29/01/2017
Road to the Top: Vital Skills for Every Entrepreneur in 2017
There is the erroneous assumption that entrepreneurship is an easy path to tread – that the moment one embarks upon it, things will fall in line. Many would-be entrepreneurs believe that “being their own bosses” would be the end of all their troubles. And many new entrepreneurs have started their own businesses only to realise that they are not so equipped for the journey.
A woodsman was once asked, “What would you do if you had just five minutes to chop down a tree?” He answered, “I would spend the first two and a half minutes sharpening my axe.” This anecdote is true now, as it has been since it first surfaced in public in 1956. Indeed, nothing beats preparation especially in an increasingly competitive world where success does not come on a platter of gold – you have to earn it.
It’s still early in the year to take out time to sharpen your axe, prepare the resources and gain the vital skills you need to make significant progress in your business such as these ones:
1. Communication: Do you believe that you eloquently and articulately communicate with all your stakeholders? Entrepreneurs are visionaries, dreamers, and doers, sometimes not good communicators. Steve Jobs was revered for his keynote speeches at Apple Conferences, especially that theatrical “one more thing” moment just when everyone thought he was done – and see how that sold Apple products. Communication is important. Entrepreneurs do not presume that a great product will sell itself – everything takes persuasion. Entrepreneurs do not presume that the people(s) that work for them understand their vision – it takes skill to visualize the future with words. Whether it is through public speaking, a convincing sales message for customers, the most persuasive pitch deck for investors, or an inspirational speech to employees, it is also important that an entrepreneur knows how to communicate. So, what’s your position?
2. Sales skills: As the business owner, you’re the chief salesperson of your business — your business depends on this. To keep your business successful, you need products or services, customers and funds. How do you intend to improve your sales this year? Are you releasing new products, or running a marketing campaign to increase demand? Have you framed a persuasive message to communicate why people need this product or service? If you are skilled and equipped at sales, is your employee(s)? Put everything together that you require to make a difference in your sales, and your bottom line, before you move further into the year.
3. Finance Management: Entrepreneurs who are efficiently able to manage money are on the right path. Although you may employ the services of professionals to manage your finance, it is nonetheless essential that you keep a tab on your finances – keep your books up to date, keep those receipts, invoices, etc. The discipline to keep your books up to date, and keep a tight lease on cash flow and expenses boosts your business. Business is about cost and margins. It may not be a conglomerate yet, but managing financing properly is a first step.
4. People Management: Managing relationships are so important. A sales man once opined there are many similar products in the marketplace, and most times, customers are persuaded to purchase not because a product is indistinguishable from the next, but because they feel connected and trust one sales man over another. So, it can be fair to say that entrepreneurs should be likable and approachable. So how’s your relationship-building skill? Relationship building takes time, and involves adopting qualities like patience, tolerance, candidness, and respect – even with employees. Everyone has a unique personality, and investing in some emotional intelligence courses to boost your skill could help as you advance into the year. Emotional intelligence can help you be more perceptive, and you need to raise your EI radar all the time when you are networking with people.
5. Brand Perception: The saying that perception is greater than reality, in many ways is true. Often, perception ends up as the reality. How staff and the public perceive you and your business is important. From as simple as your logo design, your brand colours and tagline, to the kind of content you post on social media, sends a message out there, and contributes to the perception of your brand. Experts state that if you do not build a brand for your business, then it would be a commodity. A brand resonates with people on an emotional level, and a commodity is indistinguishable from brands in its category – people will chose a brand over a commodity. So do an audit of your business today, and work on creating emotional equity as you go into the year.
6. Strategic Thinking: This is a skill successful entrepreneurs around the world have continued to use to their advantage to advance their business growth. This is one area where you have to up your A-game because strategic thinking informs your entire strategic direction for your business. The kinds of bold strategies with clear methods of ex*****on to enable you take advantage of market opportunities. This should be a priority while the year is still young.
Never stop learning. Never stop growing. If there is a skill-deficit that could hinder you from getting closer to your goals in 2017, then gain that skill and close the gap. The journey of an entrepreneur is bumpy ride, and to attain or maintain success takes grit and skills.
What skills do you think will serve you well as an entrepreneur in 2017?
Written by
Osayi Alile
Experienced Strategy and Non Profit Specialist; Consultant and Director
