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What skills do I need to have to create my own business ?
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4 answers
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PRASANJIT’s Answer
Below are the given skills Businessman needed:
Financial management. Being able to effectively manage your finances is critical.
Marketing, sales and customer service.
Communication and negotiation.
Leadership.
Project management and planning.
Delegation and time management.
Problem solving.
Networking.
Financial management. Being able to effectively manage your finances is critical.
Marketing, sales and customer service.
Communication and negotiation.
Leadership.
Project management and planning.
Delegation and time management.
Problem solving.
Networking.
Updated
david’s Answer
Hello, David,
So far, you have received some superb advice on the skills needed. My advice is what you might call a prequel to that: Assessing the business opportunity. This 'skill' is vital for any business.
- First, do a thorough research on the market opportunity. We all regularly see people starting businesses that fail within months with significant financial loss.
- Next, do a detail assessment of all the costs you would incur to start the business, such as inventory, business license, property insurance, liability insurance, bank loans, tax advice, legal advice, advertising costs, hiring costs, business costs (e.g., computers, software, equipment), rental expenses, and more. Do your best guess and then double it.
- Then, do a rough assessment of the business you anticipate at startup and how many months it will take to recoup your initial startup costs. That is, how long will you be in business with only outgoing costs and no profit? No business shows a profit immediately. Knowing that will give you an idea of how much money you need available to sustain you until the business starts showing a regular profit.
- Now that you have a firm view of the market opportunity and your ability to manage the startup costs, that will be the time to review your initial business skills, the primary one being financial management. The other skills can mature as you go. All the best
So far, you have received some superb advice on the skills needed. My advice is what you might call a prequel to that: Assessing the business opportunity. This 'skill' is vital for any business.
- First, do a thorough research on the market opportunity. We all regularly see people starting businesses that fail within months with significant financial loss.
- Next, do a detail assessment of all the costs you would incur to start the business, such as inventory, business license, property insurance, liability insurance, bank loans, tax advice, legal advice, advertising costs, hiring costs, business costs (e.g., computers, software, equipment), rental expenses, and more. Do your best guess and then double it.
- Then, do a rough assessment of the business you anticipate at startup and how many months it will take to recoup your initial startup costs. That is, how long will you be in business with only outgoing costs and no profit? No business shows a profit immediately. Knowing that will give you an idea of how much money you need available to sustain you until the business starts showing a regular profit.
- Now that you have a firm view of the market opportunity and your ability to manage the startup costs, that will be the time to review your initial business skills, the primary one being financial management. The other skills can mature as you go. All the best
Updated
Bill’s Answer
You will require a number of skills to start and run a business.
It is important to identify the skills you need to develop or improve so that you can succeed in your day-to-day business operations.
Financial Management
- 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. You will also need to declare your income to the IRS. Having sound financial management skills will help you to run your business profitably and protect your financial investment.
Marketing, sales, and customer service
- It is important to be able to promote your products or services effectively. Providing good customer service and having a marketing strategy in place will help you to generate sales.
Communication and negotiation
- You will need to communicate and negotiate with your suppliers, potential investors, customers and employees. Having effective written and verbal communication skills will help you to build good working relationships. Every communication should reflect the image you are trying to project.
Leadership
- If you employ people, leadership will be a key skill. You must be able to motivate your staff in order to get the best out of them and improve productivity. Allocate time to mentor and coach your employees.
Project management and planning
- 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.
Delegation and time management
- Failure to delegate is a trap many business owners fall into usually because they are reluctant to let go of control. Managing your time effectively may mean delegating responsibility to someone else in the business or outsourcing. Identifying who you can delegate tasks to, allows you to concentrate on those tasks that generate revenue.
Problem-solving
- However much you plan, you will encounter problems in your business. This means you need to be able to make good decisions, sometimes under pressure.
Networking
- Building good relationships through networking will help you to grow your business and give you the support you’ll need.
I hope this helps! Message me if you want to discuss in more detail.
It is important to identify the skills you need to develop or improve so that you can succeed in your day-to-day business operations.
Financial Management
- 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. You will also need to declare your income to the IRS. Having sound financial management skills will help you to run your business profitably and protect your financial investment.
Marketing, sales, and customer service
- It is important to be able to promote your products or services effectively. Providing good customer service and having a marketing strategy in place will help you to generate sales.
Communication and negotiation
- You will need to communicate and negotiate with your suppliers, potential investors, customers and employees. Having effective written and verbal communication skills will help you to build good working relationships. Every communication should reflect the image you are trying to project.
Leadership
- If you employ people, leadership will be a key skill. You must be able to motivate your staff in order to get the best out of them and improve productivity. Allocate time to mentor and coach your employees.
Project management and planning
- 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.
Delegation and time management
- Failure to delegate is a trap many business owners fall into usually because they are reluctant to let go of control. Managing your time effectively may mean delegating responsibility to someone else in the business or outsourcing. Identifying who you can delegate tasks to, allows you to concentrate on those tasks that generate revenue.
Problem-solving
- However much you plan, you will encounter problems in your business. This means you need to be able to make good decisions, sometimes under pressure.
Networking
- Building good relationships through networking will help you to grow your business and give you the support you’ll need.
I hope this helps! Message me if you want to discuss in more detail.
Racheal Noble, Ph.D., LMFT, LPC, NCC
Mental health, education, research, care coordinator
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Racheal’s Answer
Hello,
I believe the skills you need to have to create your own business requires time management, customer service, active listening, problem solving and emotional intelligence.
These are a lot so I'll break down what I have learned while starting my own business
Time management: be prompt and punctual (15-10 mins) before seeing or working with a client you should be up, running and productive. End meetings, etc on time as well, especially if you have back to back appointments or meetings. Be consistent with your time because you can't get it back!
Customer service: Being kind is free. Speak to everyone, acknowledge them and make them feel seen. Even if you don't agree with what they say or if they are not aligned with what you are saying, be open yet assertive.
Active listening: The ability to reflect back what they are saying. Ask questions rather than assume.
Problem-solve: you have to critically thinl and this will require the ability to manage emotions and lead with logic and reasoning. Make sure you understand the problem and identify small changes thst can solve the problem. Reframe if needed and time is available. Reach out and use your resources, when needed.
Emotional intelligence : understanding what someone is conveying, then deciding how to move forward or make your next move. This will require you to have self awareness to know your own strengths and areas of improvement. Be responsible for your actions through integrity.
There may be more skills than what I have described, however these are skills I've seen from others I look up to, and possess, so I do not mind sharing!!
Best of luck!!
I believe the skills you need to have to create your own business requires time management, customer service, active listening, problem solving and emotional intelligence.
These are a lot so I'll break down what I have learned while starting my own business
Time management: be prompt and punctual (15-10 mins) before seeing or working with a client you should be up, running and productive. End meetings, etc on time as well, especially if you have back to back appointments or meetings. Be consistent with your time because you can't get it back!
Customer service: Being kind is free. Speak to everyone, acknowledge them and make them feel seen. Even if you don't agree with what they say or if they are not aligned with what you are saying, be open yet assertive.
Active listening: The ability to reflect back what they are saying. Ask questions rather than assume.
Problem-solve: you have to critically thinl and this will require the ability to manage emotions and lead with logic and reasoning. Make sure you understand the problem and identify small changes thst can solve the problem. Reframe if needed and time is available. Reach out and use your resources, when needed.
Emotional intelligence : understanding what someone is conveying, then deciding how to move forward or make your next move. This will require you to have self awareness to know your own strengths and areas of improvement. Be responsible for your actions through integrity.
There may be more skills than what I have described, however these are skills I've seen from others I look up to, and possess, so I do not mind sharing!!
Best of luck!!