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Skills needed by today’s entrepreneurs

BEING an entrepreneur can be both fun and challenging. Before you venture into the world of entrepreneurship, find out if you have the entrepreneurship skills that will help you succeed in your new arena? Entrepreneur skills are the abilities, inherent or learned, that will make or break your business.

Having these skills from the start will reduce the challenges of starting a business but being able to use them strategically will ensure that your business stays on even when competitors come in.

Here are some of the entrepreneur skills you would need to run your business successfully:

Jack of all trades: You must be flexible enough to know the business fundamentals and how each independent aspect works. Among all the other entrepreneur skills, this one gives you the capacity to see how things are interconnected and allows you to run the show.

Managerial and administrative skills: Most of the multinational corporate ventures employ hundreds of people with their own specialisations. Forget about that if you are starting small like most entrepreneurs. So, basic entrepreneur skills in the administrative department would come in handy for posting in your daily income and expenses, making your receipts and even for making sure you pay your bills on time. You also need managerial skills to be at the top of the situation when your business starts to operate.

Planning skills: Planning is one of the entrepreneur skills you should arm yourself with especially if you are starting a home business. Your planning skills would make sure you have, not only an idea of what you have to accomplish for the day, but you are bent on sticking to your plan. The hardest thing for a one-person business, much more a home-based one, is the overwhelming task ahead of you every day. Multitasking is clearly the name of the game and you have to be really good at it to accomplish things

Financial skills: Since you are in business not only to render service or to fulfill a dream but also to make money, you need to brush up on your financial skills to make ends meet. One of the most essential entrepreneur skills you need to have even for small business ventures is the ability to manage your finances so that at the end of the day, you have money to pay for your business and incidental expenses and have some left for your profit box.

People’s skills: Establishing a business will require you to deal with people from all walks of life and this is one of those entrepreneur skills that will take your business far. Every successful entrepreneur has people’s skills and those who do not have it hire someone else who does. You will always deal with people at any phase of your business so make sure you are inherently interested in people and how they work.

*Source: SME Toolkit Nigeria

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