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Entrepreneurial Skills: How Can Small Business Management Succeed?

by Barnabas Eigege

If you are considering becoming an entrepreneur, there are several essential skill sets that you can develop to enhance your entrepreneurial success. Hard skills such as technical and financial skills can be extremely important for managing a business.

Business Management

Additionally, soft skills such as communication and leadership skills can also develop you as an entrepreneur. In this article, we will explore what entrepreneurial skills are, how to develop them and how to highlight your entrepreneurial skills on your resume in a cover letter and during an interview.

What is business management?

Business management focuses on the planning, planning, and analysis of business activities that are necessary to efficiently manage and run a business.

Business management is the alignment and coordination of multiple activities in an organization.

Business owners (entrepreneurs) use management skills to achieve their business goals and objectives. Small business management requires entrepreneurs to use a mix of education, knowledge and expertise to run their business.

What is an entrepreneurial skill?

Entrepreneurship ‘is an individual’s ability to convert ideas into action. This includes creativity, innovation and risk-taking as well as the ability to plan and manage projects to achieve objectives

It is a skill acquired by an individual (entrepreneur) who starts a new business, who takes the most risk and enjoys the most rewards.

The entrepreneur is often seen as a source of innovative, new ideas, goods, services and business.

Functions of small business management

 1. Ethical Accounting Practices

The accounting function of a small business covers many areas.
Payroll, Accounts Receivable, Accounts Payable, Taxes, Financial Statements and the list goes on.

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2. Human Resources

Small business owners are often amazed at the challenges of managing their workforce, which require expertise in human resources.

3. Facility management

Most businesses must live somewhere, have an address and a front door.
Facility problems arise as soon as a business grows to a point where an office facade or building is needed to run the business.

4. Information technology

Technology controls most of our lives.
Every organization depends on technology to run their business.

5. Customer focus

At the end of the day, customers pay the bills and our salaries. They need to be cared for.
Take the time to find out who your customers are and what they want.
Keep an eye on your customers to understand how well their needs are being met; because customer satisfaction is a crucial indicator of the health of your organization.

6. Website development

Why does a company need a website? The website of an organization is often the first impression a potential customer has of an organization.
A well thought out, organized and user-friendly website is crucial to attract and retain customers.

7. Social media

Why does a small business need social media?
Social media has become the new standard for business marketing.
The good news is that it is not expensive, but it does require some time, skill and strategy.

8. Search engines

Most people nowadays use the Internet to find a business or service.
Make sure your business website has a profile on all search engine business pages.

Benefits of Entrepreneurship Education to Small Business Owners 

1. Prepare Small Business Management for an uncertain future.

According to the World Economic Forum’s Future of Jobs survey, half of today’s work activities could be automated by 2055, creating completely new roles, responsibilities, and challenges for the future workforce.

Therefore, we cannot predict exactly what our students will need to know after they graduate.

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Entrepreneurship-focused programs teach students crucial life skills that will help them navigate this uncertain future.

These skills include problem-solving, teamwork, empathy, as well as learning to accept failure as a part of the growth process.

2. Leave room for creativity and collaboration.

Entrepreneurship education encourages creativity, innovation, and collaboration.  These attributes are highly valued by the top colleges in the world and will serve your child well beyond middle school and high school and also Small Business Management Owners.

3. Develop grit.

“Grit” may be the single most important factor in a person’s long term success.

Her research shows that grades, intelligence, and socioeconomic status do not stack up to the characteristic she defines as “grit.”

According to Duckworth, grit consists of passion and sustained persistence applied toward long-term achievement.

The demanding and uncertain entrepreneurship journey requires more passion and sustained persistence than most other activities.

This makes an entrepreneurship-focused program ideal for developing grit in your students.

Benefits of having entrepreneurial skills

Entrepreneurship is often considered the best way to live one’s life. You are your own boss, working from home, and only when you feel like it. The number of entrepreneurs has increased since the financial crash of 2008, and the number only continues to grow.

hese are the main benefits of entrepreneurship, but many long-term entrepreneurs will tell you if there are so many surprising benefits. This guide is going to take you through them.

A better work-life balance

An entrepreneur’s conservatism is that of a business leader, who constantly works on the checklist for his business. Overworked entrepreneurs are common, but many of them break the daily grind of themselves and allow more time for family and frying.

For many entrepreneurs, this is why they decided to start their own companies in the first place. Do not underestimate the benefits of health and productivity that can bring a better work-life balance.

Contribute to the progress of the world

Millennial workers, who make up the largest part of the workforce, are often associated with a desire to make an impact. They want purpose. Entrepreneurs are doing just that. The solutions they come up with are making an impact and contributing to world progress. It is easy to think that entrepreneurship is specifically about starting and running a business.

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Entrepreneurs will have to work differently if they are going to get a head start on other startups. And contribute to the progress of the world, even in a small way.

Work where you want

Entrepreneurs can work from anywhere where there is an internet connection. You have complete freedom to live as you wish and go wherever you want. The number of entrepreneurs running business in the US from overseas is increasing. They ensure that their businesses do not fall through living in cheap countries where costs are low.

But the freedom to work wherever you want is extremely free. Working in one country in one month and moving to another country the next month does nothing to you.

Seize your freedom

Entrepreneurship will show you how to seize your freedom. You will learn to think for yourself and connect with people in your own way. It is a kind of freedom because many people never have it once they are children, which is why entrepreneurship can feel so fresh and energizing in the beginning.

The secret to starting a business as soon as possible is to build your career network and call in favors. All entrepreneurs are incredibly independent because they face problems. If you have spent your entire life working in an office for a middle manager, you may be surprised to know how little freedom you have.

Concluding Thought

The reality is that entrepreneurship is not a way for you to own yourself. This will improve you as a person because you will be learning new skills and grow in confidence. 

You will not be the same person five years from now, and this is down to entrepreneurship.

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