Basic business skills

Business Skills

Starting up and running a business requires special skills such as careful planning, research risk assessment, commitment and patience.

Skill that are important for self employment or for running a business

The following skills are important for the self-employed businessperson to possess:

 Identifying opportunities
 Formulating ideas
 Goal setting
 Developing a business plan
 Obtaining technical assistance
 Selecting the type of ownership
 Planning the marketing strategy
 Locating the business
 Financing the business
 Dealing with legal issues
 Managing human resources
 Promoting the business
 Managing sales efforts
 Problem solving

Note:

Just like assessing the entrepreneurial skills, taking the time to identify your strengths and weakness when it comes to business skills is equally important.

However someone may possess entrepreneurial characteristics and business skills but his/her business fail. What are the reasons for business failure?

There are many, many reasons for business failure but some of the most frequent ones

Are:

 Lack of experience
 Lack of sufficient capital
 Poor location
 Poor inventory management
 Excessive purchase of permanent equipment
 Faulty attitude
 Poor credit-granting practices
 Unwarranted personal expenses
 Insufficient cash flow
 Inadequate sales
 Poor marketing
 Excessive stress

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