What Skills do I Need to Run a Small Business?
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Question:
What are the essential skills you need to run a business? What are common difficulties that most entrepreneurs will inevitably face? I want to prepare myself ahead of time!
Answer:
Here’s a short list of skills:
• Ability to Work Independently
It’s important to be able to work without an imposed structure. You’ll need to create your own structure. You need to be a self-starter, and self-disciplined.
• Networking Skills
Networking is most important in the start-up phase. For one thing, you’ll need financing, and it’s best to get referrals for that. And then you’ll need to make yourself known in the industry through conferences, trade shows and other events. Nothing beats a face-to-face meeting.
• Financial Skills
You may hire an accountant, but you’ll still need to understand your company’s finances. Financial statements can be a management tool. They can clarify the business’ current position and help to plan the future. They expose weaknesses and help to create balance.
• Marketing Skills
An entrepreneur needs to understand all the elements of marketing. These involve price-setting, promotion, choosing distribution channels and developing the product itself. And they all need to be coordinated. Your product will need a unique niche in the market.
• Visionary Skills
If you’re starting a business, you need to envision where it – and you – will be in five years. Ambition isn’t enough – you need clear, realistic goals. Your market offering needs to be unique, and that means you need to imagine something that no one’s seen yet.
- Steve Greechie MBA
Tags: entrepreneurship, skills, small business
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