What skills do you need for your business to be successful?

Hi Mayra,

Running your own business is a great goal. Some of the general skills you will need to be successful include:

Communication (how to talk clearly with your customers, employees, suppliers, and others)
Time Management (know how to prioritize your work)
Budgeting (how much money will you bring in and how much will you spend)?
Management (how to hire and train your staff)

These are all skills you can learn in a college classroom, but it is helpful to get real-world experience working at a business in the area where you want to start your own enterprise. For example, if you want to start a clothing store, it might be helpful to work at a local clothing store now or while you are in college to see how a successful business operates and deals with challenges.

What kind of business do you want to start, Mayra?

Running your own business is very challenging. You are required to wear many hats as an entrepreneur. Here's the top five:

1) Love the business you are in. You will spend many hours doing the business (as many as 60 hrs/wk in the first few years), so you must love it. Don't just do it for the money.

2) Sales skills - a business is in business to make money, so you must learn sales skills - whether you are selling a specific product or service. Without sales you have no business.

3) Time management - juggling so many things you need good time management skills.

4) Marketing skills - you need to have some skill in marketing because you need to get the word out there that your business is ready and available to potential customers.

5) Planning - Planning is critical to any business in whatever stage they're at. All types of planning such as financial planning/forecasting, HR planning, logistics planning, process planning, To start with you need a business plan.

6) (Here's a bonus point) Awareness of the market. You need to be slightly ahead of the curve. The business needs to be adaptable, scalable, so that it can adapt to the changes in the marketplace.

Hi Mayra,
I wish there was a recipe for success, but there is not. Her are some of the things your can to make sure you have a more successful business. First rule, treat your customers like gold. Your customers bring you business. And when I speak of customers, I mean internal and external. Second, remember that employees are your biggest asset. Keep them happy, and they will whole heartedly run your business. Next, be a leader, not a manager. Guide and develop your business. Constantly look for improvements. Look for ways to increase your business and reward your employees. And if you ever lose passion for what you do, sell your business/take your profits.