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:
Ideally the venture takes shape in minimum of four stages
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.
Understanding market trend, ability to develop an idea, communicating with potential customers.
In this stage , entrepreneur thinks and plans about all the things he need to do to take this venture off the ground.
Knowledge of project finances, development of marketing and advertising strategies, development of execution strategies
This stage is all action. Here the entrepreneur needs to make sales, keep workforce happy and many other things.
People management, branding and advertising, troubleshooting, customer acquisition
This stage is all about keeping the cash flow positive, retaining customers, making more sales and generally monitoring if the execution is going well.
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:
Create a table with various stages and sub-stages as columns
Create a skill requirements matrix for each stage.
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 .