How a good skill matrix can help an entrepreneur?

by Ashvini on November 16, 2010 · 4 comments

in Entrepreneurship

Every entrepreneur needs to do everything he needs to do .

What does this mean?

That an entrepreneur is the owner of 100% of the activities that he/she needs to do in the lifetime of the venture. That means doing your finance, your marketing, your IT etc. But how does he know if he has all the skill sets that are required for his venture to be successful. The answer:

SKILL MATRIX

Ideally the venture takes shape in minimum of four stages

Inception:

The idea gets logged into the mind of entrepreneur. He knows that he needs to get into the venture. He is fully prepared to take the risk that comes along.

Skills:

Understanding market trend, ability to develop an idea, communicating with potential customers.

Planning :

In this stage , entrepreneur thinks and plans about all the things he need to do to take this venture off the ground.

Skills:

Knowledge of project finances, development of marketing and advertising strategies, development of execution strategies

Execution:

This stage is all action. Here the entrepreneur needs to make sales, keep workforce happy and many other things.

Skills:

People management, branding and advertising, troubleshooting, customer acquisition

Monitoring:

This stage is all about keeping the cash flow positive, retaining customers, making more sales and generally monitoring if the execution is going well.

Skills:

Knowledge of compliance with various governmental agencies, quality control, employee satisfaction monitoring, customer satisfaction monitoring.

Above is a very brief list of skills that an entrepreneur will need.

Here is what you should do before you start a venture:

  1. Create a table with various stages and sub-stages as columns

  2. Create a skill requirements matrix for each stage.

  3. Try to score yourself or your team in the stage

Now you have stage by stage idea of what you or your team is good at. You can develop strategies to counter the weaknesses. Say if you have weakness in marketing, you can hire an external person or develop your own skill to compensate for that.

I hope you find this methodology useful for your venture. Let me know your comments .

About The Author

{ 4 comments }

Kiran Pillai July 19, 2012 at 12:46 pm

should an entreprenuer need to learn all these skills or can she hire someone to complement the skills that she does not have? Also, does going to a business school really help shape these things? Can an entrepreneur learn these skills over the internet? does having experience in various fields really help?

Ashvini Kumar Saxena July 23, 2012 at 2:28 pm

Hi Kiran,
You can always hire people to manage things but then always keep a critical eye on how they are doing. I am not sure doing an MBA is a necessary thing to becoming an entrepreneur. The keyword in entrepreneur is practical. If you can get practical knowledge of things by experience it is the best option. If any degree adds value then its fine. However entrepreneurship can only be learned by working on the ground.
I have learned many things on internet, so yes , it is a great place to connect with others and learn.

Veronica Cervera December 18, 2011 at 5:04 am

Being an entrepreneur and creating a company is a lot of work. However, the entrepreneur does not necessarily have to be an expert in all fields. He or she will going to need some help in achieving the goal. It’s a matter of picking the right people to help you.

Aswani November 23, 2010 at 4:56 pm

Hello Asvini, this really is a very good post. I really appreciate your knowledge and skill in these things. btw, thanks for dropping by my blog after long. Nice to know more about your blogs. Keep writing and Keep in touch. Have a nice week :)

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