Running your own business is not a piece of cake. It requires a radical change in your existing lifestyle along with persistence and tremendous amounts of hard work. As glossy and lucrative as it looks on the surface, the rigors of being an entrepreneur are many. Little wonder that while many dream of starting up a venture, there are few who actually take the plunge.
If you want to succeed in business, we believe you need to master a few key skills. Read on to understand the seven skills, both personal and professional, that every entrepreneur must build upon consistently.
Communication
This skill is the cornerstone to the success of any business owner. Each day, a business owner has to communicate with a wide range of people that includes her customers, vendors, and team. Unless the communication is effective and coherent, the business might fall through.
Apart from communicating with people at work, a business owner must also be able to communicate effectively with her family – the high stress and long hours can be taxing for the family too. Along with communicating like a visionary at work, she needs to communicate the care and love she holds for her family.
Time Management
A business owner plays several roles – she is the salesperson, marketer, accountant, manager, and administrator. Without prioritizing these myriad roles and allotting appropriate time to each of them, the business is bound to suffer.
Further, it is also important to balance her professional and personal life so that both can thrive. Remember that either you run the day, or the day runs you out.
Financial Management
An acumen for finance and accounting is a must-possess skill! Business women must have an account of the revenues, expenses, and overhead costs at the tip of their fingers. Smart financial planning, which includes saving for emergencies and appropriate budgeting, can help businesses weather stormy conditions.
Marketing and Sales
The one function that really drives a business forward is marketing. Without the right marketing, any business is a mere hobby that wouldn’t generate enough revenue.
A discouraging cash flow can take a massive toll on the business – even causing it to shut down – whereas a steady cash flow can open various avenues. Now, one definitive way of increasing the sales is investing in marketing. Apart from that, marketing informs and engages the right audience along with building the brand.
Planning, Project Management and Execution
Failing to plan is planning to fail. Because there are so many functions like sales, marketing, and finance that contribute to a business, business owners must plan all tasks effectively and then execute them as per the plan. This includes accounting for any external factors that might disrupt the existing plans and any untoward situations that might crop up.
Resilience
The Merriam-Webster dictionary defines resilience as the capacity to recover quickly from adversity or adapt easily to a change. Don’t you think this is what every entrepreneur requires?
As a businesswoman, you quickly discover that nearly everything can go wrong. Your plans may go astray, a customer may have just given you a scathing review, or you may run out of money this month.Really, resilience is what will keep you going! Like they say, no matter how dark it becomes, the sun will shine again. Also, won’t you appreciate the sunshine much more when you experience some darkness? Take the darkness as an experience to learn from!
Agility
The trends in business are ephemeral. All businesswomen must have the skill and power to adapt to these trends quickly and easily. For example, if you are heading a technology company, you know that technologies change every now and then.
Apart from this, being agile helps you adapt quickly to any changes that might occur, helping you save time and gain an edge over your competitors.
Are there any other must-possess skills for women looking to start their own business? We are all ears!
