7. Time management
One of the biggest issues faced by new entrepreneurs is a crippling shortage of time. There are only eight hours in a day and 40 hours in a week. Even though you’ll be surpassing those “regular” figures frequently, you may still feel incredibly limited in what you can accomplish. The solution is superior time management (take a course if needed). You’ll need to employ strategies to better prioritize the tasks in front of you, work more efficiently, and eliminate wasted time wherever possible. I like to call it “Red Time and Green Time” * Admin. is Red Time, Money Making is Green Time!
8. Negotiation
As a business owner, you’ll constantly be negotiating. You will negotiate with investors on the terms of your funding. You
will negotiate with clients on pricing and terms of the deal. You will negotiate with employees on their initial salary as well as their ongoing responsibilities. You will even be negotiating with yourself about what is the best course of action for your business, trust me it happens! As a better negotiator, you’ll be able to get better terms, better deals, and more favorable positions in nearly every aspect of your business.
9. Basic software skills
I will be the first to admit this was a “Blind Spot” for me, but financial planning is very software and technology driven…so I had to step up my game quickly. It also pays to improve your skills as they
relate to common apps used in business. For example, getting familiar with Microsoft Word and Excel can make it far easier
for you to create new files and edit existing ones.
10. Stress management
Finally, don’t neglect your own stress management capabilities. Running a business can be incredibly stressful, and if you’re not careful, it could lead to burnout. Work proactively to understand your stress levels better and take action to reduce them. That means taking breaks throughout the day, taking vacations periodically, and planning/spending time doing relaxing things you love…every day!
10.5. Adaptability
There’s one more skill that’s vital to mention, though it almost doesn’t qualify as a “business skill”, the ability to responsively adapt to new situations. As an entrepreneur, this is arguably your most important quality, since it’s what allows you to learn new skills, respond to challenges, and change to suit an evolving environment. Things will change quickly with your businesses, and you need to be prepared to respond to those changes and learn new skills as needed.
I can assure you that having the confidence to master all these skills, or at least learn the basics of each, you’ll be much better suited to start and run your business successfully. Entrepreneurship is a sprint and a marathon combined, so it pays to be prepared for the world of business ownership. I hope these tools will go along with what you already may know.
For more 1st Capital business and financial lifestyle tips/updates. contacts us at 312-952-8040 * 312-243-3907, rchew@1stcig, www.1stcig.com.