LESSON 10 Applying Entrepreneurial Mindset in the Workplace.pptx

The Bachelor of Science in Entrepreneurship (BS Entrep) is a four-year course offered in the College of Business, designed to provide undergraduate students an in-depth understanding and appreciation of new venture operations in small business enterprises. It aims to equip young students with entrepreneurial spirit to realize a vibrant and developing economy in the hands of the Filipinos and develop desirable qualities of leadership, social concern, and moral values among them.

1. LESSON 10 Applying an Entrepreneurial Mindset to the Workplace JENNY L. LLANO, MPA Asst. Prof. Lecturer II

2. Th e entrepreneurial mindset , refocuses on the "fail fast and fail often" frame of mind - embracing growth and continuous improvement for substantial gain. Having an entrepreneurial mindset involves taking risks, pursuing learning wholeheartedly, and leading change. These principles can apply to start-ups, small businesses, and large enterprises/corporations alike.

3. Entrepreneurial mindset’ is also a mindset rather than just a collection of skills. View obstacles as chances for growth and seek-out areas in the business to initiate change. This will require you to being open to stepping beyond your comfort zone and experimenting with new experiences, even if it results in encountering failures along the way.

4. Advantages of the Entrepreneurial Mindset Encouraging employees to think creatively and to think outside the box can result in positively trending innovation and creativity levels within your team. The entrepreneurial mindset is guided by multiple key principles. A crucial aspect is being open to taking chances . Entrepreneurs recognize the importance of taking risks for progress and are prepared to go beyond their comfort zones to achieve their objectives. Another important principle is having a strong interest in acquiring knowledge . Entrepreneurs are always on the lookout for fresh information and opportunities to enhance their expertise and abilities.

5. Time and effort are required to cultivate an entrepreneurial mindset; it requires dedicating oneself to self-improvement and embracing novel opportunities. To begin implementing this mindset, establish ambitious objectives for yourself. Goals that challenge you to think and behave in new ways can assist in cultivating the habits and actions linked to an entrepreneurial mindset.

6. Google is an example of a company that has effectively implemented an entrepreneurial mindset within its workforce. This method has resulted in the creation of a few of Google's most profitable and thriving products, like Gmail and Google Maps. Sundar Pichai, the CEO of Google, famously stated that "The core of Google's success is its innovation."

7. Are you prepared to adopt an entrepreneurial mentality at your own job?

8. C ultivating an entrepreneurial mindset is a process and practice , not a final goal. Welcome and accept the challenges and opportunities that present themselves, and you will be on the path to accomplishing great things in your professional life. By adopting these values and dedicating yourself to self-improvement, step-by-step, you can build a more satisfying and influential career for yourself.

9. What is operational efficiency?

10. Operational efficiency is making the most out of available resources such as time, people, equipment, inventory, and money to deliver products or services in a profitable way. Efficient operations aim to reduce waste and latency in your business so that every penny you spend delivers a return on investment.

11. Is productivity similar to efficiency?

12. Operational efficiency example An IT firm develops apps for clients. The project manager predicts a project should take 4 weeks but - due to bottlenecks and double-booked developers - it takes 8 weeks and involves the use of higher-cost contractors. This suggests the company isn’t predicting  resource availability  or capacity accurately - and that has consequences for project margins, schedule, and customer satisfaction.  Delayed projects mean higher costs and delay to revenue realization Discrepancies between projected and actual costs undermine financial planning Discrepancies between planned and actual schedule have consequences for contingent projects Some staff have been under-utilized, others are overworked The use of contractors incurs additional resource courses at the company’s expense The customer is unlikely to be happy with the delay 

13. The purpose of operational efficiency The objective behind adopting an operational efficiency mindset is to minimize the time spent by workers on non-value-added activities or inefficient processes. By maximizing the focus on value-added work, this approach can significantly enhance a company's competitiveness and profitability, making it more agile and successful in the market. N ew research in the UK reveals that the average UK office worker is only productive for 2 hours and 53 minutes each working day.  While having some downtime is beneficial to employees, to become more operationally efficient, you'd like to eliminate as many non-value-adding tasks (also known as waste) that consume everyone's time. 

14. Waste typically falls into two categories: Necessary but non-value-adding activities These include essential yet non-value-adding tasks such as administrative duties. 2. Completely useless activities This category comprises activities that provide no value whatsoever and should be eliminated.

15. Benefits of operational efficiency Reducing costs 💸 Operational efficiency reduces costs by using resources better. For example, in a professional services business, people are your highest cost. If you can optimize their workload and processes - so that they’re delivering more work within the same working hours/wage cost - you're getting more output for the same input.  Higher revenue and profitability 💰 By reducing wastage in your operations, you can deliver the same products at a lower cost, which means more profit. Or you can increase your outputs at the same cost, meaning the potential for revenue growth. For example, if you can save 100 hours on existing Project A, you can reinvest that time in delivering new Project B.

16. Benefits of operational efficiency Shorter lead times/time to market 📄 Operational efficiency means working smarter and that often results in working faster. As a result, you can get new products to market quicker or deliver projects in a shorter timeframe. This has lots of benefits, from delighting customers with your speedy service, to stealing ahead of your competitors with a new product.  Quality and customer satisfaction ⭐ Operational efficiency can drive up product or service quality. Consider automation for example. Manual, repetitive tasks can sap your team’s time and creativity. If you automate those processes, the tasks still get completed (often to a higher standard with less human error). And your team gains back time for more value-adding activity. Like strategy or product development, instead of spreadsheets and data entry. This can drive up product quality, at no extra cost to your business.

17. Benefits of operational efficiency Increased business agility 🤸 When you operate efficiently, you’re more agile and able to exploit new opportunities. Building on the example above, imagine your business has the chance to quote on a new project. But your PMs are so tied up with manual tasks managing your existing projects, that you don’t have the time to work out capacity and resource availability for future projects. So the opportunity passes you by. Staff engagement and retention 📈 Inefficient processes are time-consuming and boring - which can leave your staff feeling frustrated, overworked and undervalued. Improving operational efficiency gives your team more time for stuff that engages, excites, challenges and develops them - which means they’re more likely to be working to optimal capacity and less likely to be looking for a new job! Think they’re not looking? Think again.  Microsoft reports  more than 40% of workers are considering leaving their employer in the next 12 months. 

18. Benefits of operational efficiency Proactivity instead of reactivity 🤓 Truly efficient operations reduce wasted time and effort, increase transparency between teams, and improve data flow. This means your managers have more time and accessible information for better decision-making. Instead of feeling overstretched and constantly on the back foot, they have time to be proactive and strategic. This, in turn, can improve every element of your business.

19. How do you measure operational efficiency? The operational efficiency ratio adds operational expenses to the cost of delivering your services or goods, then divides that number by your net sales. This results in a number, which can be expressed as a percentage, that shows how much of your net sales are absorbed by costs. However, this ratio isn’t the only way to measure operational efficiency. Different businesses will use other measures to create a more holistic picture of business performance. For example, in a service-based business, you would want to also look at metrics relating to: Resource utilization Billable vs non-billable hours Profitability

20. Of course, stats and figures only tell part of the story. You also need to consider qualitative measures of operational efficiency.  Do processes  feel  efficient? Are staff slowed down and feeling frustrated? Are they working long hours to meet deadlines and risking burnout? Are customers happy with your product or service? Or do they complain about  lead times , processes, and deliverables? 

21. How to improve operational efficiency  Improving how you manage your human resources will make a significant difference to the operational efficiency of your organization. 

22. T en ways to improve and align your people, processes, technology, and data 1. Optimize your resources Resource optimization  is the process of allocating and managing resources in the most efficient way possible. The purpose of resource optimization is to maximize productivity by reducing the direct costs of labor. Resource optimization techniques can also help you improve performance and meet customer requirements better.  Assigning the right people to the right projects at the right time.  ‍Avoiding underutilization Avoiding overutilization

23. 2. Review processes Business transformation is achieved through the golden triangle of people, processes, and technology - the PPT framework. People do the work, processes make that work repeatable, and technology makes those processes more efficient. So it’s essential that your processes are fit-for-purpose and operationally efficient. Understand current processes Realign and redesign processes Avoiding overutilization

24. 3. Automate processes One of the major barriers to operational efficiency is unnecessary manual processes. In the new age of automation technology, there is no excuse for these time-consuming, labor-intensive activities. Automating processes improves operational efficiency by: Reducing the time your staff spends on unnecessary processes - creating more capacity without additional cost  Reducing the time it takes to complete certain tasks - speeding up workflows, decision-making and time-to-market Freeing up resources for activities that really need their attention - improving quality and customer outcomes 

25. 4. Improve cross-team collaboration Your business depends on those teams working well together - sharing information in a timely way, working together for the greater good - but that doesn’t always happen. This can undermine operational efficiency in lots of ways. Relying on information or input from other teams can cause bottlenecks and delays Misalignment between team priorities can cause frustration and friction Isolated projects and initiatives risk duplication and inconsistencies Siloed data makes it hard to get cross-functional insights for strong decision-making

26. 5. Make data more accessible Access to accurate data is essential for informed and timely decision-making, so siloed data is a big barrier to operational efficiency. Standardizing and centralizing data in a single source of truth ensures all departments are working with the same information - and managers have 360-degree insight into overall organizational performance. When looking to improve your data availability, consider the following:  The essential information you need to measure and monitor, to improve operational efficiency  Breaking down data silos by standardizing and centralizing data systems Using software that automates data processing and visualization - to gain insights more quickly and easily 

27. 6. Invest in time management In a service-based business, time is literally money, so it is important to track how time is being spent. Research shows that workers spend  2.8 hours a day  on productive tasks and only  27% of their time  working on tasks directly related to their skills.  Time tracking is one way to monitor and improve  time management  - and make sure your resources are being used efficiently. This doesn’t mean forcing your staff into 100% productivity or  billable hours . That isn’t realistic. It simply means focusing your staff on work where they and their skills add the most value to your business.

28. 7. Introduce project controls No project ever goes to plan - even with expert PMs at the helm. It’s important to track and evaluate how a project is progressing, so you can make changes if necessary.  Project controls  let you manage risks that emerge from the unexpected - like a team member needing to take sick leave or being moved to another project - to manage costs and customer outcomes. Project controls include - but aren’t limited to: Project scope statement Work breakdown structure Risk management plans  Change management processes By providing a framework for measuring, monitoring, and correcting project performance, project controls can significantly improve operational efficiency - by preventing projects from going off course and costing you additional time and money. 

29. 8. Think ahead To improve operational efficiency long-term, you obviously need to think ahead. ‘You should be thinking about 3-, 5- and 10-year goals and how to get there. That means aligning your investments and innovation to your longer-term strategic objectives. Project controls include - but aren’t limited to: Capacity planning Capability building Automation and innovation

30. 9. Set goals to empower employees We’ve already established that - in a service-based business - your people are your biggest asset and cost. So helping them work efficiently will drive up operational efficiency overall.  According to Ella, setting goals and empowering employees to achieve them is key. Employees need goals and Key Performance Indicators to: Help them translate strategic initiatives into realistic work plans Understand how their work ladders up to the company’s overall direction of travel Recognize and celebrate their achievements and contribution

31. 9. Set goals to empower employees Managers must : Break down ‘big picture’ objectives into smaller, achievable goals Have regular 1:1 catch-ups to check progress and resolve roadblocks Ask employees what they need to achieve their KPIs and resource them appropriately Foster a culture of openness and experimentation

32. 10. Experiment with new ways of working  If there was ever a time to try new things, it’s now. More and more organizations are experimenting with new working models, and ways to engage remote and hybrid teams. For example, Runn has moved to async work.

33. Thank you