by Samuel Gitukui
For anyone who has contemplated on starting a new business, you know that thought that lingers at the back of your mind and causes you to doubt yourself. “Do I have what it takes?” Being successful in business in part requires certain skills. The good news is they can be developed over time.
So, what are these 6 important skills that every entrepreneur needs in order to be successful? Let’s find out!
1. Money Management Skills
You will not be able to manage the money that is flowing to your business if you are unable to manage your personal finances. Ask yourself a couple of important questions. Do I make more money than I spend? Do I know how I spend my money each month?
The answers to these questions will give you insight on your money management skills. Start by learning to manage your personal money, only then will you be able to manage your business’s finances.
2. Learn to Be Productive
Research has shown that the most successful entrepreneurs have an uncanny ability to be productive. In fact, they work over 12 hours more than full time employees.
Find out when you are most productive. Is it in the morning, evening, or during day time hours? It is important to also track your progress and find out where you waste the most time. You can then use this information to reduce wasted effort and make yourself more efficient.
3. Be Able to Brand Yourself
Business is moving more and more towards shorter term contracts in what is known as the “gig” economy. What’s more, there is a lot of competition. This is why you need to enter the market with a strong brand to help set your business apart.
So how can you build on your brand? Well, by working on your customer relations, employees and professional reputation. Make sure people are satisfied with what you offer.
4. Conducting a SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities and threats. A good entrepreneur requires the ability to evaluate these. By understanding your strengths as well as your weaknesses, you can make the best decisions as to the type of venture you will undertake or the partners you might bring into the business.
5. Hiring the Best People
A company is only as good as its employees. If you want your business to thrive, you need the right caliber people working for you.
This point goes hand in hand with understanding your weaknesses. Once you know what you are not good at, you will be able to pick the best people for the task.
6. Learning to Close the Deal
Sales and marketing are the lifeblood of any business whether it’s a sole proprietorship or a multi-national. You have to learn the skills of closing a deal if you are going to succeed.
Often many entrepreneurs think that they can simply hire sales people. However, it is paramount that you learn the skill before the business grows to a point where you are increasing number of employees.