You have a great idea, an exciting marketing strategy, and enough resources to get started. Yet, do you know what are the skills needed to successfully run your business?
Weighing your strengths and weaknesses
You should evaluate yourself in terms of your strengths and weaknesses in order to know if you are fitted to own and manage a business. Ask yourself the following questions:
- Can you make your own decisions and stand for it?
- Can you happily entrust duties to others?
- Are you able to communicate clearly and effectively?
- What are your reactions when things don’t happen the way you want them to?
Leadership and management skills (min)
- Ability to set goals and look for ways to achieve it
- Ability to plan strategies to grow your business
- Ability to manage tasks and priorities
- Ability to handle time effectively and efficiently
- Ability to assign roles and duties
- Ability to manage and train staff
- Ability to make decisions and find solutions to issues
- Ability to connect, focus and communicate with stakeholders
- Ability to develop new products and services
- Ability to provide reliable and dependable service
- Knowledge of responsibilities on occupational health and safety requirements, human resources, and risk management
Marketing and sales skills (min)
- Market research
- Merchandising and selling
- Product positioning
- Competitor and customer analysis
- Advertising and promotion
Financial skills (min)
- Credit control and record keeping
- Pricing and costing
- Budgeting and cashflow forecasting
The technical skills that an entrepreneur needs depend on the industry of his business. Although an advantage, prior working or business experience in the industry you want to operate is not mandatory. Other business owners learned through trial and error as they went through their businesses while others had some complimentary technical skills from other people.
At the onset of your business, you may not acquire all the technical skills that you need but you may learn it through training, research, seminars, book, and networking within your industry. In addition, you may also hire staff or other professionals to help you in areas where you have limited knowledge.
- Visitbusiness.qld.gov.auand train under the tab Improving and under the heading Developing your business skills.
- Get to know your skills gap and management/outsource
Email us at email@example.com or call 07 3668 0646 for all your accounting needs, bookkeeping, tax returns and compliance, business valuation and business sales. Support and assistance for your small business needs.
James HuyVuong is a CPA and the owner of Your Accounting Partners. Partnering with businesses from start to scale thru to sale.