In the entrepreneur landscape, competition is fierce, and some skills are essential for success. According to the United Nations, South Africa has over 2 million small to medium-sized enterprises (SMEs), representing 98% of formal businesses. This shows the importance of having the necessary skills to make your business successful.
Business skills are tools in your toolbox that help you build and grow your enterprise. They are the abilities and know-how you need to navigate the complexities of running a successful establishment.
To succeed as an entrepreneur in South Africa, you need to constantly improve your various skills. You must adapt to market changes, demonstrate effective leadership, and possess strong problem-solving abilities. These skills are among the many skills that will help you make important decisions that lead you towards success.
You also need to be able to use digital platforms and exercise good customer service skills to foster business growth and customer loyalty. Strategic planning is also an important skill, because it ensures that you meet long-term goals, while effective time management maximises productivity. Developing these skills will have a significant impact on your business’s success.
In this article, we highlight some of the entrepreneurial skills you need and explain how they will benefit you in the long run.
1. Financial Management
Financial management for small businesses involves understanding budgets and practising financial planning. This includes budgeting whereby spending guidelines are set. These guidelines help you see how much money your business has, where the money is going and what you receive. Managing your finances effectively secures long-term stability for your business.
2. Marketing
Marketing isn’t a skill everyone is born with. Entrepreneurs need to develop it.
To have good marketing, you need a clear marketing strategy. This includes creating effective plans that connect with and draw in (new) customers. In digital marketing, using tools such as social media platforms can increase interest and sales.
3. Soft Skills
Soft skills include a variety of skills that cannot necessarily be measured on paper. Many of these are collectively known as people skills. These skills should be developed and honed by everyone in the business – from owner to employee. Examples of soft skills include good communication, creativity, and time management.
4. Flexibility as a Business Skill
Being flexible in business means you are able to adjust to market changes and unexpected obstacles. You need to be able to adjust your strategies and tactics to stay competitive.
5. Leadership Skills
Leadership plays an important role in the success of your business. As a leader, you set the tone for your team, and proper team management can improve employee wellness, customer satisfaction and overall business function. Listening to TEDtalks or reading books about leadership can significantly improve your leadership skills.
6. Problem-Solving
Problem-solving in business involves being able to quickly identify problems and implement the relevant solutions. Good problem-solving means you can take on any challenge and quickly find a solution without disrupting your business operations.
7. Technology Skills
Technological skills for entrepreneurs mean using digital tools for efficiency and growth. By knowing how to navigate different platforms, you can speed up the process and run your business better. This not only connects to basic computer literacy but also how you use other technologies to improve your business.
8. Customer Service as a Business Skill
Being able to deliver good customer experiences helps to nurture customer loyalty, satisfaction, and returning clients. It also increases the possibility of gaining new customers through referrals.
Online Learning for Entrepreneurs
9. Strategy Planning
By knowing how to set up strategies, you are setting clear and long-term objectives while developing practical plans to achieve them. This means you can always evaluate and adjust your business strategies to align with ever-changing business needs and market dynamics.
10. Continuous Learning Mindset for Business Skills
It is important that you develop your business skills. Platforms like the Small Enterprise Development Agency (SEDA) offer programmes and training specifically designed for SMEs and entrepreneurs. Large companies like Google, IBM, and Huawei offer programmes for entrepreneurs and SME owners. They provide training on new tech and guidance on running a successful business in the digital age.
The importance of these skills for business success can not be overstated. From financial management, and technical skills to team management, as well as other mentions skills are vital for a successful business.
Even if you believe you are equipped with some of these business skills, it is important to continuously improve them. By taking advantage of the available resources such as online learning platforms and SME programmes, you and your business can thrive.
Don’t wait any longer, sharpen those skills now so you can enjoy entrepreneurial success and business longevity.
