4 skills you need to build and manage a successful business
Today, starting a business is easy. It is easy to start, but making it successful is a different story. Over 60% of business close instantly without revenue and 86% of businesses failing within a year clearly shows that people are definitely not ready to handle what it takes to build and run a legit, successful business.
Do you feel that you are ready to build your own empire? Here are the 4 essential skills and experiences you will need to start a successful business:
1. You managed other businesses before
Think about running a business like riding a bicycle. Building a business is like building a bicycle. How could you design, assemble, test a bike if don’t know how to ride one? Business management skills need to be learnt by experience, theory is not enough. People who have been managing business know how to improve products and services, when to invest in development, when to cut expenses, and when to hire or fire someone. You need to be able to understand risk, see trends and handle whatever the competitive environment gives you - the best is to learn all these by managing someone else's company first.
2. Excellent money management skills
Unless you run a charity, doing business is a very financial thing. You have to know how to utilize your available resources efficiently, how to use your capital and how to save your profits. If disciplined money management is not among your strengths, then you might not want to start a business. If you don’t have sufficient capital, you will need to find an investor and present your business plan for their review.
Note: I also offer funding for promising business ideas. What I want to see in a business plan is the following: how your business will fit the marketplace, how it will make money and how will you use my investment in your business. More information about funding your business can be found here.
3. Analytical and strategic thinking
Being analytical means to be able to distinguish meaningful information, and identify connections between trends to build strategies on. This is half mindset and half skills but definitely need to be learnt before deciding to start your own business. This skill will help you to predict and prevent future challenges and make educated decisions that will keep your business on a good track.
4. Endurance and self control
If you are sensitive, emotional, easy to panic, tend to give up, postpone or flake out easily then do not start a business. If these apply to you then train yourself first to become more resistant to stress, long working hours, hardship and occasional failures because these will all happen during the procedure of building your business.
Managing your business often involves hard decisions and actions you would otherwise not want to take. Firing people, seeing your competition going bankrupt, taking chances away from others is all part of the game.
If you want to start and build a successful business, then you need to be personally and financially ready for it. You need to understand your market, your competition and on top of that you need to have the essential business management skills - which are an absolute must if you don’t want to fail on your own to to get knocked out by your competitors.
I encourage my friends and followers to get started as soon as possible, but very often to get started with a business means to train ourselves and make meaningful, practical plans.
Do not become another failure, take your time to develop your skills and make plans then your business growth will be an effortless, natural process.