Essential Entrepreneurial Skills That Propel Your Business To Success.

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 C 2006 Kanaga Siva. Kanaga Siva is a
Marketer,Entrepreneur and Author. Visit his Internet Home-Based Business and
Affiliate Marketing Blog for new Ideas.
http://www.business-fromhome.com,
http://www.business-fromhome.blogspot.com