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Experts say a new entrepreneur must update his business knowledge to stay competitive, Okechukwu Nnodim writes
The new entrepreneur needs to understand
and implement some important business skills if his venture must grow
as anticipated. Professors of Economics and business management
consultants say there are many useful business skills available for new
entrepreneurs.
According to them, the new entrepreneur
must be able to make strict business decisions that will boost his
business. He should be able to adopt shrewd business models that will
make him competitive; otherwise his business may not thrive. Below are
10 useful skills you need to know as a new entrepreneur, according to
experts:
1. Take calculated risks
As a new entrepreneur, you should be
willing to put everything on the line to see that your business thrives.
Experts say there is no way to play it safe and yet be successful at
the same time. They note that you should be able to take calculated
risks to give you further mileage positively.
2. Make shrewd decisions
According to the former acting Head,
Economics Department, who doubles as a research professor of economics,
Prof. Kayode Familoni, there are a lot of decisions which the new
entrepreneur will have to make. He says these decisions are going to
impact on the entrepreneur’s business.
Experts note that the entrepreneur
cannot afford to spend too much time thinking about what decision to
make; rather he must simply take a stand and go for it. They note that
the entrepreneur can always make adjustments along the way, but in order
to get going he must first make a judgment call.
3. Be optimistic and visionary
The entrepreneur should set goals that
will make his dream become a reality. However, you must first have a
vision, experts say. They note that the entrepreneur will have to decide
what type of a business he wants to own and in what direction he wants
his business to go. They say these are important decisions that must be
taken so as to prevent business rut.
“You are going to find yourself needing
to constantly redefine or adjust these decisions as your business grows,
but the first step is to create a detailed vision for your business,”
says the President, International Labour Organisation’s Start and
Improve Your Business, Nigeria, Mr. Noruwa Edokpolo. He says the
entrepreneur must be an optimistic thinker. He notes that optimism is
truly an asset, and it will help get the entrepreneur through the tough
times that many businesses experience as they find a model that works
for them.
4. Resilience and self driven
The Managing Consultant, Simply
Exponential Consult Limited, a human capacity empowerment firm, Mrs.
‘Feyo Williams, notes that it is important for new entrepreneurs to have
a stick-to-it attitude on some occasions. This is because the
entrepreneur will not want to give up until he achieves his goal.
According to her, while the entrepreneur may fail a few times along the
way, he will still need to stand up, dust himself and continue to strive
for his goal. Experts note that the new entrepreneur should be quick to
learn and grow from his mistakes and failures.
5. Be passionate
The new entrepreneur must make sure he
truly loves what he does, as other people will assess the passion which
he has for the business. Experts note that once they see your passion,
they will be more likely to do business with you. According to experts,
if you are not passionate, then you will drive potential customers away
instead of attracting them to your company. They note that you should
have a good initiative and should instinctively start problem-solving or
business improvement projects.
6. Demonstrate confidence
This is an important factor in any
business. Experts say you should never look as if you do not know what
you are doing. According to them, the new entrepreneur must always be
firm and decisive, because this will help put those you deal with at
ease.
7. Be excited about your business
Experts say the new entrepreneur must be
energised by his business. They note that he needs to be excited about
the venture because his energy level, no matter how high or low it is,
will rub off on the people around him. According to Williams, the
entrepreneur should maintain a high spirit even when things are not
going his way. She notes that if you possess these characteristics, then
you could be a very successful entrepreneur. “Instead of wasting these
virtues, the entrepreneur should make sure that he puts them to use when
and wherever he can,” she adds.
8. Good interpersonal skills
According to experts, as a successful
entrepreneur, you will have to work closely with people. They note that
this is where it is critical to be able to build great relationships
with your team, customers, suppliers, shareholders, investors, and more.
9. Improved communication and listening skills
The new entrepreneur needs to be able to
communicate well to sell his vision and business ideas to investors,
potential clients, team members, and more. He must improve on his
ability to listen, as this can make or break his business.
10. Understand your business environment
This entails a lot, experts say. The
area where your venture is situated must have some regulations guiding
business operations. It is therefore important for the new entrepreneur
to understand what is obtainable of that area in order to run smooth
business operations.
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