Some people were simply born to be entrepreneurs. However, 90 per cent of startups fail. That’s a pretty hefty number. With that being said, it takes hard work, courage, a bit of luck, and most importantly, a respectable amount of knowledge to make it into that elite 10 per cent. Acquiring new skills and wisdom will do a lot to save you money and put yourself ahead of competitors. In a business world running at the unbelievably fast pace of technology, business owners need to do everything stay on top of their game. While some business owners have natural talents in certain fields, there are many components of business that take time to learn and implement. Image source: #entrepreneurfail Let’s talk about four essential skills every entrepreneur should get familiar with to make sure operations are constantly evolving:
#1: Communication & collaborationThis one might seem obvious. But it is an area that a lot of businesses struggle with. In fact, 86 per cent of employees and executives say that lack of collaboration or ineffective communication is the root cause of workplace failures. Good communication is perhaps the most essential ingredient when it comes to growing your business. This applies both internally and externally:
- Internally, failure to maintain a functional dynamic within the office will pose a big problem to teamwork and problem solving.
- Externally, without the ability to effectively communicate your unique value proposition, acquiring new customers is going to be extremely difficult.
#2: Project managementGoing hand-in-hand with communication and planning, strong project management skills are integral to a high-performing business and ensures that tasks are completed quickly and efficiently. As project management is an entity that must be implemented in businesses across the board, owners need to have this skill mastered. According to a Changepoint survey, 80 per cent of project management executives don’t know how their projects align with the company’s business strategy. There are five essential components that make up successful project management:
- Planning and development
- Production and implementation
- Monitoring and controlling