or help the opportunity.

•        Step 2

Situational Analysis

In this section you'll want to list all the issues that will be addressed in the plan. Along with each issue, provide facts about the issue or what affect this issue will have on the business.

•        Step 3

Key Messages

These are the messages that you ultimately want to convey in your communications.

•        Key messages should be simple and clearly written.

•        For example, if you're putting together a communication plan because your company is closing an office, one of your key messages might be, "While the XPZ will be closed permanently at the end of next month, there will be no job loss. Employees will have the opportunity to transition to other positions within the company."

•        Step 4

Stakeholders

•        It may sounds like a difficult term, but really this is just about identifying your audience. This could include stakeholders such as employees, managers, investors or the media.

•        You might even want to segment each audience. For example, employees might be broken up into groups of new employees versus long-term employees or unionized employees versus non-unionized employees.

•        This section is important because it reminds you that your message needs to hit different groups of people with potentially different needs and expectations.

•        Step 5

Planning and implementation

Think of this as the master to-do list to achieve your objective. It's easy to keep track of your plans using a worksheet or table format. Your columns should use the following headings:

•        Date/Timing; Action; Description/Comments; Target Audience; Objectives; and Lead/Responsible.

•        On each line or row, list the steps required to move your plan from start to finish.

•        You'll want to include actions such as conference calls, meetings, memo distribution or whatever needs to take place to bring your plan to completion.

•        Step 6

Evaluation

How will you know if you achieved your objective?

•        List the things that will happen or what will be achieved to consider your plan a success.

•        By evaluating your plan you will learn what messages worked with what audience, which activities had the greatest impact and which ones were a waste of time.

•         By measuring your success you will be in a position to develop a stronger, more comprehensive plan when the next issue or opportunity develops.

Corporate Communication Made Easy

      Corporate Communication Made Easy

•        Defining communication

   In order to understand corporate communication, you must be able to first define the word communication itself. Communication is simply the act of giving over information - this can be done through talking verbally or through writing.

How corporations use communication

   Corporate communication is the act of businesses giving over information about their company. This can be done through talking in person, talking on the phone, billboards, websites, product brochures, television advertisements and more.

•        What is internal communication?

•        Internal communication is the aspect of corporate communication where employees exchange information to each other. It includes all aspects of company personnel exchanging information.

•        Internal corporate communication includes managers handing over information to employees, employees communicating to each other on as equals, communication between different divisions within the same company, and other such information sharing.

•        Internal corporate communication is the backbone of strong company communication as without being able to communicate within the company, you will not be able to build or grow the company.

•        What is external communication?

•        No definition of corporate communication is complete without understanding external communication.

•        External communication is how businesses and corporations send their message outward. It is how companies define themselves to the outside world and how they give over this message.

•        Included in external corporate communications is creating websites, attending tradeshows, distributing product brochures, calling customers on the phone, and more.

•        What are other the related terms?

•        To get a full definition of corporate communications, you must also understand related terminologies.

•        Other terms related to internal communication include project management, business meetings, company intranet, internal technical documentation, etc. Other terms related to external communication include PR, marketing, advertising, branding, etc.