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Becoming an entrepreneur for the first time can be exciting but also scary. Given the constant market disruptions and increased competition, the business landscape can pose multiple challenges that can easily scare people away and make them quit. Similarly, achieving business success is not a coincidental phenomenon or based on luck. It comes as a result of hard work, added efforts, and extensive strategic planning. Understanding why financial advisors fail is crucial in navigating these challenges effectively and ensuring long-term success as an entrepreneur.
Below is a list of several key business skills that every entrepreneur needs to possess to successfully embark on their entrepreneurship journey and establish a sustainable and successful business:
Business Management
Successful entrepreneurs are characterized by having a sharp eye for business opportunities. However, being successful takes much than a sharp eye. It entails being able to have a thorough understanding of essential business functions – namely management, marketing, finance, procurement, operations, inventories, supply chain, human resources, business insurance, etc.
Most of the time, young entrepreneurs tend to outsource or hire accountants who handle the financial aspects of the company. For every entrepreneur, it‘s important to have basic financial literacy knowledge, such as planning, organizing, leading and controlling their financial activities. The knowledge and well-established system can help entrepreneurs make better decisions and improve efficiency. Additionally, understanding company insolvency business processes can provide entrepreneurs with a safety net and strategic approach in times of financial distress.
Employee Management
Employees are one of the key resources of the company. Hence, an entrepreneur must know how to manage them. Several aspects in this regard are important such as judging the characters and assessing the abilities beforehand, to see if the employee is a good fit for the company. Employees must also undergo training programs to produce strong salespeople that will continue to deliver ongoing value for your business and grow your client base. Also, a good entrepreneur should know how to motivate employees which in turn enhances performance and efficiency.
Marketing
An entrepreneur must understand that a company’s future hinges on its ability to attract customers. Without a steady stream of customers, sales will be non-existent, leaving the company without the funds necessary to sustain daily operations. It’s crucial to possess marketing skills that enable you to thoroughly research your market and identify your target audience. By leveraging the right channels, such as online ads, social media campaigns, or even a printed 4×6 banner, you can effectively promote your products or services and convert that audience into valuable sales.
These are only some of the key skills that entrepreneurs need to kick start their business. But before you take this huge step, it‘s important to also assess your readiness in terms of having relevant business skills and capabilities and demonstrate to yourself if you have what it takes to be an entrepreneur. The Kosovo Business Registration Agency (KBRA), facilitated by ACCESS project has established the “Biznesi Im” platform that enables young and aspiring entrepreneurs to test their skill level. The platform provides an integrated self-assessment tool through which users can find out their entrepreneurial readiness level, as well as areas where they should improve.