Download Entrepreneurial Skills Having a skill means that you have the ability

Entrepreneurial Skills
Having a skill means that you have the ability to do something specific. Carpenters have woodworking
skills, chefs have cooking skills, and doctors have diagnostic skills. It is easier to learn a skill that it is to
develop a characteristic. Skills enable you to translate knowledge into action. To be successful,
entrepreneurs need a variety of skills including research, management, and relationship skills.
Research Skills
To run a successful venture, an entrepreneur needs to perform business tasks such as marketing research,
accounting, and many other functions of business. Entrepreneurs must identify what they need to know,
and then use research techniques to obtain information.
It is not necessary for entrepreneurs to know everything about their chosen venture before they begin.
What they do need, however, is the ability to learn or acquire knowledge. The first step to in knowledge
acquisition is asking a good question. In fact, knowing what questions to ask is one of the most important
research skills an entrepreneur can possess. Entrepreneurs often ask questions like “Why is that?,” How
does that work?,” “How can I improve a product or service?,” or “How can I make that task easier for
people?” Once the initial question is asked, entrepreneurs will then gather information to answer that
question.
Sources of information for entrepreneurs could be books, magazines, newspapers, or business periodicals
known as trade journals (such as Convenience Store News). Statistics found in periodical indexes or
databases such as those kept by Statistics Canada can be invaluable. Information can also be obtained on
the internet, by talking to other experts (consultants or other professionals) from the business community or
from a business college or university.
Not all information an entrepreneur recovers will be usable. After gathering information, entrepreneurs
must then extract the useful data that will answer the initial question. The information may also lead to
other questions being asked. Alternate solutions or other opportunities may be discovered.
Management Skills
The role of management is to achieve the goals of an organization by directing the allocation and use of the
organization’s human, financial, and material resources. All managers perform four major functions:
planning, organizing, leading, and controlling.
When planning, managers will develop financial, production, and marketing plans and incorporate these
individual plans into the main business plan of the organization.
While organizing, managers make schedule and to do lists in order to organize their time in order to ensure
appointments are met and bills are paid. Entrepreneurs also need to develop job descriptions, delegate
tasks, meet with suppliers, and see to the purchase and repair of equipment.
Leading others isn’t simply telling people what to do. Good entrepreneurs learn to empower staff by
allowing employees to feel they can contribute to the success of the venture. A good boss let’s employees
know how the tasks they perform fit into the goals of the organization. Leading involves using proper
leadership techniques, negotiation approaches, and effective communication.
Controlling involves making sure that limited resources are not over used. Accurate bookkeeping and an
effective accounting system will help owners keep control of finances. Usually, most venture that fail do so
because the spending is not controlled.