Starting a business: skills and tools

Successful business people often seem supremely competent, and self-assured. However, it’s important to remember that they probably once held the same doubts and fears as you may have.

What they did have was a drive and determination to succeed. This enabled them to build business management experience, and survive mistakes and learn from them.

What it takes to succeed

Research suggests that three kinds of skills are necessary to be successful in business:

Basic business skills

Knowing what’s needed to establish a business, with an understanding of general management of a small business, including sales and marketing, planning and finance. These can be gained through experience like a family business or via TAFE/University courses.

People skills

Being able to ‘sell’ your business to customers, suppliers, providers of finance and employees. This includes basic communications skills like good writing and an effective telephone manner, and ’influencing skills’ like selling, presentation and negotiating.

Problem-solving skills

Having the ability to resolve the inevitable day-to-day problems that every business encounters.

Building your skills

There are many business education and self-development classes that can help you build these skills, as well as books and software.

It can be profitable to spend time identifying gaps in your experience, or aspects you’d like to improve, and then seek activities or employment opportunities that could enhance your abilities. If you know a more experienced business person who you can partner with in your business, it can save you a lot of time, and possibly mistakes.

Even if you feel there are huge gaps in your business skills, don’t despair. Even if you can achieve a basic level of competence, you’ll be putting yourself way ahead.