It takes more than vision, planning and
branding to become a successful entrepreneur. The skill-set palette of the
successful business owner is one that is wide and varied, with a number of
abilities that take time and commitment to cultivate. You can’t just want your
company to be great, you have to make it great, but that takes a bit of
internal work first, and it takes developing the skills you need to thrive in a
fast-paced world. Success demands more than hard work, resilience, and
expertise in your field.
In order to succeed, you need to understand
and become proficient in a set of fundamental business skills
Analytical Skills
Today’s workplace is becoming more technologically advanced and complex. With
this rapid increase of technology, the need for analytical thinking also
increases. Analytical thinking is the ability to objectively assess the present
state of your business, to determine where you want to be in the future, and
what to do in order to close the gap between the present and the future growth
of your business. The key is to know how to gather, review, and evaluate data
that is necessary to formulate and express compelling arguments.
Negotiation Skills
Almost everyone
negotiates informally on a daily basis,
without even being aware of it. Formal negotiation is a skill that can be
learned through experience and practice. People who negotiate frequently tend
to be more skilled at it than people who have not participated in many formal/informal
negotiations. Experienced people are more likely to know what to say, when or
when not to say it, or make concessions. The key is to know how to develop a
win-win approach in negotiations with all parties, while at the same time
keeping in mind that you also want to obtain the most favourable outcome
possible for yourself.
Strategic Planning
Strategic planning is a very important business activity. It is a process of
defining your company’s strategy or direction and making decisions on allocations
of resources of capital and people. The key is knowing how to project your
company’s future performance, within a three-to-five-year framework or more,
supported by your well-defined business plan.
Communication
Skills
Communication is an
important part of life, though it is often taken for granted. When you think about
it, almost everything you do requires improved communications. To be effective
in business, you have to communicate well. When you hire a new employee, good
communication skills help you select the right person. When you communicate
with your various stakeholders, you need to be clear about your expectations
and sensitive when dealing with problems. The key is to know how to effectively
communicate your vision with passion and conviction.
Delegation Skills
Delegation involves assigning
responsibility to other people
for the completion of work. The ideal position that you want to obtain is one
where your staff carry out all the routine activities of your business.
Effective delegation involves achieving the correct balance between effective
controls and allowing people to complete their jobs effectively. The key
element is knowing how to make your business work, with as little input from
you as possible.
Leadership Skills
Leadership is a
process of getting things done via people.
Leadership, a critical management skill, is the ability to motivate a group of
people toward a common goal. It is also the ability to take charge, assemble,
mobilize, and motivate teams. The key is to know how to forge long-term relationships
with prospects, customers, suppliers, employees, and investors.
Team-Building Skills
Team building and
teamwork skills are essential for an entrepreneur in today’s
workplace. People working at their potentials in teams generate better solutions
and more productivity than individual members working independently. The key is
to know how to build teams of employees, partners, advisors, and investors that
will help you take your business to the next level.
Time Management Skills
Time management is a
set of related common-sense skills that help you use your
time in the most effective and productive way. Time Management is a very
important skill to master. Learning this skill will empower you to achieve more
and to use your time wisely. The key is to know how to manage your time
efficiently and to focus on the activities most likely to deliver value to your
business.
Sales and Marketing Skills
Establishing
successful sales and marketing methods and policies – from pricing and
advertising to sales techniques – are essential in growing your business. The
ability to analyze your competition, the marketplace and industry trends is
critical to the development of your marketing strategy. The key is to know how
to craft and communicate a compelling message to the right target audience that
generates new business, and in turn, builds profitable revenue streams.
Cash flow Management Skills
Cash flow is
generally acknowledged as the single most
pressing concern of the small and medium-sized businesses. In its simplest
form, cash flow is the movement of money in and out of your business. Cash flow
is the life-blood of all growing businesses and is the primary indicator of
business health. The effect of cash flow is real, immediate and, if mismanaged,
totally unforgiving. The key is to know how to monitor, protect, control, and
put cash to work.
Financial Management Skills
The activity of
finance is the application of a set of
techniques that individuals and businesses use to manage their money,
particularly the differences between income and expenditure and the risks of
their investments. The need for timely budgeting and reporting of financial
performance is of the utmost importance. The key is to know how to interpret
and analyze your financial statements, in such a way, as to identify the items
that are adversely affecting your profitability.
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