10 skills needed to run a business successfully(2021)

10 skills needed to run a business successfully(2021)

An entrepreneur is an individual that organizes a business venture and takes the risk involved in the business. Some entrepreneurs like Bill Gates, Jeff Bezos, Warren Buffett, all have different businesses they run, and when it comes to the aspect of failure and success in their businesses they all bear them.

When it comes to running a successful business they’re some skills that are needed to effectively thrive in your business sphere. Setting up a business without having these skills can be very dangerous for an inexperienced entrepreneur.

As an entrepreneur, you need to follow some rightful steps like reading about successful entrepreneurs by that you will learn more about how they scaled through their businesses. When reading about these entrepreneurs you also need to take action by not only reading them but also taking their steps to success.

Entrepreneurship is not a game on which you depend on luck, it doesn’t work that way. To be a successful entrepreneur you really need to put in smart work not only hard work.

These are the skills needed to run a business successfully

1. Business planning

Business planning

As an entrepreneur, you need to be skillful in curating a good business plan, a good business plan which should include the aims and objectives of your business, marketing strategy, market research e.t.c.

According to Benjamin Franklin’s quote which says ‘If you fail to plan, you are planning to fail”. It’s very important to consider this when setting up your business, you need proper planning to forecast the success of your business.

For instance when going to an unknown place you try to use a map to get to your destination without any hassle. This still correlates with a business plan, when you set up a plan for your business, it’s an added advantage that your business will thrive well.

There are some prominent entrepreneurs’ quotes that depict the importance of business planning, these are:

  • “If you don’t know where you are going, you’ll end up someplace else.” ― Yogi Berra, former New York Yankees catcher
  • “Plans are of little importance, but planning is essential.” ― Winston Churchill, former British Prime Minister
  • “Planning is bringing the future into the present so that you can do something about it now.” ― Alan Lakein, author
  • “Every minute you spend in planning saves 10 minutes in execution; this gives you a 1,000 percent return on energy!” ― Brian Tracy, author, and motivational speaker.

With these quotes, I’m sure you would get the importance of having the skill of business planning for you to be successful in your business.

2. Time management

Time management

This is a very crucial skill needed by an entrepreneur to run a business successfully. As we all know that time is money, you need to manage your time effectively for you to get on the right track for your business.

As an entrepreneur, you need to be very skillful in time management as every time counts and it waits for nobody. Every time spent can never be recovered to this you need to manage your time effectively to get things done at the right time.

Discipline is very important when dealing with time management, you need to put the effort in scraping off some unnecessary things you indulge in daily.

When you spend your time properly on things that matter, you tend to be very productive and you get things done easily without wasting your precious time.

These are quotes from prominent people that can help in time management:

  • “Time is more valuable than money. You can get more money, but you cannot get more time.” – Jim Rohn
  • “Time is really the only capital that any human being has, and the only thing he can’t afford to lose.” — Thomas Edison
  • “The bad news is time flies. The good news is you’re the pilot.” — Michael Altshuler

With these quotes, I’m sure you would get more knowledge about why you need to manage your time properly.

Read Also: 10 best books for entrepreneurs, startup founders(2021)

3. Accepting failure

Failure is inevitable when it comes to running a business, you’ll always fail and that’s normal cause failure is just like a stepping stone to success. It’s not a matter of how often you fail, It’s how you get up from failures.

When it comes to learning some lessons, It’s failure that shows you all these. You might want to give up when you start up your business but that’s not the best thing cause when you were a kid, you didn’t start walking immediately, there are times when you try walking and you fall several times. That correlates with running a business where you’ll always fail and that depends on how you make use of your failure to succeed.

In every failure, there is always a lesson to learn. You need to consider failure as a lesson and when you learn from these lessons, you tend to be very conscious by not making the same mistakes again.

Several prominent business moguls failed several times and they all succeeded today. Mark Zuckerberg(The C.E.O of Facebook) said he created different software ranging from a music player app, a chatting system but they didn’t do well. But today he’s one of the richest men on this planet by founding facebook which succeeded.

Before building Microsoft, Bill Gates started a business known as Traf-O-Data but it failed, If he had given up back then we wouldn’t know him to be one of the richest men on this planet today.

You really need to learn from these business moguls that embrace failure and they became what they desire today. Many other business moguls also failed.

These are powerful quotes that will help to overcome the fear of failure:

  • I have not failed. I’ve just found 10,000 ways that won’t work. – Thomas A. Edison
  • Success is not final, failure is not fatal: it is the courage to continue that counts. – Winston Churchill
  • Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit. – Napoleon Hill
  • When we give ourselves permission to fail, we, at the same time, give ourselves permission to excel. – Eloise Ristad
  • There are no secrets to success. It is the result of preparation, hard work, and learning from failure. – Colin Powell

4. Creativity

Creativity

Creativity is very important when running a business, you need to be creative to come up with good business strategies, innovations for you to solve problems that are related to mankind.

When you solve a particular problem you tend to stand out from the crowd and you find that as an opportunity to dominate over your market.

The sole aim of a business is to be unique and stand out from the crowd with this you would be far from any form of competition.

5. PPP(Patience, Perseverance, Positivity)

These three P’s should be considered when starting a business, Patience is a key to success, you need to be patient when running your business as what you planned might not come immediately but with time it would definitely come through.

A saying goes like this that Rome wasn’t built in a day. It might take you years to get high on your goals and that’s normal.

Perseverance is also an aspect to be considered when running a business, there would be a lot of odds on your journey, it might be hard but all you need is to persevere through these odds. Most successful businesses today went through a lot of calamities before they finally become successful.

Positivity is a crucial thing to consider, you need to always aim for the best outcome in everything you try to do, When you’re positive in your thinking everything tends to work perfectly for you.

Read Also: Simple ways: How to make money online in Nigeria as a student(2021)

6. Risk management

Risk management is an important skill needed by a business-oriented person, as an entrepreneur, you need to take a risk if you want to be successful in your endeavor.

Without taking risks you might lose some opportunity because innovations start with taking risks when you take risks it makes you explore more hidden aspects of your business.

There are different types of risk you need to manage as an entrepreneur. These are:

  • Business risk
    There is always a probability that a company will fail if the economy is bad or into recession. As an entrepreneur, you need to find a way to manage the risk.
  • Operational risk
    Operational risk can come from an environmental hazard such as bad weather, electricity shortage, all these can affect a business, as a business-oriented person you need to be able to deal with them without going into bankruptcy or debt.
  • Financial risk
    Finance is very important in a business and there is a probability that you might run into debt in your business, finance is what keeps the business running. You need to manage financial risk for you to abstain from bankruptcy.

7. Proper communication

Proper communication

Good communication is a very important skill needed to run a business efficiently, It’s important to communicate with good manners when running a business cause you need to communicate with your customers in a loyal way that will make them want to patronize you the more.

There are steps you need to take to communicate in a way that your customers would gain your trust. You need to always put them first in anything that comes your way because without the customers the business would not thrive well.

Good communication is also very important when dealing with your employees, you need to train your employees properly for them to communicate effectively with the customers cause most of the time they will be the ones dealing with the customers.

8. Financial management

Financial management is much needed to successfully run a business, It helps you to enhance a high level of profit maximization.

Financial management refers to the act of organizing, planning, and controlling financial undertaking in a business or an organization. It also includes the management of the financial assets of a business or organization.

It’s very important to manage your company’s funds, the funds that come from your capital, investors, and any other financial organization. When you manage your funds properly your business tends to thrive well.

9. Sales management

Sales management is the process of developing a sales force, implementing sales techniques that allow a business or an organization to yield more profits.

Sales are very important in all aspects of a business, without sales there can never be progress in a business, you really need to strategize powerful techniques to get sales.

There are ways to drive more sales to your business, you can consider the advertisement sector, the marketing sector. When you effectively do these you tend to get more sales to your business.

Read Also: Simple ways: How to start fish farming in Nigeria(2021)

10. Market research

Market research

Market research is the evaluation of the feasibility of a new product to gather more information about the product and to further gather information about the competition that runs in a market niche.

It’s important to conduct market research to further understand what your customers feel about your products or services. When you conduct proper market research then you need to analyze how you intend to work better on your products or services.

There are various ways to conduct market research which are deploying surveys, interacting with people by taking a sample, questionnaires e.t.c.

Conclusion

Now, I will like to hear from you!

What skill do you find important?

Is it all the skills?

Let me know in the comment section and also share this post on social media.
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