What does it takes to build a successful business? What are the most important business skills for an entrepreneur? Well, i advice you read on to find out. One of the criteria for climbing the corporate ladder or earning a high income as an employee is to specialize.
That’s why PhD holders, surgeons, attorneys, CPAs or accountants, etc receive high paychecks monthly. Unfortunately, this doesn’t apply to the business world. To become a successful entrepreneur, you must be a generalist; that means you must know a little of everything with respect to building a business.
“Skills make you rich, not theories.” – Rich Dad
Now what does it take to build a successful business? I have been building businesses and from my experience, I can tell you that building a business require a synergy of skills. Successful entrepreneurs became successful because they invested time and resources to develop their entrepreneurial skills.
That’s why I advice my protégés wanting to start a business to first get in the right mindset; then work on improving their business skills. Now what are the necessary business skills you need to build a successful business?
5 Important Business Skills You Need to Become a Successful Entrepreneur
Table of Content
1. Accounting skill
“Accounting is the language of business.” – Warren Buffett
2. Leadership skill
“The speed of the leader determines the speed of the gang.” – Mary Kay Ash
3. Sales skill
“If you cannot sell, you will be sold.” – Ajaero Tony Martins
4. People skill
“People are your company’s greatest asset.” – Mary Kay Ash
5. Time management skills
“Time is your most important resource. You can do so much in ten minutes. Ten minutes; once gone is gone for good.” – Ingvar Kamprad
If you observe the quotes of the entrepreneurs above, you will come to understand that each of the business skill listed is very important to the successful piloting of a business. But of the five skills list above, one is the most important. Without it, nothing can be done with respect to building a business.
What is the Most Important Business Skill for an Entrepreneur?
The most important business you need and you must constantly work on improving upon is sales skills. Yes; sales skill is the most business skill because without it, your business is dead on arrival.
“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Robert Kiyosaki
Bill Gates became the richest man in the world not because he was a great programmer. The reason he became successful was that he possessed the ability to sell. Creativity did not make Steve Jobs rich; selling did. Successful entrepreneurs don’t thrive on great products or ideas only; they thrive on their ability to woo customers, suppliers, employees and investors.
Selling is the most important duty and number one job of an entrepreneur. An entrepreneur must first sell his business ideas and plan to investors to raise capital for his business. After that, he must sell his company’s culture so as get the best employees and business team.
Then he must sell his business prospects to suppliers to gain their trust and strike a deal. Selling the company’s product comes next and after that, an entrepreneur must sell and forge strategic alliance with other businesses.
So now you understand why sales skill is the most important skill in business. A business cannot survive without generating sales; sales keep the cash flowing into your business and cash flow is life blood of a business. Another reason why sales skill is important is because it is a synergy of skills. When you improve your sales skill; you are also developing your persuasion skill, negotiation skill and public speaking skill.
The reason I am stressing the important of selling is because I often hear potential entrepreneurs make the following statements:
- I hate selling
- I hate rejection
- I have a degree, why should I take a course on sales
- I can hire sales professionals to generate the sales
When I became an entrepreneur, I also had such mindset and it affected me negatively. My inability to sell was the major reason why I failed to succeed in the network marketing industry. But instead of hiding in my shell and blaming the network marketing company, I worked on improving my sales skills and today; I am strong in sales.
So if you want to become a successful entrepreneur, if you want to build a business empire; then learn how to sell. Selling is a necessity for success in business.