Article Categories
» Arts & Entertainment
» Automotive
» Business
» Careers & Jobs
» Education & Reference
» Finance
» Food & Drink
» Health & Fitness
» Home & Family
» Internet & Online Businesses
» Miscellaneous
» Self Improvement
» Shopping
» Society & News
» Sports & Recreation
» Technology
» Travel & Leisure
» Writing & Speaking

  Listed Article

  Category: Articles » Business » Entrepreneurs » Article
 

Essential Entrepreneurial Skills that Propel your Business to Success.




By Kanaga Siva

Though various reasons are attributed for starting a business the main reason without any doubt is to make money. People who start a business know very well that they can never become rich by working for someone else all life long.

To start a business and run it successfully, a range of essential entrepreneurial skills are necessary.If success is what you are after, then it stands to reason that you possess most of the essential skills or acquire them before you commence your business especially if you want to run the business yourself.

The other alternative will be to take in a partner or employee who possesses a particular skill or the skills that you are deficient in.

What then are the essential entrepreneurial skills the business entrepreneur should possess?

1. Planning Skill.

Proper planning is the fundamental first step you should undertake when you consider starting a new business. Feasibility of the business, marketing of the product, local competition and funding are some of the essential aspects that should be studied carefully. Good planning should be able to forecast and foresee the changing market conditions and adopt suitable strategies to counter or take advantage of them. They should also explore possibilities of adding new products or services to keep up with the changing circumstances and beat the competition.

2.Techinical or Knowledge Skill:

If you are turning out a product, you should possess the necessary skills to produce that product. Experience gained in working in similar work places or a professional qualification will stand you in good stead. Of course for certain types of businesses, experience is not essential but to satisfy your customers and provide a good service, technical skills play an important role.
Furthermore it is absolutely essential to keep on updating your knowledge by reading books and attending seminars to keep ahead of your competitors.

3.Marketing Skill:

Marketing is another very important essential skill on which depends the very success or failure of your business. It is the process of identifying your potential customers and persuading them to buy your products or services. Sales, Promotions, Pricing and Public Relations are some of the skills that are an essential part of marketing. Mishandling or negligence of this aspect can lead to failure.

4. Financial Skill:

Financial skills play a major role in the running of a business big or small. Book keeping, estimating, invoicing, negotiating credit terms, controlling cash flow are some aspects of the financial skills you should be able to handle. Negligence of this aspect can lead to recurring cash flow problems such as inability to purchase goods, non payment to suppliers and irregular payment of bank loans. It is obvious that with these problems no entrepreneur can succeed or have peace of mind in running a business.

5. Management Skill:

The need for management skills becomes necessary, especially if you have the intention of employing several employees. Skills in areas such as recruitment, team building, motivation, knowledge of employment law and health and safety requirements are all part of management skills. Knowledge of these skills and implementing them judiciously will help you build a team of motivated employees working for the success of your enterprise.

6. Organizational Skill:

Whether your business is big or small or whether you employ workers to run your business, your organizational skill will be tested fullyas an etrepreneur. You have to set up systems to take orders, handle enquiries and maintain records. A knowledge of these skills will help in the efficient day to day running of the business.

Conclusion:

Each and every entrepreneurial skill mentioned above is essential. If you do not possess some of these skills, acquire them. The easy way out is to go into partnership or employ someone who possesses these skills. Adopting these measures will mean that you are now on the right track to become a successful business entrepreneur.
 
 
About the Author
Copyright 2006 Kanaga Siva

Kanaga Siva is an experienced Marketer, Entrepreneur and Author. You are welcome to visit his Website and Blog for Articles, Resources, Ideas and Advise to start a Successful Home Based Business and for other recommended Affiliate Programs, http://www.business-fromhome.com
http://business-fomhome.blogspot.com

Article Source: http://www.simplysearch4it.com/article/46811.html
 
If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/46811.html" as shown above and make it hyperlinked.



  Some other articles by Kanaga Siva
Why Affiliate Marketing Program is Internet's Incredible and Powerful Magnet.
The Affiliate Marketing Program is one of the greatest boons the Internet has bestowed on the business opportunity seeker aspiring to make money but lacks the financial resources. The popularity of an Affiliate Marketing ...

Tips to Reduce Stress and Excel in Your Home Based Business
Most people planning to work from home are generally under the impression that working from home ensures a stress free ...

Practical Internet Home Based Business Ideas, for the Young and the 50 + Entrepreneur.
The Internet has become a very powerful means of instant communication but unfortunately a large segment of the Seniors who have plenty of time in ...

The Incredible Power of FREE in Internet and Affiliate Marketing!
Free Membership, Free Submission, Free eBooks, Free Websites, Free Downloads, Free Classifieds, Free to Join, yes anything Free has an incredible pulling power in both Internet and Affiliate Marketing. It is simply amazing how this four ...

It's Great to Work from Home-Are You Aware of the Challenges!
Day by day the numbers joining the ranks of those working from home is increasing by leaps and bounds. Though working from home has several advantages and attractions, it has ...

Change in Lifestyle and Environment- The Secret to a Happy Retired Life.
Change is inevitable. That is the law of nature. The natural process of aging is gradual and those who are near and dear to you seldom ...

  
  Recent Articles
Money - Go For It
by Alwyn Beikoff

The Man In The Pink Pig Hat
by Michael Wooller

Don't Just Stand There, 8 Steps to Make Things Happen
by Beth Schneider

Be an Entrepreneur: How to Start a Healthcare/Medical Recruiting Firm or Nursing Agency
by Dave Carter

What are You Doing to Give Your Business Immortality?
by Yvonne Weld

Expert Envy
by Susan Friedmann, CSP

When To Sell...And When Not To Sell
by Rohn Engh

5 myths about entrepreneur
by Joe Lee

Choosing a Good Point of Sale System
by David Overholser

Allowing Yourself to Fail Toward Success
by Anne Marie Baugh - Publicist

Quick Logistic Tips for correct delivery process of goods
by Ken Kruger

Essential Entrepreneurial Skills that Propel your Business to Success.
by Kanaga Siva