Starting a business means carrying a lot of responsibilities. You will require a number of skills to start and run any type of business. It is therefore important to identify the skills you need to develop or improve so that you can succeed in your day-to-day business operations.
Business skills are important component of workplace success. Whether you are a business owner or an employee, possessing certain business skills can positively impact the efficiency, performance and productivity of the company. Although there are many business skills required for every entrepreneurs, however, to be a successful entrepreneur it requires having the right skills.
This article will help you identify the necessary business skill for Nigerian Entrepreneurs.
Top Business Skills For Successful Entrepreneurs
Financial management Skill
Every businesses need to make money, which means entrepreneurs need to know how to manage their finances effectively. No matter what kind of company you run, control of your finances will help you avoid losses and grow your business faster. Being able to effectively manage your finances is critical. You will need to be able to forecast your cash flow and sales, as well as, monitor your profit and loss.
Financial management skills include the ability to analyze the current market, understand investment benefits and risks, timely and effectively budget and identify anything that is negatively impacting the company’s bottom line.
This is one of essential key skill for any entrepreneur. “Leadership is the ability to influence other people, with or without authority.” It is very easy to get others to obey your orders when you are their superior in the chain of command; the key lies with those who, even without pulling rank, can get others to share their vision and follow them. It is the ability to organize and motivate a group of people to achieve a definite set objective. Among other necessary skills, leadership skills can mean the difference between an average and a successful entrepreneur.
The entrepreneur have to do this through innovation, risk optimization, taking advantage of opportunities, and managing the dynamic organizational environment.
Effective communication is a pre-requisite trait for every enterprise to taste success at an accelerated pace. Entrepreneurs always try to improve their communication skills because it will assist them in sharing their ideas and presenting them clearly and to constantly work in a better way with their staff, team members, clients and colleagues.
Effective communication skills include both verbal and written and should allow you to clearly communicate information in a way that is easily understandable, Every Entrepreneurs needs some distinct skills needed for effective and successful communication. These includes Negotiating, Presenting, Writing, Body Language, Conversing, Mediating, Debating, and Listening.
Along the way of your entrepreneurship journey, you will surely need to be able to communicate your vision, ideas, plans, and goals to business partners, customers, existing and potentials employees, etc.
Every entrepreneur must master the essential skill of selling. Marketing skills contribute to business success because they allow for insight into customer behaviour and marketing campaign results.
Similarly, Marketing is a vital process for entrepreneurs because no venture can become established and grow without a customer market. Entrepreneurs must create the offer (design the product and set the price), take the offer to the market (through distribution), and, at the same time, tell the market about the offer (communications). These activities define the famous Four Ps of marketing: product, price, place (distribution), and promotion (communication).
Above all, Marketing also plays a central role in a venture’s early growth stages when changes to the original business model may be necessary.
Starting a business means you will have to manage a range of projects, such as setting up a website, arranging the fit-out of your premises and developing a range of policies and procedures. Knowing how to effectively manage your resources, including time, money and staff will help you to achieve your goals.
Time management is one of the hardest to master or possess among these top 5 business skills for Nigerian entrepreneurs. When making crucial and everyday business decisions, time management will help you battle procrastination. As an entrepreneur, you’re your own boss but don’t allow it fill up your head although it sounds exciting. Honestly, it also means you need to manage your resources (especially your time) accordingly.
Entrepreneurs do not always know where they want to go, and sometimes new paths emerge to be explored. To take advantage of them, you need to keep an open mind. To this end, it is common for entrepreneurs to change their business model when they discover that their initial idea does not work in practice. This ability to acknowledge mistakes and adapt to circumstances makes the difference between a business’s success and failure. Of course, failure does not have the same meaning for these types of leaders regardless; they know that behind each failure lies an important lesson that will bring them closer to success.
Critical and Creative Thinking Skills for Entrepreneurs
As an entrepreneur, you need to come up with fresh ideas, and make good decisions about opportunities and potential projects.
Many people think that you’re either born creative or you’re not. But creativity is a skill that you can develop, and there are many tools available to inspire you.
- Creative thinking: This is the ability to consider something in a new way. It might be a new approach to a problem, a resolution to a conflict between employees, or a new result from a data set.
- Problem solving: Every entrepreneur will need sound strategies for solving business problems that will inevitably arise. creative problem-solving in entrepreneurship is one of the vital keys to business success
- Recognizing opportunities: entrepreneur must be able to understanding Window of Opportunity. Recognizing opportunities is a cognitive process. It relies on the ability of people to recognize patterns and connect the dots.
Above all, if you want to start your own business, you need to learn the specific skills that underpin these qualities. Entrepreneurial skills can also be a major asset if you’re in a job role where you’re expected to deliver new business or build new products.