One day you would like to have your own business. That's great of course! You will spend long but rewarding days doing work that sets your heart on fire. That sounds good! But there's no denying that there's another side to entrepreneurship — and it might not fit in seamlessly with your fantasies of really doing your own thing. Here's the truth:Owning your own business is hard work. It takes determination, an incredibly thick skin and plenty of skills that you might not have expected. What exactly? Here are eight skills you should start improving now if you ever plan to start a business.
1. Sell
Some people are good at selling and love it, and then there are others who cringe at the thought itself. No matter which camp you fall into, you can't get around this fact:Running your own business requires some serious sales skills. You have to actively promote yourself, your products or your services to make money from them. So, if you're not very confident in it right now, it's time to teach yourself this skill.
2. Accounting
When it comes to accounting, most people fall asleep. We may see an old man in a dusty office with piles of paper in front of us. If you're running a business, you don't need to be a full-fledged accountant (thankfully, you can pay people to do that for you). It's your business, though — which means it's helpful to have at least a little understanding of finances so you understand what your accountant is telling you and advising you. Plus, even if you outsource your bookkeeping, you're still responsible for sending invoices, tracking your expenses, and other things – at least if you're just getting started.
3. Project Management
The responsibility of seeing projects through from start to finish will rest solely on your shoulders. And while it is precisely what makes being an entrepreneur so fulfilling and rewarding, it can also be overwhelming. Project management skills are skills that are easily overlooked. But when it comes to getting quality work done on time and within budget, project management is a critical skill to ensure the success of your own business.
4. Time Management In a similar vein, running a business means you don't necessarily have the sense of responsibility you've become accustomed to with a regular full-time job. You don't have a boss breathing down your neck or colleagues checking the status of a shared project. You'll have to be the one to stay on top of your own commitments and workload, and for some people, that's a real challenge. The better you can manage your time, the more efficient and effective your future business will be. With that in mind, challenge yourself to improve your time management skills now.
5. Relationship building
Perhaps the idea of running your own business is that you have to work all by yourself in your home office (while in your favorite sweatpants all day long). Hey, a lot of people do it, yet this fact still remains true:Running a business is about relationships. Even if you work solo most of the time, you will still have to build relationships with suppliers, customers, other people in the same industry – the list goes on. Networking is not a second nature skill for most of us. So, whether you're joining a group, going to some events, or even participating in a discussion on LinkedIn, take some relationship building steps.
6. Decision Making
Here's the good news about running a business:you're the boss. But here's the bad news:Uhhh...you're in charge. What could be the downside of that? Well, you can't ask someone else to make the hard choices for you. Difficult decisions and annoying situations will all fall on your plate – and sometimes you won't have much time to choose the best way forward. For that reason, solid decision-making skills are a must for entrepreneurs. If it's an area you're having a hard time with, it's a skill you'll want to work on so you'll be well practiced by the time your own business starts up.
7. Negotiation
The legal side of a business is enough to intimidate most would-be entrepreneurs. But the reality of the situation is that every now and then you have to negotiate. Maybe it's a contract with a supplier. Or maybe it's a deal with a disgruntled customer. Negotiations will inevitably arise. It's smart to get handy with that often clumsy back and forth. And while you're at it, taking steps to improve your communication skills will generally be a huge asset when it comes time to get your own business off the ground.
8. Flexibility
This last skill is a little less tangible than the others. But as a business owner, it's critical that you can adapt to the different circumstances that come your way. Even the best plans fall apart. And the most successful business owners not only know how to deal with those inevitable things, but come back better than ever.
Running your own business requires a wide range of expertise. But don't get overwhelmed into thinking you need to master all these skills right away. Pick an area and start small. Take a course or do some research. No entrepreneur is perfect. But it is those who give high priority to professional development and self-improvement who not only run successful businesses, but also enjoy doing it.
