Some people would think that raising the startup capital for a business venture would be the difficult part. Contrary to that, keeping the momentum and maintaining your business running would be the most difficult part of all. Most businesses would fail, not only due to lack of funds, but poor management skills and cash flow.
There is no special skill needed when starting a business. You just need to have important skills and attitude that will help you deal with business difficulties and different situations.
Discipline Staying focus is very important. Some entrepreneurs would quit after the first time they encounter a problem. It would need self-discipline to see to it that you would carry something that you have started until the end.
Determination and Perseverance- this two traits go hand in hand. It would take determination for a person to be able to reach personal and business goals. It would take perseverance to continue even after a rejection or an initial failure.
Time management- some entrepreneurs would fail miserably in their time management. But this is a very important skill that should be mastered. These would enable an entrepreneur to carry out and prioritize responsibilities.
Knowledge- never enter a business you are clueless about. Of course, you could learn a lot while handling or managing the business. But basic knowledge about the product and services is important to keep the business afloat from competition.
Management skills go simultaneously with these traits. Using proper management skills will ensure that the business will survive. In businesses there is what we call the “rare sense.” This is an important business skill. Rare sense refers to the ability to think straight regardless of distractions and business issues that you have to deal with. Aside from that rare sense is also about making judgements based on facts.
It is perfectly normal for businesses to change the objective and style in achieving these goals from time to time. As the business progress, the management team should be able to identify the strengths and weaknesses of their strategies and style. Styles should be changed from time to time to adapt to new hurdles being confronted.
Startup stage usually last for about five to seven years. After this period, the business should already be profitable, operational and sustainable. By this time too, there should be some changes or addition made on the management team. Why?
During the startup stage, the kind of people you need are those who are capable of manufacturing the products or the services. The kind of people who would ensure that services would reach customers and maintain these contacts are what you need during the startup stage. But in the period that when the startup stage is already over, then what you would need would be the team that could ensure that profit would continue to grow and new customers introduced with the products and services.
New business stages would mean that there is a need for new management strategies and would need different management skills. An entrepreneur should continue learning as their business develops. This would ensure that the growth of the business continues.
Whether you are managing a large or small business venture, even if it is not in its startup capital stage, you would always need to have the proper management skills to keep your business developing and sustained.