Sunday, 22 May 2011

Valuable Business Skills For Entrepreneurs

By Tony Jacowski

Congratulations! You have officially decided to quit the rat race and strike out on your own. Certainly, being your own boss has its perks. However, it also has its disadvantages. The advantages include being able to work at your own pace while experiencing the excitement of having your own business. On the downside, you shoulder all the burdens and responsibilities, including the possibility of being less than successful. As you navigate your way toward your business goals, keep these valuable business skills in mind so as to help you achieve success in the future.
Accounting skills- First and foremost, you are running a business to generate profit. Apart from the personal satisfaction and the opportunity to be of service to others, your business is only successful if it generates a healthy profit for you, after you take the time to pay all of your employees. Thus, you need to have accounting skills to help you keep tabs of the financial aspects of your operation. With such skills, you can at least be on top of the situation and make financial decisions along the way.
Business planning skills- Aside from the above, an entrepreneur must also have business planning skills that will allow him or her to achieve in concrete steps the objectives or targets set for them at the beginning of the business year. This kind of skill requires vision and foresight, as well as the ability to look into the bigger picture. By having these, you can then plan accordingly and allocate resources and manpower needed to ensure the successful achievement of the targets. Of course, setting these goals is also not an easy task that should every be overlooked.
Marketing savvy- Even if you are not a marketing whiz, you will need to have some basic knowledge of marketing strategies and how these can be applied to your specific business. Chances are, you are starting from the bottom, and as such, you need a great marketing campaign to get your message across and introduce your products or services to your target audience/market. Business skills under this category include being able to convince and influence people into buying/patronizing what you have to offer. If no one can find you, they cannot buy your products or make use of your services
Interpersonal skills- As an entrepreneur, you will have to communicate with people from all walks of life. Thus, you need to be able to communicate well and convey a sincere yet authoritative tone when dealing with these people. This will allow you to get what you want and even influence others into a compromise, which should be often for a starting entrepreneur such as yourself. This does not only apply to customers but also to colleagues and employees.
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