5 Skills You Need to Master For Your Startup Business to Bloom
Singapore joins the top ranks of robust startup neighbourhoods in Asia. Entrepreneurs are busy setting up businesses in the country to introduce potentially lucrative products and services into the market. In fact, startups are a dime a dozen in our hypercompetitive entrepreneurial ecosystem that survival has become increasingly challenging. While jury’s still out on the nature versus nurture debate when it comes to entrepreneurs, there are some proven skill sets necessary for a startup to flourish. Mastery of these skills will give your business a fighting chance not just for the sake of survival, but enough for it to bloom and flourish.
Networking is a skill and an essential one at that. A brilliant mind alone cannot move your business forward, you need the right kind of people to open doors for you. Oftentimes, networking gets you out of your comfort zone as you seek out and interact with all types of people. The good news is that it gets easier over time. Practice and perseverance helps you hone your networking skills.
There are several key points to networking effectively. A significant aspect of this professional pursuit is to cultivate relationships with key people beyond shop talk. This kind of bond develops overtime with quality interactions and consistent touch points.
Entrepreneurs must have a knack for selling, and the confidence definitely. otherwise get a partner who can handle this. Whether you like it or not, selling is the bloodline of any business. In order to grow, the company must be profitable. Salesmanship is invaluable in the startup industry in order to gain traction and attract a solid base of paying customers. Novel ideas and innovations are doomed to failure if you can’t sell them well. Conversely, a bad idea can take off if you know how to sell and show confidence while delivering the idea.
In some instances, quality products and services can survive on advertising and word-of-mouth, however those are exceptional cases. Even then, growth would typically plateau overtime. Hence, for more stable and long-term growth, a dedicated and talented pool of confident sales people are necessary to keep the wheels turning.
A key aspect to establishing your business and attracting the interest of your target market is the ability to effectively communicate your idea. For instance, selling cheap flowers in a saturated market of affordable blooms demands effective messaging. In this day and age, communication can take a variety of forms and each one demands clarity and succinctness to get your message across to catch the attention of your distracted audience.
All entrepreneurs need to master this skill in order to deliver engaging presentations, write persuasive emails, and craft a solid communication strategy for the business. From sales to marketing and operations, effective communication is necessary for the successful implementation of your business plan.
Making sure that your accounts are in order and that you have money in the bank are among the fundamental business concerns. Entrepreneurs need a basic understanding of finance to keep cash flow in the green. As startups often have a lean team, it oftentimes falls on the founder to handle the accounts, at least at the onset. Otherwise, hire someone who’s adept at bookkeeping to keep the company operational while you take care of the other aspects of business.
Politics are unavoidable. It is part and parcel of management. Hence, for any business to bloom, leaders must be politically savvy. To push an idea forward, entrepreneurs must be skilled at winning arguments, gaining sympathy, inspiring people, and motivating constituents. All of those scenarios illustrate political competence and this skill is what separates a businessman from a true leader. With a leader at the helm of the operations, people are more likely to perform at their optimum level.