Do you have what it takes to run a successful business?
Running a business definitely isn't easy and if you are going to be a successful entrepreneur, you need to possess certain qualities and skills. Here are the 10 most important ones:
A successful business is one with specific goals and a clear outline of where you want to be heading. In order to have this someone needs to decide what these things are and what's required in order to achieve them. However, a leader is not there to just decide things, they are there to motivate their team and make sure the company and everyone in it is achieving their goals that are required to reach the goals and progress. You can't just wake up one day and decide you want to be a leader though, you've either got the certain qualities required by one or you haven't although you can improve and learn some of the skills. Natural leader know exactly how a business should be run in order to be a success and if you're not one of these people then there are training programs available to help you.
Every business needs a plan to follow but developing this and then putting it into place is a skill business owner's need. For this, you would first need to be able to develop and implement strategic change. Normally people are very focused on the day-to-day operations when it comes to planning within their business however in order to be a successful business owner you need to think and plan about the future, what goals you want to reach at the end of the year and how you are going to do it.
Although you will more than likely have a specific person or team in your business for marketing you should still be involved because completely and utterly running your business is where a successful one comes from. In order to market effectively you need to clearly understand what your customers are looking for and provide those needs. This is a much-needed skill to have, because buying and delivering what people want to buy is a big requirement for running a business.
To manage your finances properly and effectively you need to be able to forecast cash flow and sales as well as monitor your profit and loss. If you can do these things then you are not only protecting your financial investment but your business is more likely to be profitable. If you do these things before you even start your business then you will be able to secure your investment and make sure your company has a sturdy framework to move forwards.
If your business is going to be successful, you are going to have to sell it, and give people a reason to buy from you instead of your competitors. In order to do this you need to understand the sales process. This is all the way from initial contact to actually completing the sale. Object handling and completing the sale are the two hardest steps in the process especially if you have not had experience in selling before. However, even if you've not had experience in selling an actual product or item, it's likely you will have had experience just in a different area, for example, if you've gone for a job interview you're basically trying to sell yourself to that person you'll still have the basic skills required and just need to build on those.
The art of good communication, whether it be with customers, staff, directors etc. is one that any successful business owner need to poses. You must always be aware of how you're being presented to others, whether it be in a meeting or at an event where you're meeting new people because it doesn't just affect how people see you, it affects how people see your business as well. In order to have good communication skills you need to have knowledge of the subject you are talking about and speak in confidence when talking about it. If you can do this, not only in person but over written communication as well, you will be able to reach a wider audience of customers, suppliers, potential investors etc. and you'll be able to form new relationships.
Failure to delegate and manage time wisely is something many business owners fail to do and it can have detrimental effects on your business. Although it may feel like you are less in control, you're going to have to pass certain things over to other people because you can't do all of the important things on your own. This means delegating some of the responsibility onto someone else in your business. Passing some things over also requires the skill of choosing the person who is best qualified to take over.
Although it's not an actual skill, a trait required by any successful business owner is that they are competitive. No matter what you do there will always be another business or most of the time loads of other businesses want the same things or provide the same service as yours does. This may seem like a challenge as you've got to "beat" all of those other companies in order to get someone to use your business instead of there's, but it's also a big opportunity. If you are highly driven and want to win, then you'll already be ahead of a lot of businesses. You need to understand that every time a customer buys off you, you have won and every other business like yours has lost but in order to get that customer to buy from you have to have the drive and willingness to win them as a customer.
Another really important trait of a successful business owner is that they don't just have motivation but they have the right motivation. If you are motivated by something other than just making loads of money then your business is likely to be more successful because you want something that is worthwhile. If you can create something that you are passionate about and is unique then you will be benefiting everyone, not only yourself and the likelihood is that you will make a lot more money from it.
The skill to look at something, see how it can be improved and see the whole picture is key when it comes the success of your business. If you can look at your company and create of vision for what you want it to be like in the future, whether it be that you want more investors or more motivated employees etc. your business is more likely to progress forwards.
Even though you need to be logic when it comes to the way your business is run, you also need to have a bit of creativity in order to make it successful. If you can be imaginative and create or invent something then you will be able to sell it and it doesn't even have to be a product necessarily, if you can think of ways to advertise or design a shop floor, for example that sets you apart from anyone else then you will be successful.