10 Business Skills To Make Success Of Your Business Venture
10 Business Skills To Make Success Of Your Business Venture
Business skills are important to the success of any business. Whether you own your business or you’re an employee, having certain business skills can positively influence the effectiveness, performance, and productivity of the company. Business skills are those skills that help you understand customer relations and organizational behaviors that promote the success of the business.
Business skills are your ability to complete a business task effectively. These skills are important, as they will increase your chances of being successful in your career. However, you need to learn how to develop these skills.
- Trial And Error
The most important way to develop business skills is by doing. No matter how much you learn or read about things to do to be successful if you do not put them to practice, it won’t work for you. You’ll learn more by actually doing, than just watching someone do it. It is difficult to do something for the first time, no doubts. But as you keep doing it, you become better at it.
When you try something for the first time, you’re likely to make mistakes, but it shouldn’t bother you. The people who are perfect in things they’re involved in today have once made mistakes, a lot of them. You shouldn’t criticize yourself when you have to do things over and over before getting it. That is just the process. It is when you involve yourself in something, that you’ll know where you have to improve on.
- Learn From Others
Learning from others avails you the opportunity to be able to learn from their own mistakes. You get to ask questions from those who have walked that same road. They know the obstacles, and the things you’ll face. It would be ridiculous and uncalled for if you know where other people made mistakes and still fell for those same mistakes.
No one is an island of knowledge, so you will definitely need what others have to offer. You should never cultivate the habit of despising what others possess, you might need it someday. You can also sign up for online courses to learn from a number of successful entrepreneurs. You’ll get to learn new tactics for success in business.
10 Business Skills To Make Success Of Your Business Venture
- Marketing
This is one skill you need to acquire and develop for a successful business venture. Marketing helps you to attract new customers, it also helps your website developments. Marketing skills help you to sell your products. No matter how great your products are if you do not market them well, it doesn’t attract potential customers.
There are a lot of courses you can take online to help you develop this skill. This skill is so important that some companies have a department for it, the Marketing department. They usually consist of people who have been trained specifically to market the companies’ ideas and products.
- Customer service
To succeed in business, you have to know how to treat your customers. You’re in business because of your customers. You’ll have to know how to respond to their inquiries, and manage feedbacks. This skill will help you deal with difficult customers. It helps you to keep your customers happy and keep coming back even if they were not happy with their first purchase.
Customer service skills allow you to understand your customers’ needs so you can satisfy them better. You need this skill when communicating with customers before, during, and after their purchase. It allows you to build good relationships with your customers. The stronger your relationship with your customers, the easier it is to satisfy them with products they love.
- Sales
Sales skills are essential in business. Whether you sell products or services, you’ll need to know how to sell them to retailers. Even if you’re the business owner, and you have salespeople, you should also know how to sell. Some customers do not know what they want or are not sure about the products you’re offering, you will need this skill to persuade them to buy from you.
You must also be able to differentiate between soft and hard business skills when it comes to sales. You must know where to use each of them. Soft skills involve you giving away a free sample-sized version of the cream to help your customers know the right one to buy. Hard skills are needed when you have to pitch to someone to buy a particular car from you.
10 Business Skills To Make Success Of Your Business Venture
- Adaptability
You need to be able to adapt to new situations. For instance, the effect of the coronavirus to the world and to business forced a lot of business owners to move their businesses online. If you as a business owner do not know how to adapt, you won’t be able to thrive in the new norm of business. Being adaptable can mean you have to move to another supplier when the previous one is unable to deliver.
Adaptability keeps your business alive through tough times. If you have to change your business model in other to suit technology changes, then you should, else your business will die. Many business owners need to possess this skill to keep their business going.
- Determination
If your determination to succeed is strong, failure will never bring you down. Determination helps you overcome hardship in business. It is what keeps you going even if you have had several failed attempts in your business venture. It is what keeps you motivated and neglects negative words from people. Your determination is what drives you towards achieving your goals.
Challenges will always show up in your business, but it is the determination that makes them bearable. You won’t even realize you’re going through challenges, because you’re too determined and focused on your goal. Determined people are ready to work around failures and obstacles to make their dreams come true.
- Time management
Time is very important to anything in life, business inclusive. Time management skills help to keep you in check in your business. It is what ensures that orders are processed the same day the customers placed the order. It is what ensures that there’s no delay in attending to customers’ orders, or in fixing something in your business.
We are all allotted the same 24 hours, it is what you do with yours and how you manage it well, that yield success for you. The importance of time management skills cannot be overemphasized in the success of a business venture.
- Accounting
Financial understanding is one of the business skills you need to acquire. You need to develop this skill as your business grows, you need it to budget, invest, and forecast. You’ll need to know what debts you can write off, to pay taxes, to know when you’re still making profits or not. This skill helps you to take your business to greater heights.
You know which money is to be allotted to employees, to investments, to marketing, and other things in the business. It also helps you to save more money when sales are low. You also get to know how to grow your profits through investments and assets. Understanding of this skill prevents you from running bankrupt, or into bad debts.
Read Also: 10 Ways to Know If Your Personality is Suited For Business
- Strategy
As a business owner, you need strategy skills. People who are able to strategize can see the future of their business, and know-how to flow with it. Creating a strategy for long term growth and development helps your business to stay alive for a long time. You’ll be able to foretell potential problems and come up with a plan to attack it. It also helps you to know the implications of the risks you’re taking, if they’re worth it or not.
Strategies help you to know where you plan to be in the next five, ten, or twenty years. Planning for long term positions you for future successes.
10 Business Skills To Make Success Of Your Business Venture
- Creativity
Creativity is another business skill you need to succeed in a business venture. You need creativity when you have to come up with new ideas, marketing your business, creating content for your website, and the likes. Solving problems requires creativity; there are times you’ll need to think outside the box to tackle a particular problem.
Being creative allows you to be unique, and differentiates you from your competitors. It is what you need when faced with problems that seem complicated. Creativity can be seen everywhere, and it is a major skill you need for your business.
- Resourcefulness
Resourceful people always find a way out of every challenge. They know where to go when they face a problem they can’t handle. They know when to ask for help when they face a problem they cannot solve on their own. They know how to take advantage of help around them. They know how to use search engines to learn how to do something they can’t do.
Resourcefulness entails you knowing where, how, and when you get information at all times. It helps you to be able to get information on your own when you need it, you become independent. Whatever it is they’re facing, they know there’s a way out, and they know what to do to find it. A resourceful person does not rely on only one means to get information, they make use of all means possible and get things done.
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(B.Agric, MBA)
08105636015, 08076359735
Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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