Practical Business Skills Every Entrepreneur Must have as We Step into 2020
These days it seems everybody is an entrepreneur, it’s not to totally a bad idea but still, most are just after their own lust of being lazy all their lives.
Now, if you know you are that kind that thinks entrepreneurship is to help you satisfy your lust of never ever working again, please don’t read this.
So, if you are moving on to read this, I guess you are not part of the guys my president called “Lazy youth”.
2020 is the start of another decade, it’s going to be a year of new beginnings and if going to be filled with lots of opportunities.
As an entrepreneur at this age, there are skills you should not take lightly. A lot of guys just jump into starting a business without properly understanding how to run a business.
My advice will be for every entrepreneur to take at least a short course on business administration and I’m not joking when say this.
This time you are learning to apply not learning to pass exams. It’s why I studied marketing in school and till date I don’t regret it.
A lot of businesses fail because they don’t understand general business principles. I want you to make it a priority to build these practical business skills at least learn the basics.
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Below are practical business skills you should acquire as an entrepreneur:
A lot of people see marketing as selling which is wrong. Selling is only a part of marketing. Marketing is all things done by a business from the idea of a need in the market to get a product that meets that need to the final consumer.
On a very basic level marketing is basically providing the right product at the right place, with the right promotional methods at the right price. Learning to manage your marketing well will boost your business a lot. It’s going to help people see your business/product the way you intend for them too.
Me writing this I won’t lie to you it’s marketing on my own personal brand. I want you to know and see me as a business expert.
So, learn the marketing principles and tactics that align with your business then formulate a good strategy with them.
2- Risk management:
Over 80% (this is even conservative; I actually think it’s more than 80%) of new businesses do not manage risk properly. This skill in business is what separates the pros from the armatures.
Why do you think those executives at the big corporations are paid well? You think it’s just because they can motivate alone.
If I ask you “What is your total business risk? And what have you done to reduce/remove it?” most of you can’t answer this question and it’s petty.
Now, in business, there are several types of risks that I’m not going to share in this post go and do your own research.
Learning to manage your risk or business exposure can save you from a lot of disasters like sudden fire, exchange rate depreciation, price of raw material sky rocking, etc.
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Most “entrepreneurs” overlook proper accounting which is very bad. You need good accounting to even know if you are making money or not and even what your business is actually worth.
Most new businesses will say nobody wants to lend them money, when I hear this I laugh because I know why most won’t get funding from investors. Most have no proper accounting record from which investors can actually analyze their businesses.
Proper accounting will benefit you a lot. If you are not yet carrying it out please start now there are a lot of benefits doing so.
4- Strategic management:
There is a saying “Strategy without tactics is the slowest route to success, while tactics without strategy are the noise before the fall”.
Most businesses do not have a clear-cut strategy (a combination of tactics) on how they intend to achieve their goals giving the current business environment they find themselves.
Learn strategic management will help you formulate cutting edge strategies to help you reach your business goals like the pros.
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5- Human management:
Businesses revolve all-around people, I know you might say my business is B2B or even B2C. The truth is both deals with people. People run the business that buys your product.
Learning proper human management skills will help your business a lot. It will help you interact with your employees and customers in the proper and right way to help you achieve your business goal.
If you don’t interact with your employees or customers in the right way it can cost you a lot in business.
6- Research and analytics:
I don’t know of any successful company that does not have what is called a “Research & Development” department. They may have another fancy name they call it but It’s the core of business development.
Learning to do proper research can give you an edge in business. Learn skills like data analysis and data presentation, these are some of my best business skills.
When you make business decisions from a well-studied matter you have a better chance of success than the guys who just gamble their way in business.
Yes, I think this is a skill every entrepreneur needs to have. Learn all you can about fundraising either as equity or debt.
Your business needs more money but you don’t know how to go about it, it’s a skill to learn it. There is money everywhere looking for a fertile ground when it can be planted to grow.
BONUS SKILL (Business Law):
I’m not saying you should go and train to be a lawyer but at least have a good legal understanding of your business environment.
I hope you take this seriously. I know most of you make have thought I will say you should go and learn, digital marketing, graphic design or even coding and the likes. Well, all those are good skills but they are not business fundamental skills.
When you have the fundamentals, you have a solid foundation where your coding, digital marketing, graphic design skills, etc. can stand.
If you can’t learn these practical business skills, hire or partner with people that have them. It’s not “waste of time”, it’s what separates pros from amateurs.
If you need help with these you can contact me at any time.
Much love from me to you.
Have a great 2020!
ABOUT THE WRITER
My name is Joshua Eriaborosan OFOMAJA (JEO), I solve investment and marketing/business problems for individuals and businesses.