The importance of entrepreneurs in every economy cannot be overemphasized. They not only use initiative to determine what the needs of the market are, but they also take the risk involved in starting and growing businesses. As such, entrepreneurs need to be well equipped to ensure that their businesses succeed.
The following are skills that entrepreneurs need to run successful businesses:
Sales: An entrepreneur should be able to sell his/her products. He/she must be equipped to push forward the features, benefits, unique selling points of the products/services. It will behove entrepreneurs (and their businesses) to be able to sell the product/service to customers, to investors and every other stakeholder.
Communication: Communication is an essential skill for every entrepreneur. Business owners will need to communicate with stakeholders including employees, the government, industry regulators, competitors, creditors and investors and as such will need to be able to communicate effectively
Strategy: It is important for entrepreneurs to be able to strategize. It is important for an entrepreneur to be able to draw up a road map for the organization to reach its set goals. This includes identifying the market, pricing strategies, communication strategies etc.
Networking: Valuable networks are essential for the growth of a business. They can be leveraged for business opportunities, brokering great deals and increasing the overall worth of a business. As such, an entrepreneur must develop great networking skills.
Finance: Finance is very central to the continued survival of a business. An entrepreneur must be able to manage finances properly, account for them and invest them in an informed fashion (considering costs/benefits and Returns on Investments).
Risk Management: Every business comes with its own risk and business owners need to not only identify these risks but also have a mitigation plan in place. One of the most effective risk mitigation methods that businesses can use is insurance. AXA Mansard’s Business Insurance Plan offers protection to Small and Medium Enterprises against business risks. It is a single and all-encompassing and affordable insurance solution that provides covers for your business content and stock, life, health cover and group personal accident cover for employees of your organization, public liability, professional indemnity, covers for your organization’s vehicles and other covers.