Practical Skills
You also need the practical skills and knowledge needed to produce goods or services effectively, and run a company.
Goal Setting: This is your ability to set goals, create a plan to achieve them, and then carry out that plan.
Planning and Organizing: Do you have the talents, skills, and abilities necessary to achieve your goals? Can you coordinate people
to achieve these efficiently and effectively?
(Here, effective project management skills are important, as are basic organization skills.)
And do you know how to develop a coherent, well thought-through business plan, including developing and learning from
appropriate financial forecasts?
Decision Making: How good are you at making decisions? Do you make them based on relevant information and by weighing the potential consequences? And are you confident in the decisions that you make? You need knowledge in several areas when starting or running a business. For instance:
Business knowledge: Do you have a good general knowledge of the main functional areas of a business (sales, marketing, finance, and operations), and are you able to operate or manage others in these areas with a reasonable degree of competence?
Entrepreneurial knowledge: Do you understand how entrepreneurs raise capital?
And do you understand the sheer amount of experimentation and hard work that may be needed to find a
business model that works for you?
Opportunity-specific knowledge: This cuts across understanding the market you're attempting to enter, and knowing what you need to do to bring your product or service to market
Venture-specific knowledge: Do you know what you need to do to make this type of business successful? And do you understand the specifics of the business that you want to start? (This is where it's often useful to work for a short time in a similar business.) You can also learn from others who have worked on projects similar to the ones that you're contemplating, or find a mentor – someone else who's been there before and is willing to coach you.
Is Running a Business for You?
Armed with this information, assess your skills in each of these areas. The harder you work to
build your skills, the more successful you're likely to be.
Having said that, many successful business- owners are impulsive, uncomfortable with risk, or belligerent with colleagues and customers. Still others have little business knowledge, and have simply hired the talent they need to succeed. You can succeed without some of these skills, however, the more you're missing, the more likely you are to fail. As you work through your analysis, you may feel that you're ready to take the plunge into your own venture. Alternatively, you may decide to wait and further develop your skills. You may even decide that entrepreneurship isn't for you. Whatever your choice, make sure that it feels right. Running a business isn't for everyone, but wealth is for all.
Like our facebook page, and please leave your comments.
related articles:
No comments:
Post a Comment