3 answers
Kayonnah
Student
Troutdale, Oregon
2
Questions
Asked
1076 views
What skills are most important for job like this?
What are the important steps to know for running a business?
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3 answers
Rebecca Tang
Banking
1816
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to run your own business.
Have you thought about what industry you would like to run your business? This is the 1st step.
Below are my suggestions :
1. Think about your interest or your strength to identify what industry you would like to run your business.
2. Take relevant courses of the industry
3. Analyze on the industry, e.g. market competition, entry criteria, any substitutes / alternatives, etc.
4. Work in the industry for a while to understand the business model and establish people network
5. Start the business online first if possible to reduce the cost
Hope this helps! Good Luck!
Have you thought about what industry you would like to run your business? This is the 1st step.
Below are my suggestions :
1. Think about your interest or your strength to identify what industry you would like to run your business.
2. Take relevant courses of the industry
3. Analyze on the industry, e.g. market competition, entry criteria, any substitutes / alternatives, etc.
4. Work in the industry for a while to understand the business model and establish people network
5. Start the business online first if possible to reduce the cost
Hope this helps! Good Luck!
This was super helpful, thank you!
Kayonnah
Hi Rebecca, can you speak more to the skills that are needed for running a successful business? It sounds like analysis is super important but do you have other suggestions?
Gurpreet Lally, Admin
Nick Bartmon
Security Software Engineer
14
Answers
Redmond, Washington
Updated
Nick’s Answer
Hi Kayonnah, great question! This is a broad topic but I'll try and give you some general ideas.
#1 - Your customers need to love your business
Different companies use different labels to talk about this, but my favorite is "Customer Obsession". As a business owner, you always have to keep your customers' wants and needs in mind. This could look like going the extra mile to keep them happy, having the cheapest prices, or smiling and being friendly when they walk in the front door. You have to balance this against your other responsibilities, like keeping your employees happy, but ultimately if your customers aren't happy, you won't be successful.
#2 - Good communication
Whether it's notifying customers that their order is running late, telling your employees they're doing a great job, or writing descriptions for your website, good verbal AND written communication skills are very important for any business owner. Your success will depend on the relationships you have with your customers, employees, the companies you buy supplies from, even with your usual FedEx or UPS driver if you do a lot of shipping. Having good communication skills impact every aspect of your business.
#3 - Flexibility, the ability to change, and don't be afraid to fail
One of the hardest, but most important skills to learn is to recognize when you're wrong. Businesses have to change for any number of reasons, and the floor is littered with businesses that failed to change with the world around them. Most business owners try more than once, where their first business doesn't go as planned. For every billionaire who dropped out of college and had their first business blow up into a huge success, there are thousands of business owners who tried their hardest and still failed, only to start again on a new idea.
#4 - Computers, technology and marketing
It may seem like a no-brainer, but maintaining an online presence is critical for any modern business. If you're selling directly to consumers, then you need an active TikTok, Instagram, and Facebook. Beyond that, managing an up to date website, accurate results on Google Maps, and entries on Yelp or other review sites can make or break a business.
#5 - You need an idea! A thing that you will sell
Whether that means a killer app for people's phones, a great cookie recipe to start a bakery, or a desire to make car repair more accessible to people. You can set yourself up with the skills you need for the rest of the process like I list below, but you eventually need to know what your business is going to do.
#6 - Consider having a partner
It's often said in the technology world that you need 2 people, the "Idea person" who's passionate about WHAT you'll sell and the "Business person" who understands HOW you'll sell it. This applies to business of all sizes, the act of running the business (setting prices, being the boss and hiring/firing people, literally paying the bills by writing checks or going online) can be separate from the actual "doing" of the business. It's not a requirement, and there are a lot of potential downsides (e.g. if your business partner is a friend or family member, it can complicate your relationship) but it can also be nice not to go it alone, to have someone to support you.
#1 - Your customers need to love your business
Different companies use different labels to talk about this, but my favorite is "Customer Obsession". As a business owner, you always have to keep your customers' wants and needs in mind. This could look like going the extra mile to keep them happy, having the cheapest prices, or smiling and being friendly when they walk in the front door. You have to balance this against your other responsibilities, like keeping your employees happy, but ultimately if your customers aren't happy, you won't be successful.
#2 - Good communication
Whether it's notifying customers that their order is running late, telling your employees they're doing a great job, or writing descriptions for your website, good verbal AND written communication skills are very important for any business owner. Your success will depend on the relationships you have with your customers, employees, the companies you buy supplies from, even with your usual FedEx or UPS driver if you do a lot of shipping. Having good communication skills impact every aspect of your business.
#3 - Flexibility, the ability to change, and don't be afraid to fail
One of the hardest, but most important skills to learn is to recognize when you're wrong. Businesses have to change for any number of reasons, and the floor is littered with businesses that failed to change with the world around them. Most business owners try more than once, where their first business doesn't go as planned. For every billionaire who dropped out of college and had their first business blow up into a huge success, there are thousands of business owners who tried their hardest and still failed, only to start again on a new idea.
#4 - Computers, technology and marketing
It may seem like a no-brainer, but maintaining an online presence is critical for any modern business. If you're selling directly to consumers, then you need an active TikTok, Instagram, and Facebook. Beyond that, managing an up to date website, accurate results on Google Maps, and entries on Yelp or other review sites can make or break a business.
#5 - You need an idea! A thing that you will sell
Whether that means a killer app for people's phones, a great cookie recipe to start a bakery, or a desire to make car repair more accessible to people. You can set yourself up with the skills you need for the rest of the process like I list below, but you eventually need to know what your business is going to do.
#6 - Consider having a partner
It's often said in the technology world that you need 2 people, the "Idea person" who's passionate about WHAT you'll sell and the "Business person" who understands HOW you'll sell it. This applies to business of all sizes, the act of running the business (setting prices, being the boss and hiring/firing people, literally paying the bills by writing checks or going online) can be separate from the actual "doing" of the business. It's not a requirement, and there are a lot of potential downsides (e.g. if your business partner is a friend or family member, it can complicate your relationship) but it can also be nice not to go it alone, to have someone to support you.
Thank you so much this is very helpful!!
Kayonnah
Shandy Reed
Key Account Manager
15
Answers
Houston, Texas
Updated
Shandy’s Answer
Hello! When running a business there are 2 key things to always remember...your people (the talent) and your time are your two biggest assets. Make sure you maximize on the skills and insights from your team or those you work with (we are better together) and learn how to prioritize your time so that you accomplish great work. If you have more specifics on certain types of business that you are interested in we may be able to provide more guidance.
Good luck on your journey!
Good luck on your journey!