Five Skills You Need to Learn Before Starting Your Own Business

By Randall Orser | Small Business

Starting a new business is always difficult, especially if it is your first business. In order to give your business the best chance of success, there are several skills that you need to learn. Fortunately, all of the skills needed to run a business can be learned. Here are 5 skills you need to learn before staring your own business.

Time Management Skills 

Time management skills are essential for any business owner, as you will need to ensure that all business tasks can be completed within a set amount of time. One of the best ways to improve your time management skills is to keep a daily log of your business activities.  You can then analyze your log at the end of the week to see where you could be managing your time more effectively. Look at the amount of time you spend on common tasks to see where you could shave off a few minutes.

Self-Motivational Skills 

In order to succeed in business, you need to be able to motivate yourself, as you will have to make your own rules and decisions. Nobody else will tell you when to start and finish working, when to take or break or when to seek help from other people. You will need to use self-motivational skills on a daily basis. In addition, if you intend to employ other people, you will need to be able to motivate yourself in order to motivate your employees. Create a mental vision of where you want your business to be in one, two or five years, as this will help to keep you motivated and focused on your goals.

Organizational Skills

Organizational skills are essential for keeping your business running smoothly. Organizing ideas, tasks and paperwork effectively gives you a strong foundation for your business. Using detailed task lists is one of the best ways to organize your working day, as it gives you clear goals to achieve each day.  It is also important to keep detailed records of all business activities, outgoings and income for future reference and legal purposes.

Research Skills 

Research is one of the most important aspects of setting up a successful business. You need to research the industry in which your business will work, as well as the products and services you wish to sell. You also need to research the competition and your potential customer base. In addition, you will need to conduct research on an ongoing basis to see how your business is performing in relation to your competition. Learning how and where to gain information for your research is one of the first skills you should learn.

 Analytical Skills 

Once you have conducted your research, you need to be able to analyze the results and develop ways to use the findings to your advantage. Analyzing data and public opinion helps you to make decisions that can improve your business and increase public approval. Develop the habit of evaluating your business activities to see where improvements can be made. Listening to your customers is also important for improving your analytical skills, as it gives you a different perspective on the situation. 

Setting up a new business can be a challenging time, especially if it is your first business. You can increase your chances of success by learning the skills needed to run a successful business. Practicing these skills before setting up your own business gives you chance to develop effective ways of working.

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About the Author

President/CEO Number Crunchers® Accounting Inc. Learn how to just say stuff it to this bookkeeping thing with our 'Just Say: "Stuff It" To Bookkeeping program.