Whether you’re an aspiring entrepreneur or have recently opened a business, you’re probably thinking about all the skills you need to help your business thrive. While different types of businesses require different skills from their owners, there are different skills that are universally useful in the small business landscape.
To share a few of their top picks, 10 members of Council for Young Entrepreneurs sound below. Consider their recommendations if you want to improve your leadership skills and better manage the day-to-day operations of your current or future company.
Members pictured from left to right.
Photos courtesy of the individual members.
1. The ability to sell
The cornerstone of selling is building relationships with your audience. You may have a winning product that solves a problem, but if you can’t communicate the value and build a relationship, you’re not winning business. Every conversation you have with your teams and with your customers should lead to stronger relationships. They won’t always be pleasant, but that doesn’t mean they don’t strengthen a relationship. – Matthew Kapala, alphametic
2. Marketing skills
Marketing is the most important skill small business owners should have. It is important because it allows you to reach your target audience and convert them into customers. You can always delegate product development, customer service, and other tasks to employees, but it’s important for small business owners to have a solid understanding of marketing so they can be involved in the decision-making process and ensure their business is ahead of the curve . right direction. – Syed Balky, WPB Beginner
3. Customer experience awareness
Customer experience awareness is high on the list of useful skills for managing day-to-day operations. Because you focus on the entire “experience” of the customer journey, you better understand how your employees also play their role with the customer. This is extremely important to show how your customers feel when they interact with your company. Most people make decisions based on emotions, so if your customers feel good, are supported, and have confidence in you and your team, your customers are more likely to work with you again and again. – Racquelle Pakutz, Zen Freight Solutions Inc.
4. The ability to manage finances
One skill all small business owners should have is financial management. This includes understanding financial statements (such as a balance sheet, income statement, and cash flow statement), preparing and managing a budget, and being able to make informed financial decisions for the company. Financial management helps entrepreneurs identify and address financial challenges at an early stage. This is essential for projecting the long-term financial stability of the company. By understanding their financial position and being able to effectively manage their financial resources, small business owners can better navigate the day-to-day operations of their business and prepare for long-term success. – Michael Fellows, Solidity Beginner
5. The ability to delegate
The art of delegation is so important to small business owners. If you have a small team, there can be a temptation to do too much yourself since everyone works in multiple roles and you don’t want to overload them. But recognizing your team’s strengths and assigning tasks accordingly will make everyone’s lives easier. When the right people tackle the right tasks, you can ensure that everything gets completed on time and that no one has to wait for something because it’s gone off your to-do list. – Diana Goodwin, MarketBox
6. The ability to read people and situations
It’s easy to imagine what happens to a company if you keep hiring the wrong people or if the team is constantly dealing with unnecessary drama. However, you can avoid this if you learn basic psychology. It is essential to running a successful organization and especially managing day-to-day operations, as it affects everything you do, from hiring to resolving problematic situations. If you can ‘read’ people well, you can see what motivates them, you can sense when someone is not living up to their potential and you can identify why. You also have no problem starting awkward discussions. – Samuel Thimothy, OneIMS
7. Problem solving skills
Every entrepreneur should know how to solve problems. The type of problem doesn’t matter. Those who know how to solve a problem can use those skills in any situation, whether it’s an employee dispute, a distribution problem, or a technical glitch. Knowing how to solve a problem means being creative and thinking outside the box. It can sometimes increase your possibilities, but those who know how to do it will always be successful. – Baruch Labunski, Rank safe
8. The ability to manage time
One skill all small business owners should have is effective time management. This skill is useful because it allows entrepreneurs to prioritize tasks and focus on the most important and urgent tasks. This can help them be more productive and efficient. Good time management can also help entrepreneurs reduce stress and prevent burnout, which is common in the fast-paced world of entrepreneurship. By being organized and focusing on the most important tasks, entrepreneurs can ensure they make the most of their time and work towards their goals. – Renato Agrella, Acera Consulting
9. The ability to systematize
As an owner, to get any task off your plate, you must be able to create a process, communicate the reason why it is done this way, and then eliminate 80% of the decision-making associated with the task. We have a service where we look at a customer’s accounting file for opportunities to make better use of the software. In the past, only our most senior consultants were able to perform this task effectively. We’ve documented the processes so extensively – with detailed information on navigation and understanding the ‘why’ of each step – that this is now something our interns learn when they first join us. They don’t present to the customer yet, of course, but they do all the legwork. This frees up time for our more senior consultants to provide solutions and get creative instead, and also paves the way for our juniors. – Marjorie Adams, Four track
10. The ability to listen
Successful small business owners excel at listening to their customers, employees, and investors. Strong leaders understand that despite their knowledge and experience, there are things they don’t know. Rather than walking around with a sense of superiority, true leaders listen to those around them when they need to make a decision that will affect countless others. This skill is useful because it allows you to incorporate other viewpoints and life experiences when making important business decisions. – Chris Christopher, Monster Insights
