Relevant Entrepreneurial Skills Needed for Business Success

 

Becoming an entrepreneur for the first time can be exciting but at the same time 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 result of hard work, added efforts, and extensive strategic planning. Every entrepreneur, before embarking on their success-seeking-journey, needs to have a well-defined plan, direction and resources for starting their business. To become successful, one also needs entrepreneurial skills and a strong business sense.  

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, etc.  

Financial Management 

Most of the time, young entrepreneurs tend to outsource or hire accountants who handle the financial aspects of the company. For every entrepreneur, its important to have basic financial literacy knowledge, such as planning, organizing, leading and controlling their financial activitiesThe knowledge and well-established system can help entrepreneurs make better decisions and improve efficiency.  

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. Also, a good entrepreneur should know how to motivate employees which in turn enhances performance and efficiency.  

Marketing  

An entrepreneur must know that a company without customers, does not have a future. Without customers, a company cannot generate sales, thus will not have the fund to finance daily business activities and operations. Possessing marketing skills, you will be able to effectively research you market and find your target audience and advertise your products or services to that audience by selecting relevant and appropriate channels that translate into sales.  

These are only some of the key skills that entrepreneurs need to kick start their business. But before you take this huge step, its 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 has an integrated self-assessment tool through which users can find out their entrepreneurial readiness level, as well as areas where they should improve. The platform also contains informative brochures that contain information on how to start up a business and what steps entrepreneurs need to follow.  

Photo from Unsplash