Smart Skills to Help Entrepreneurs Scale their Businesses (II)
The most vital business potential energy in every entrepreneur is their skills. This is what sets them apart from other competitors as having the right skills for your business will help build a great startup. Today, we cover five additional skills that will enable you to scale your business as an entrepreneur.
Sales Skills
Having good sales skills may be foundational to the needs of every entrepreneur, if not the most important because no startup can survive without selling something to customers, whether a product or service. Entrepreneurs will need to have excellent sales skills in order to be able to close as many sales for the business. While sales skills are essential, entrepreneurs should be sure to drive customer retention with quality products and /or services.
Financial Skills
While your sales strategy is working so well for you, you need to have some specific smart skills that cover revenue management, costs, profit, taxes, cash flow, and finance. Some finance skills may include analytical thinking, financial planning, budgeting, risk analysis and cash flow management. Also, entrepreneurs must ensure that more funds are raised and utilized properly to grow their small or new business. Some ways to raise funds include through personal loans, savings, bank loan, venture capital and angel investors, government programs, corporate programs and crowdfunding. Entrepreneurs must further steer clear of exorbitant rentals and take advantage of free resources.
Read Also: Smart Skills to Help Entrepreneurs Scale their Businesses (1)
Managerial Skill
Managerial skills include certain attributes or abilities that an executive should possess in order to be able to fulfil specific tasks. As an entrepreneur, you will need to always manage your business whether you like it or not. This includes being able to plan, make decisions, solve problems, recruit staff, control actions, and motivate team members. The basic types of management skills include technical skills, conceptual skills, human/interpersonal skills, crisis management, and adaptive leadership. Go ahead and grab these skills for the proper running of your business.
Self-Motivational Skills
At some points in your entrepreneurial journey, motivations by self will have to keep you going, especially when external motivations are almost impossible. As an entrepreneur, you will be saddled with tasks and responsibilities that you must accomplish alone. Here is where your self-motivational skills come to play. Your ability to draw out a proper plan, break them into chunks and accomplish them one step at a time is what sets you apart as an entrepreneur. Whenever you feel less motivated to continue with a task, rather than procrastinating, think of why you started initially, your goals, and the mission you stand to accomplish.
Time Management
Daily tasks will often require your attention, hence your ability to place priorities over some. You must know what’s important to do and what can be delegated. With effective time-management skills, you will be able to plan according to your goals and achieve great things in your business.
Although this list is inexhaustible, having the right sales, financial, managerial, self-motivational and time management skills will surely make you a high achiever in your business.