Owning a small business is a dream for many people. While it can be a great option for those that would like to be their own boss, a large percentage of small businesses do end up failing within just a few years. There are five skills in particular that an entrepreneur should have, which should greatly help to increase the chance that they and their business will succeed.
Ability to Sell
For any entrepreneur, one of the most important skills to have is the ability to sell. A small business owner that has a great product or idea, but does not know how to market or sell it, will have a very hard time building a base of clients. If the owner is not particularly skilled at selling, they will need to have a sales staff that can help with that.
Ability to Lead
Along with selling, many business owners struggle with not being able to lead. A small business owner will have to be able to motivate employees and keep them focused on short and long-term goals. This is particularly the case when the business is small and there are very few additional employees.
While it is not necessarily a requirement, having a strong educational background is also important for a small business owners. Those with a degree in business, or an MBA, will have the basic business knowledge and background that will help them to get their business off the ground and keep it organized during periods of growth.
Another skill that all business owners need to have is flexibility. While it is important for a business owner to have short and long-term plans, changes to the business, economy, and other factors can require big changes to their initial plans. For those that are looking to have success, being flexible and being able to adapt to these changes will be very important.
Access to Capital
Those that are looking to own a business also need to be able to raise capital. Many entrepreneurs in today’s culture have taken for granted the myth that businesses must rely on small business loans from financial institutions or from the deep pockets of angel investors in order to begin operations. The truth is that most businesses that survive their first three years did so with natural, organic growth – fueling their capital with their own revenue streams.
In conclusion, owning a small business is a great career option for anyone that would like to be their own boss. While many small businesses do fail within their first few years, there are five skills that successful business owners have, which help to ensure their long-term success.