Possessing certain smart skills affects the way in which you run your business in current times. Unlike earlier generations, achieving growth is no longer solely dependent on how efficiently you work on your assembly line. Rather, growth and success depend on innovation and how quickly the owner can adapt to changing circumstances. Adjusting to this shift requires mastering certain skills that can be useful both in your professional and personal lives. Let’s see what some of these skills are.

• Visionary leadership – As a visionary business leader, you need to have clarity about where you would like to see your business in the next few years. Being resilient in the face of odds and finding new ways to scale the business to heights are some desirable entrepreneurial qualities. The leader should have a strategy for how they wish to achieve their business goals, understand and take risks and be optimistic. A visionary leader has an open mind and is willing to direct their team in attaining desired outcomes.

• Complicated problem-solving skill – It is highly likely that as a business owner, you will encounter problems that do not have easily available solutions. Complexity is defined as the number of variables that are involved in your organisation. The more variables that are present in your organisation, the more complex it will be. Think about these complex issues prior to starting your business and consult others if you need insights on how you can solve them.

• Negotiation – As a business owner, you will be negotiating with vendors, customers and partners all the time. Practice your negotiation skill to make sure that your business keeps thriving.

• Strategic thinking – As a skilled business owner, you must be able to handle strategic problems with a calm and rational approach. You need to have frameworks for identifying and resolving problems that do not have straightforward solutions. Doing this requires strategic planning, analytical thinking skill and a growth mindset.

• Employee management – When running an organisation, you need to know how you can manage your employees. An effective business owner is one who knows how to motivate their team toward a common goal and work toward achieving that goal. They are also able to bring out the best in their workers by managing balance, respect, trust and hard work. A crucial component of being a skilled business leader is knowing how to lead others while managing their expectations.

• Emotional intelligence – Though this factor is not stressed too much, emotional intelligence is vital for every business owner to have. Emotional awareness is knowing what feelings are present in and around you. It enables you to anticipate emotions from your internal and external surroundings and gradually regulate them. Channelling your emotions to build positive, constructive relationships with people can be helpful, especially while tackling adverse situations. 

• Time management – A business owner’s schedule tends to be filled with too many engagements each day. Prioritise your activities on the basis of importance. Delegate tasks to others and manage your time wisely.

• Relationship building – As the leader of your organisation, you must enforce a service oriented mindset within yourself and the rest of your team. Encourage your employees to improve their performances by giving them professional development opportunities, meaningful projects and time to care for their families. A service oriented mindset can go a long way in nurturing your professional relationships.

• Service orientation – Remember that the growth of every business depends on how successful you are with customers. Being in the highest position in your business means you have a greater responsibility to lead others’ expectations. As a manager, ensure that there are policies in place for addressing customer grievances quickly. Remember that the customer is always right; if the customer faces any issue, make sure to handle it diligently and offer them an incentive to do business with you again. 

• Creative thinking – Using your creative thinking skill diligently can help your business flourish. Understand problems when they come up and use your judgement to think of creative solutions to protect your business.

As an Australian business owner, consider getting business insurance to protect your organisation from threats.

Sources:

10 Smart Skills You Will Need Now As An Entrepreneur, Entrepreneurship In A Box, viewed 15 March 2021, <https://www.entrepreneurshipinabox.com/2447/10-smart-skills-every-entrepreneur-need-now/>

10 Timeless Skills for Entrepreneurial Success, Skills You Need, viewed 15 March 2021,

<https://www.skillsyouneed.com/rhubarb/skills-entrepreneurial-success.html>

Walls, Andrew James 26 April, 2018, The 10 Skills Every Entrepreneur Needs to Develop, Hackernoon, viewed 15 March 2021,

<https://hackernoon.com/the-10-skills-every-entrepreneur-needs-to-develop-a268a0ce6584>

All photos by Adeolu Eletu – UI/UX Designer & Photographer – instagram.com/adeolueletu