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The Top 6 Skills You Need to Succeed in Business

4/11/2018

4 Comments

 
The Top 6 Skills You Need to Succeed in Business
​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. 
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4 Comments
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4/22/2018 07:10:57 pm

In doing business, it's also important that you know your clients. By that, you will be able to assess their needs as well as their desires. Having a great connection with your clients make the whole process easier. Business is a complex world, that's why it's going to save a lot of time if communication is not a big problem for you anymore! By the way, thank you for all the advices, it was a sure thing that I've learned a lot!

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Alexandra link
4/23/2018 01:28:51 am

Hi and thank you for your comment!

This is a very good point you are making. In our line of work -- especially when we're dealing with clients we have never met in person -- it is crucially important to be able to assess who we are dealing with. But as J. F. Kennedy once said, "Let us never negotiate out of fear; but let us never fear to negotiate".

Successful interaction requires empathy, strength, knowledge, intuition and...the will to give it a try.

Negotiation -- such a mellow word and yet such a difficult task. A very good book on the subject (amongst other useful topics for the office worker) is the Dorling Kindersley 'Essential Manager's Manual'. In good old DK fashion it sets out essential steps and points to consider in clear and easy to read fashion (like my bloggers do on a tiny scale). And it's a treasure trove of wisdom of the 'reassuring' kind. Such as this reminder:

"Be flexible -- it is a sign of strength, not of weakness."

Wishing you all the best for your (business) endeavours. Let me know if you have any topics that you would like to read about on this blog.

Alexandra

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6/22/2018 09:47:36 am

Those marketers who are willing to do a business must be mindful of its surroundings. He or she should make a test into the advantages and disadvantages of his product or service to its environment. We should make sure that we invest into something useful to people and not just only by our likes. Money is really hard to earn nowadays so we must use it in a good and proper way. Having a unique selling proposition is also a good technique in order for your product to gain sales.

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Alexandra link
6/24/2018 12:08:24 pm

Hi and thank you for your comment!

I absolutely agree with you. No matter where you look, our beautiful planet is being subjected to the most appalling forms of exploitation and destruction. We have neither the right nor can we afford to turn a blind eye to its suffering. As individuals we may be helpless to stop the worst atrocities. But it’s never wrong to draw attention to them and speak our mind. And you can say it’s only ‘virtue signalling’ on my part – I know what I believe and the values I want to live by.

Speaking of values, I know that as a translator I have a responsibility to adhere to certain values. I am happy to do so, not only because I like most students I gave an honour pledge upon graduating, vowing to uphold professional standards and abide by the principles of a code of ethics, but because I believe in making conscious choices that provide ‘the greatest happiness to the greatest number’ (or something like that).

I’m no Benthamite, though. I know that people have dreams and desires that I do not share or condone. Take face recognition software, for example. It will make cities safer and shopping easier. Yeah, okay, got that. But what about all the other uses? Or what about electric vehicles? How environmentally-friendly are they?

A unique selling proposition is almost a prerequisite in any business field. And the fact that you mention it in connection with utility and ethics reminds me of an episode I witnessed early on in my student days back in the 90s: I was on the underground, walking towards the escalators, when a young man in front of me took a sticker out of his pocket and stuck it to the metal casing of the escalators. The sticker read:

‘Atomkraft: Nein danke!’ [Nuclear power: no thanks!]

What he then did reminded me of how important it is to be consistent in all you do. Rather than throw the backing paper into the litter basket, he dropped it on the floor! (For someone else to pick up, presumably.) So, I got his backing, which he dropped right in front of my feet – but he won’t get mine. (Pun intended.)

Yours,
Alexandra

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