The core skills all businesses require

Discussion in 'Growing and Managing a Business' started by apexis, Aug 9, 2012.

  1. apexis

    apexis
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    The core skills all businesses require
    As a business director or owner it's essential you can identify and meet the core skills your business needs to be successful.
    These skills will be the same whatever business you run - whether you're a sole-trading graphic designer or you head a manufacturing company employing dozens of people.
    There are intangible skills you will need, such as leadership skills, the ability to cope with long hours and hard work, and the inner resources to deal with stress and risk-taking. They also include strategy-setting and the ability to build and manage a team.
    There are also functional skills that all businesses need. The smaller your business, the more of these skills you will need personally:
    finance - including cashflow planning, credit management and managing relationships with your bank and accountant
    marketing - including advertising, promotion and public relations
    sales - including pricing, negotiating, customer service and tracking competitors
    procurement and buying - including tendering, managing contracts, stock control and inventory planning
    administration - including bookkeeping, billing, accounts preparation and payroll handling
    personnel - including recruitment, dispute resolution, motivating staff and managing training
    personal business skills - including computer, written and oral communication, and organisational skills
    To run a successful business it's essential you recognise the limits of your abilities. So, as a business owner or director you also need the skill to know when it's best to hand over tasks to others by:
    delegating
    recruiting
    outsourcing
     
  2. Mark T

    Mark T
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    Well, setting up the core skills and business needs of your business is a tough part. The best means to come up with a realistic core skills and values, you must learn not only the nature of your business, not only the goal of your business nor your own personal goals, but also the goals of what your future staffs would be looking for. Everything should be aligned to make your business run efficiently and more productively.
     
  3. MarkTaylor

    MarkTaylor
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    Hi Apexis,

    This is a great question.

    In 1996 I did a thesis on the qualities of entrepreneurs and my literature survey found around 60 different attributes. Many of these are covered in what you've got above but there are three that stick in my mind:

    1. Internal Locus of Control - ie they make things happen and never say things like 'how could this happen to me?'
    2. High Need for Achievement - in this model, the other two options are affiliation and power - it was interesting that entrepreneurs seem to be more concerned about achievement than the other two attributes.
    3. Tolerance of ambiguity - This is the ability to cope with the unknown - after all, you are creating something that doesn't yet exist! Interestingly, this chimes in with Jeff Bezos view that entrepreneurs need to be willing to be misunderstood for long periods of time (sounds familiar to me!)

    I look forward to seeing what others come up with.

    Best wishes,

    Mark.
     
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  4. Fergal

    Fergal
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    Thanks Mark for those three great points. I feel that I'm probably pretty strong on 1 & 2, but have a lot of room for improvement in number three. My ability to deal with uncertainty is something I need to work on.
     
  5. Mark T

    Mark T
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    As what "The Secret" or "The Law of Attraction" says, the more positive you give out, the more positive you give in and your results become all positive. Most entrepreneurs always look forward into something positive which helps them get into this kind of mind setting.
     

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