If you are thinking of starting a business, you will need a broad array of entrepreneurial skills to succeed in today's competitive market. You must possess basic skills necessary to enable you to start, develop, finance, and market your own business enterprises. There are a number of qualities and skills you need to have, including personal attributes, business skills and management capability. While you may not have all of them right now, there are five basic skills you really must have to run any kind of business.
These five skills are:
1. Sales and marketing skills. Sales and marketing are the two most important skills you must have when you plan to start your own business. A business is nothing if it has no customers. You may have the fanciest computer with the latest graphics software, but if no one is knocking at your door to hire you as a graphic designer, then you better rethink why you are in business in the first place. Maybe you are better off employed by a firm. To have revenues and profits, you first need to have customers. To get customers, you must be able to market your business and possess the skills to close the sale.
As you plan your business, you must begin to think how to reach your target audience and the people who may need your products or service.You must have a knack for understanding what people wants, listening to their needs, and interact well with other people.It would be extremely helpful if you possess excellent written and oral communication skills to help you sell your products and services. You need to create a buzz about your business by talking to people and presenting to them your business. Starting a business is a time to get out of your timid self and begin to aggressively market your venture. That’s the only way you can succeed.
2. Financial know-how. You are in business to make money. Therefore, the most important skill you must have is the ability to handle money well. This includes knowing how to stretch the limited start-up capital that you have, spending only when needed and making do with the equipment and supplies that you currently have. You also need to identify the best pricing structure for your business in order to get the best kind of return for your products or services.
If you are able to manage your cash flow well when the business starts to run, you will be able to survive the ups and downs of self employment. The important thing is to always focus on the bottomline. For every spending, always ask yourself: “How much will this contribute to my bottom line?” If it will not give your business anything in return financially, better think twice before opening your wallet.
3. Self-motivation skills. To succeed in business, you must be a self-starter with a clear desired goal in mind. You must have the confidence in yourself, and in your ideas.Only you will create the plans, and change them should the situation shifts. You need to be smart enough to know when you need to go ahead, and when to stop. More importantly, you must be willing to focus your energy and work hard towards each and every step that will make your enterprise a success.
4. Time management skills. The ability to plan your day and manage time is particularly important for a home business. When you wake up in the morning, you must have a clear idea of the things you must do for the day. You must have the ability to multi-task - be the secretary,become the marketing man- and become a bookkeeper before your closing hours. You simply have to know how to manage time and prioritize your tasks.
5. Administration skills. Over and above the tasks of managing, marketing and planning your business, you also need to possess a great deal of administration skills. You need to file your receipts so tax time will not be difficult. You need to do all the work in terms of billing,invoices, collecting payments, and managing your receivables.
Starting a business is never easy, even if you have the perfect background and possess all the above skills. Having all the needed skills and qualities will not even ensure your success. But having these basic skills will, at least, lessen the pain of the start-up process, giving you greater chance in seeing your business grow and prosper.
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