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5 Skills Every New Entrepreneur Needs to Stay Relevant

5 Skills Every New Entrepreneur Needs to Stay Relevant
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By    |   Monday, 23 July 2018 06:31 AM

Running a business requires various skills for proper management of available and limited resources.

In our present contemporary environment, almost everyone is taking a step toward becoming an entrepreneur. I don’t believe all prospective entrepreneurs know there’s a lot of uncertainty ahead. I also don’t think they possess the vital skills to navigate challenging times.

As a new entrepreneur who desires to have a successful business, you need to be proficient in certain business management skills to achieve desired results. This is critical because studies have found that a common reason small businesses fail involves the lack of business acumen held by a management team or business owner.

Here are five skills every new entrepreneur should have to remain relevant:

  1. Branding Skills

A good brand determines how a product and service is valued and patronized by intended customers. As a newbie, you have to hone your skill in designing your business logo. The logo should present a descriptive image of your company. You also need to have good and attractive pictures to help you with your social media branding.

Branding skills also entail presenting your business in a positive manner, improving your public speaking skill and charismatic leadership approach, and giving quality attention to content development in order to create emotional connection with your customers. Also be conscious about digital branding, which can increase traffic to your brand by overwhelming percentage within a short period of time.

  1. Strategic Planning Skills

He who fails to plan, plans to fail says Winston Churchill. As important as oxygen is to life, so is a well-written plan for any business. No matter how good your idea or business is, if you don’t have a well-written plan on how to achieve it, it's still but a dream. You need to develop a long-term and short-term plan which will guide you in every phase of the business.

Every business has a vision which can be realized by setting and achieving small goals.

Hence, a newbie should hone skills in evaluating business plan, market analysis, feasibility analysis, decision making, strong leadership skills and problem solving skills.

A good plan can only produce a positive result only when it is backed-up with a well-articulated strategy. The market is quite big, busy and competitive, and only those with strong strategic planning skills can survive it.

  1. Financial Management Skills

For any business to survive its first five years, there must be a proper and effective handling of its finances. Hiring an accountant to handle issues related to numbers and balancing of the account books is necessary but yet, you need to have a basic understanding of how money works, profit, loss, expenditures, funding and cash flow. This will save you from spending too much when you can optimize.

You need to be frugal in your spending. Don’t incur expenditure because you have surplus, but seek for opportunities where you can spend less. Engage in market research to explore the benefits of outsourcing, cheap online sales, promo codes and discount sales, cheap car insurance and more.

Ensure your spending is within the budget. Reduce cost as much as possible and avoid excess spending to remain in business.

  1. Communication Skills

As a newbie entrepreneur, there is need to have the skill of communicating in multiple languages. Most newbie entrepreneurs might not really understand the importance of communication in business. It is essential that as a new entrepreneur, you learn multiple languages, especially those languages linked to the market you’re trying to capture.

When business demands growth and expansion to different geographical locations, there is need for an effective communication skill to enable you interact with clients, customers and partners from different backgrounds.

Great entrepreneurs speak up to two to three languages and that gives them an edge over their competitors. For example, Mark Zuckerberg and Billy Bauer speak English and Mandarin. Mandarin is the most popularly used Chinese language. The list goes on. Following this path will help boost your negotiation skills and improve business relationships.

  1. Marketing Skills

You are not in business if you are not selling your products or rendering services. The business world have transcended to digital technology as far as business marketing is concern. A newbie have to be knowledgeable in digital advertising, social media marketing, email and content marketing, video marketing, mobile marketing and more.

This skill is very essential because the popularity of your brand and sales are hinged on the extent to which your products and services reaches prospective customers all over the world. These skills and more are very important. Don’t jump into starting a business without proper knowledge and a skill set.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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Don’t jump into starting a business without proper knowledge and a skill set.
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Monday, 23 July 2018 06:31 AM
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