Five essential skills for any entrepreneur

by Ashvini on August 16, 2010 · 1 comment

in Entrepreneurship

So you want to be an entrepreneur. In addition to soft skills, you need to acquire certain hard skills too. These skills will help you to manage your venture well. Want to know what they are ? Read on.

  1. Basic accounting
  2. For most of the businesses, there is selling and purchasing of goods( of any kind) and there is taxation mostly in form of VAT. Even though you may hire a Tax consultant to complete your tax formalities, it will be beneficial, if you understand basics of VAT calculation. Also learning more about how taxation and accounting works,you have more confidence in handling tax related matters.

  3. Project Management
  4. Project management helps in managing projects. Most of the start-ups before they become operational, are projects. They have cost, time and scope aspects. To execute your project in a correct manner, it is a great idea to familiarize yourself with project management.

  5. Financial Management
  6. Often you need to understand ratios such as Benefit to cost ratio, break even period, cost of goods sold, operating margin, net margin, revenue, profits etc. Knowing financial aspect of your project helps you to manage your money better and also to set stage for funding applications.

  7. IT Management
  8. No business can effectively reach its customer without a web presence today. Its great idea to know about how internet functions. It would also help to keep abreast of latest internet trends.

  9. Marketing and sales Management
  10. Starting with basic 4P ( Place, price, promotion and product) to advanced marketing methods, knowledge of marketing your goods or services is essential to selling and promoting your products.

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{ 1 comment }

Veronica Cervera December 8, 2011 at 9:58 am

The possibilities are limitless for being your own boss. This type of job however, entails a lot of hard work. Just like any other job, it involves skills and discipline. In fact, it may require more skills and discipline compared to the 9 to 5 kind of work.

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