Entrepreneur skills and qualities for a successful business

• May 29, 2020
• Author: Emma Willson

 

Given the current state of the global economy, entrepreneurship and self-employment has become an attractive, if not necessary, option for an increasing number of people. To help ensure success in your venture, you need to establish your business as a well-known and authoritative organisation within your industry. This includes the need to accommodate for the necessary sustainability requirements relevant to your industry.

This article explains the seven common skills any entrepreneur needs to employ for success in their ventures. These skills, combined with your hard work, will set you up to reach business success. Remember that patience is required to see the gains from your efforts.

These are the seven skills you should seek and acquire to ensure success.

 

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1. Effective Time Management

 

You always hear people say, "time is money." The way you manage time determines the benefits you will reap for your business. One of the fundamental principles of discipline is the way you use your time. And many business owners get the point wrong - they spend more time on the wrong things or tasks that do not bring immediate or long-term benefits for their investment.

Having a planner or personal schedule can help you to make efficient use of your time. You need to understand the priorities of the tasks you have at hand. Set milestones you should achieve by the end of each day, week, month, or year, as you aim for the ultimate goals in your projects. You have to be realistic with the time you allocate for each milestone for you to see desirable results.

 

2. Business Strategy Development

 

A business owner needs to be a strategic planner and problem solver. This skill is vital for the sustainability of your business and its growth. Doing things rashly or in the wrong manner can worsen the situation instead of improving it.

A strategic thinker knows how their methods work and the consequences of their decisions. Before executing a plan, you should know what you intend to achieve. It also addresses the core of the business goals. Your aim should be meeting the customer needs that are missing in the broader market scope.

 

3. Effective Sales Strategy

 

With upcoming products in the market and advanced marketing tactics, consumer buying behavior is continuously changing. To cope up with ever changing business trends, an entrepreneur should continually reevaluate their sales strategy.

Conducting a meeting with sales staff to achieve a persuasive sales pitch is crucial. One should always remember that the customer has a life cycle, and an entrepreneur needs to hit the perfect node to get the deal close.

For sales to thrive, you need to create solutions that solve customer needs. Once you’ve identified your product or service and what need it solves, your first goal should be to create a healthy relationship with your clients.

You need to gain their trust so they understand why they should do business with you over others. Over time this will improve your credibility amongst your target audience and earn you a brand authority that helps increase conversion rates.

 

4. Financial Management

 

Thousands of startups are launched every year. But not every startup grows as it should - the main reason behind this failure of poor financial management. Money is a liquid asset that should be used judiciously. Any amount of funding you receive should be treated with extreme care.

Before you incur any business costs, you need to draw up a budget for the items that you require and their costs. You need to be aware of the amount you need for your operations to run efficiently and prevent you from overspending.

If you do not currently possess the skills to do this, you can either upskill yourself or you can outsource the work to someone who has the expertise. If you're looking to hire a Finance expert for your business, get in touch and discover how we can source you the very best Finance talent.

 

5. Effective Research

 

To begin with a new business, it’s really important to do your  research. The skill to observe all the negative & positive aspects of a business is necessary to succeed. You should be aware of all the parameters that can affect your business. There are few parameters that can really make your business stand out.

Some of them are like your business name, tagline, trademarks etc. Many don’t do research on these basics & that’s why they fail to stand out. For startups, it’s important to build and protect your trademarks right from the initial point to prevent putting yourself at risk, do your research first. Get a lawyer; seek legal advice like how to trademark a phrase for your business. A lawyer can help resolve issues that if left unsolved can increase a startup’s risks.

 

6. Workforce Management

 

At one point, you will want to hire one or more workers to help you in running your business. Management of workers is a necessary skill. Miss it, and you can prevent the success of your business. You need to hire individuals who are the most qualified for the positions and then work hard to maintain their loyalty. 

You have to understand the workers' needs as well as the job demands. Balancing the two is a delicate process that can help provide your staff with the necessary support so that they can deliver. Sometimes it pays to put yourself in their shoes to fully understand the struggles holding them back from performing at their best.

If you're ready to start hiring, speak to a graduate recruitment agency, to ensure you get to see the very best candidates.

Furthermore, if at some point in your business journey you'd like to expand your business in a foreign country, you can outsource your HR services to a Professional Employer Organization (PEO). If you're expanding to China, for instance, you can outsource to a China PEO to hire, recruit, and manage your workforce without having to set up a legal entity. This will enable you to focus on tasks that will drive your business's efficiency and growth.

 

7. Communication

 

This leadership quality is a requirement in any business dimension. Communication skills help you to handle both your staff and your clients. It is through your message that people get to learn about your business and goals. But you have to choose the right words and method of passing the message.

Have you ever received a (spam) marketing email from some (shoddy) business trying to market their services? I bet 99% of us receive them at least once in a while. You can use that example to identify what bad marketing and poor communication mean to a business. Identify the correct way to communicate your brand to the world so that you can deliver the right message about your investment.

 

Before you start a business, consider if you have the required skills to make it thrive. Or maybe if you have had difficulty in establishing a solid foundation for your business, then you may need to review your methods and applicable skills. Apply the methods that guarantee sustainable growth for your venture.

If you're looking to hire employees, get in touch today to find out how we can help:

• May 29, 2020
• Author: Emma Willson