Business skills every entrepreneur should develop this year (1)

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Certain business skills are worth developing. Irrespective of the role you play, experts say the more you develop these skills, the better equipped you are for anything the business world may throw your way, Okechukwu Nnodim writes

It is obvious that every business requires a specific skill set and related domain knowledge. However, there are some general qualities which you must develop if you want to get going in any business. Experts say entrepreneurs need to develop certain business skills regardless of the fact that some may claim to have these skills. They note that business skills are not rocket science and if you’ve got the willingness, you can easily develop them and carry on your business in a better manner. Below are vital business skills which every entrepreneur should develop this year if he must remain competitive in business, according to experts:

Problem-solving skills

As an entrepreneur you must realise that there will be problems to solve in your business this year. These problems will remain or will be half solved if you lack problem solving skills, experts say. They note that business is all about fixing problems. Whether it’s designing a new product to make consumers happy, creating a new process to make employees’ lives easier, or solving a challenge you’ve personally been facing. Learning a system for identifying, analysing and solving problems will improve both your personal and professional life. Hence, developing a problem solving skill is of great importance in business and should be developed this year.

Confidence

You should grow your business confidence. The Chief Executive, Solomon Hunt Limited, a business and strategy advisory firm, Mr. Tobenna Okoli, says this is different from being over-optimistic. He notes that confidence is needed to be able to make presentations effectively. Without enough confidence in yourself and your business, you may not get the required expectations that will shoot your venture to enviable heights. Okoli says, “I think the biggest error, by a wide margin, made by young businesses is over-optimism. Contrary to what many business evangelists preach, a business owner must be a realist and even, at times, a pessimist. Deciding to start a business is enough optimism. Once an individual decides to start a business, his optimism should be substituted with realism.

“Business is hard activity. Failure to recognise and mitigate the many ways a venture can collapse has caused many businesses to die prematurely. A business owner should be confident but realistic. Blind optimism and confidence do not mean the same thing.”

Ability to meet customers needs

Though this might not be seen as a skill, the fact is that it is worth developing. Without customers, an entrepreneur’s business might run aground. Okoli notes that another error which small business owners make is the emphasis on a good product over a good solution. He explains that customers will only pay for goods and services that solve their problems and not for products and services that business owners find impressive. He says, “The customer is king and thus business owners should focus on what the customer wants in crafting their offerings.” According to experts, there is so much information available to businesses. Therefore, being able to find the right data at the right moment is crucial. You can’t use last year’s reports anymore, especially if the data is obsolete. Knowing how to locate accurate and timely information is critical to business success and entrepreneurs must take advantage of this.

Arithmetic

Small business consultants say mathematics has become vital in business management. It is therefore advisable for entrepreneurs to get out their calculators and start talking some numbers in order to efficiently grow their businesses. Okoli described this as an error often made by small business owners. He says, “Another critical error is a poor appreciation for metrics. Business owners should be scientific and mathematical in their assessment of costs, sales projections, market size and trends, customer satisfaction, retention rates and so on. There is safety in using numbers and businesses have to take this into account.” Experts explain that the world has grown beyond mere computations without in-depth calculations. They note that entrepreneurs must seek ways to develop this skill in 2013.

Networking

To survive in business, a person must have a network, experts say. Business leaders should constantly build relationships. This is why a small business owner must develop his network this year. You never know who might be able to open a door or share knowledge. Never, ever pass up the opportunity to meet people. Underestimating the importance of interpersonal relationship management with all stakeholders is another skill that must be developed this year, if you want to grow your business. “Businesses thrive on relationships, be they with customers, suppliers, employees, government officials and even competitors,” Okoli says. He adds that business owners must make it a point of duty to maintain good relationships to ensure they are at harmony with the human elements within their ecosystem. This, according to him, will impact immensely on their ventures when meticulously undertaken.

Public speaking

We’ve discussed the importance of public speaking to a small business owner extensively in the AM Business section. You don’t have to be a keynote speaker or facilitate a full-day workshop. But do get comfortable with standing up in front of a crowd and talking. At minimum, be able to articulate who you are and what you do for a living. You must be able to sell your ideas, services and products without much difficulty this year. It is important you develop this skill as it is one vital attribute that distinguishes successful entrepreneurs in any given venture. Improve on your public speaking and you will see the impact on your turnover, experts say.