Starting a business is a hugely exciting, but also hugely daunting, time. This isn’t just a stable paycheck and a tedious day-to-day job for eternity. Here represents a step into the unknown; a deep dive into the uncertainty pool; a jump into unchartered territory.
Indeed, running your own company requires consistent problem solving. It means late nights. Early mornings. Working through lunches. Not having lunches. It takes a lot of work, and even if you have the willingness to put in that work, you still might falter due to a lack of vision and skill. We’re here to talk about the latter today; here are 6 IDEAL skills you need to start a business.
INVESTABILITY
“Joey, I think you’re highly investable”, says Deborah Meaden. The other Dragons nod their approval. Some cast covetous glances at you. You feel strangely violated. She’s also got your name wrong.
Yep, if you’re described by those with more money than you, or sense, as highly investable then you’ve nailed one of the most important skills needed to start a business. But what exactly is this seemingly fluid, forever changing concept of investability?
Well, it’s all about your character and the energy you give off, we think. So, that’s competence, professionalism, accountability, transparency, just the ‘right’ level of honesty…..harness these attributes and personify them, and you’ll be putting your first few steps on the road to business success.
FORESIGHT
A successful business owner is both constantly evaluating and predicting; looking back at past mistakes and successes in order to devise new and innovative plans for future progress. Being able to balance that fine juggling act is no easy task, but doing so is essential to early business success.
This ability to map out company prosperity going forward isn’t only defined by financial gains; it also places emphasis on HR, on brand building, on reach and an ever increasing visibility. In fact, business success in the early years is rarely about the money.
TIME MANAGEMENT
Starting a new business, especially if you’re not used to working from home or are trying to set up what now seems to be termed a ‘side hustle’, can be time consuming. That is why time management skills should be one of the key areas you focus on and prioritise. The old mantra of ‘work smarter, not harder’ should be replaying in your mind constantly. Be productive, not busy, and you’ll achieve so much more.
GREAT COMMUNICATION
If you want to work with others, effectively communicating what you want, in a delicate but decisive way, is vital. You need to be able to teach new skills and procedures to employees without boring them into submission or coming across as dictatorial.
Because there’s nothing more certain, even more so than death and taxes, than the fact there will be bumps in the road. These might appear in the form of a dispute between colleagues, an issue with your suppliers or even with local ordinances. The point here is that every business has its problems and there is no way to avoid issues altogether. What you can do, however, is improve your conflict management and communication skills so that you can better prepare your business and its response.
TAKE ME TO YOUR LEADER
Though some might call great leadership ‘an art’, this is a skill which you can nurture just like any other, we think. Being a great leader means acknowledging your own personal shortcomings and working to be a better person so that you can inspire your team each and every day.
Don’t worry; there’s not one catch-all definition of leadership. Instead, it’s a fluid, ever-adapting, always-evolving quality and one which needs to respond to a diverse set of needs. Above all else, being able to listen is just as important as being able to communicate. You’d do well to remember that.
THE ABILITY TO PERSONALLY DEVELOP
Having the chance to learn is one of life’s great gifts. Cherish it. For your business to succeed, you should never stop learning. To keep your mind sharp and the inspiration flowing, personal and professional development should always be at the forefront of everything you do.
What you actually learn could be specially designed courses from companies like corporatecoachgroup.com that will help you develop your communication, time management, leadership and more, or it can be a looser interpretation of learning, with a focus on soft skill acquisition and development. How you define your learning goals may well define your business success.