The Top Skills that Every Entrepreneur Needs in 2019

By Ashutosh Jha → Last Updated on Wednesday, February 13, 2019
Launching a new business is an exciting time. The fact that becoming a business owner is easier than ever means that the market is flooded with new companies every year that all hope to make an impact. While the skills needed to actually launch your new business idea can be basic, the more skilled you are, the more chance that your entrepreneurial effort will succeed.

When 30% of new businesses fail in the first year, and up to half fail within the first five years of trading, it’s clear that having the right skills is as important as ever.

Top Skills Every Entrepreneur Needs

If you’re wondering about the skills you can improve on to make your business more likely to succeed, then here are the key areas that you should be focusing on.

#1 Planning and Proposal Skills

While every entrepreneur should be aware of the need for a strong business plan, most are unaware of just how important that skill is. Business plans are vital for entrepreneurs and startups because they can be the key to sourcing the right level of financial backing. More than that, the best business plans are able to help you guide the future of your company and ensure that it stands a much better chance of success.

Being able to forecast your future in a clear and detailed manner can only be of benefit when it comes to managing your growth. Look at local courses in order to get a better understanding of the best way to write a business plan that will work for you, and your business will only grow stronger as a result.

#2 Budgeting Basics

It’s a fact that the majority of your business problems are going to be caused by money matters. From paying staff to making sure that your own living costs are covered, your budget is often the defining factor that will determine your chances of success. Whether you’re bootstrapping your business launch, or you have the backing of an angel investor, being able to manage your finances will go a long way to improving your chances of business growth.

Learning how to manage your finances is therefore key. One of the best ways to do this is to learn some basic bookkeeping skills, and there is a wide variety of accountancy software to learn how to use. These can make it much easier to help manage your budget, and ensure that you manage your spending much more professionally.

#3 Digital Marketing

Marketing can be the one area that makes or breaks your business. Having the ability to reach new audiences or encourage spending in your existing one should be a high priority for every entrepreneur. Learning the basics of marketing is relatively simple, but it can be very beneficial to get a formal qualification in this field.

Marketing is essential for every business model, and both your startup and your future can be made more secure by learning the in-depth ways to market in the digital age. Modern marketing means that your business can:

  • Level the playing field when it comes to competing with established brand names
  • Target your key audience
  • Personalize your marketing and sales strategies
  • Have access to in-depth analytics that can help guide the future of your business
  • Have easier scalability than traditional techniques
  • Fantastic ROI
  • Be mobile so that customers can buy wherever they are

This is a skill set that is expected to grow in demand, and you can secure your future by studying online for an MBA for marketing professionals that will teach you everything that you need to about the essentials of modern marketing. Failing to market well can mean that your startup hits a roadblock very quickly, and it is only through a strong marketing strategy that your business can be expected to grow. You can check some best skills for digital marketing manager.

#4 Selling Essentials

You can have the best financial backing and the ultimate in marketing campaigns, but if you can’t close a sale, then your business is going to collapse. Learning how to sell can be very complicated, as there are a seemingly endless variety of ‘top sales techniques’ that are advocated by an impossible number of sales professionals.

The fact is that everyone can sell, and everyone will have their own strategies for doing so. The most complicated sales techniques in the world will not help you if you don’t understand them. However, there are some basic essentials that you can work on in order to get more from your sales. They are:

  • Know your target audience - This will make it easier to understand what they want from you, allowing you to target your sales script to their needs.
  • Use a sales process - You need a consistent process that can be measured and repeated.
  • Understand everything about your product or service - You are going to have to talk about what your company does, and the more that you understand what you're selling, the easier it will be to make that sale.
  • Check your customer journey - Allow for as few roadblocks or barriers to a sale as possible.
  • Listen - The more that you understand what your customer is saying to you about their needs, the easier it will be to adapt your sales technique to meet those needs.
  • Be consistent - Everyone has bad days, but a salesperson needs to be on top form every time. Learn how to control your emotions so that even if you’re in a foul mood, you can bounce into a sales meeting full of energy and enthusiasm.
  • Follow Up - Too many weak sales strategies fail to address the need to follow up on those sales that didn’t land. This can be a very lucrative revenue stream, and you ignore it at your peril.

These soft and hard skills are well within reach, and you can work on them in your own time. This will allow you the freedom to work on your startup while investing time into your own development. If you want your future goals to be more achievable, learning these skills could transform your future and secure your startup so that it avoids becoming just another failed business statistic.
Ashutosh Jha

Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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