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The entrepreneurial state of mind: beat the competition

Hotcourses, Britain’s most popular independent-sector education website providing information on courses, schools, colleges, universities and career options, look at which skills they think every entrepreneur needs to run a successful business.

The business world has become very competitive over the last few years, which means that simply having an original idea no longer guarantees success. Many SMEs are finding out the hard way that while it’s great to have a brilliant idea, it’s the ability to execute that idea that will determine their victory in the end.

Aside from drive, determination and tenacity, every entrepreneur needs certain skills that will help push their businesses beyond the start-up stage and to the next level. Recent studies show that one of the main reasons many SMEs fail in their first few years is because owners lack the practical business management skills required to ensure they triumph.

These skills are essential for business owners to possess if they wish to become the next success story and there are five that particularly stand out:

1. Planning: Preparation is really important for any small business or start-up company and so all entrepreneurs need the ability to plan for success and for failure. Owners must know what their long term and medium term goals are and they must have a vision and an idea of how to make it a reality. Without a plan, the budding entrepreneur will find themselves going around in circles, unable to achieve a favourable outcome. You must know where you are going and plan for that journey.

2. Sales and marketing skills: Whether it’s a product or a service, if you don’t know how to sell it then your business will never be successful. How will potential clients and customers find out about you and what you do? What’s so special about your products or services? It doesn’t matter if you have the greatest idea in the world; if you are unable to sell it or don’t know how to sell it, then you will struggle to make a success of it.

3. Negotiation skills: If you want to go far in business, you must learn how to negotiate and be able to win others round to your way of thinking. These skills are the building blocks to your overall success, as effective communication is a big part of working well with others. When building your business, you have to be able to strategically negotiate the best deals so if you are lacking confidence in your ability to do so, now’s the time to develop your negotiation skills.

4. Financial skills: It might seem obvious, but effectively managing your money is vital for entrepreneurs, especially when your business is in its infancy. Funds are often very limited for start-ups so you have to be able to handle the financial side of things well. You must always remember that you are in business to make money and if you are not making money you will quickly be out of business.

5. Leadership skills: Successful entrepreneurs became great leaders because they learned the necessary skills to guide others and be an influential part of their team. Many successful business people were not born leaders; they became that way because they applied themselves and had a desire to be great and to inspire followers. All leaders have good communication skills and the ability to bring out the best in others. If you’re looking at the list and feeling overwhelmed, you’re probably not alone. Luckily, these entrepreneurial skills can be learned and if you devote time and attention to learning and mastering them, it’s likely your business will grow and reach great heights. These are just five skills needed for entrepreneurs to go far in business but if you feel you need to top up your business skills there are a variety of management/ Entrepreneurial courses, especially within the London area, you can take.

This was posted in Bdaily's Members' News section by Nikki Graham .

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