1. Financial management and accounting
First, you need to have a good understanding of financial fundamentals. You should understand how to budget money, how to read a balance sheet, and how to calculate and maximize profitability. It’s not enough to lean on your accountant, you should know some of the fundamentals yourself.
2. Writing
You will be doing a lot of writing as a business owner, whether it’s drafting new proposals or writing instructional emails to employees. Being able to express yourself clearly and concisely in writing will help you to be better understood and more persuasive when you need to be. I write at least 8 proposals every week.
3. Public speaking
Similarly, you need to be able to speak clearly and concisely in public. You will need to motivate your team members and provide them with both positive and negative feedback. You’ll also may be making pitches to investors and clients, and even giving speeches and presentations related to your company. The more effective you are, the better. Before Covid, I gave 3-5 face-to-face/public presentations weekly.
4. Data analytics
I have had to hired data analysts to help me with certain areas, but it’s important to understand the fundamentals of data analysis yourself. This way, you can read charts and graphs effectively and make better decisions for your business.
5. Marketing
This is one of my strengths, the fundamentals of marketing and advertising. If you have a strong foundation of knowledge here, you’ll be able to brainstorm better marketing and advertising campaigns, and better position your brand long term and make adjustments in your message in the short term.
6. Project management
One way to think of entrepreneurship is to consider it to be ongoing management of a series of projects. You’ll be responsible for supervising teams and coordinating resources to achieve your goals, whatever they happen to be. Becoming a better project manager will allow you to improve your efficiency, collaborate more effectively with team members, and ultimately achieve your goals faster and more reliably.