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Acquiring Business Management Skills

As an entrepreneur do you believe that business management skills can be acquired after you have started? Do you believe that experience is not necessary in a business model that you have seen other people succeed in?
If the aforementioned are what you rely on to start your business, then you may be heading for failure.
Aspiring entrepreneurs believe that having a good business idea and the funds to run the business are the first and most important requirements for starting a business. But experts note that the same problems employers encounter with their employees are also replicated in the business world, which is lack of expertise.
Human resource professionals complain of lack of expertise among graduates hunting for jobs while experienced entrepreneurs observe that most people fail in business because the expertise and passion required to succeed are lacking.
According to them, entrepreneurs who steal other people’s business ideas are unable to sustain the business due to lack of passion.
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As a result, people, who are passionate about what they do, have the staying power to overcome challenges when they arise.
Experts counsel entrepreneurs, who want to build sustainable businesses to discover their strengths, hone their skills and get the right people to work with them.
Moreover, experts observe that beginners in business have no one to mentor them so they often make mistakes that cause great drawback.
However, they note that with the right attitude, information and opportunities, a budding entrepreneur can become better than when he started out.
Experts say to become grounded in your line of business, you must consider the following:
Management skills
Most entrepreneurs start their business with only one or two employees while others have none for the first year.
The Director of Brightside Computer Services, Mr. Moshood Adewale, advises entrepreneurs to design a system that will show a high level of expertise to their clients.
He says that such owner-managers need to acquire all the skills that will enable them to function in the different sections of the business.
“Such sections may be sales and marketing, accounts, human resource and information technology. It’s a good idea to plan ahead of time how you are going to manage each area, which may include outsourcing some of the functions to a contractor,” he says.
He explains that entrepreneurs may not be able to execute all the tasks due to time constraints, but they need to acquire adequate training so that they can supervise any role they may have contracted out.
Personal development
Experts say that skills required to live a healthy and fulfilled life are those acquired through personal development.
Moreover, some successful people have professed that they earn their living presently from certain skills they acquire online.
An entrepreneur, Miss. Shola Adeyinka, says that her bag and shoe making skills were acquired on the internet by watching Youtube videos.
According to her, online classes which are paid for have also proved to be beneficial to people who want to remain competitive without taking time off their jobs.
Acquire more education
A business consultant, Mr. Daniel Adeyinka, says training equips business owners with skills that enable them to undertake difficult tasks and improve on their performance.
He adds that the quality of services rendered to clients and productivity is also improved on through all-round training.
“Even if you are not signing up for courses, you can stay on top of your industry by combing industry websites and subscribing to trade publications,” he says.
Moreover, the expert says that the ability to acquire information on current business issues ahead of competitors gives the business an edge.
Explore internship programmes
Due to high unemployment rate in the country, many companies have made it easy to train young graduates in employability skills while others have annual internship programmes for young graduates.
Experts are of the opinion that some on-the-job programmes are put in place for participants who have some job-related skills but need to become more knowledgeable and proficient in a particular area.
Adewale says these internship opportunities offer platforms for people who are ready to learn the ropes of a business.
Network with people
Experts always have a story to share and get a feel for issues in their industry by connecting with others. They say it is important to interact with people who have years of experience in that line of business.
Adewale says experience sharing during this period will prevent you from falling into unprecedented drawback.
Get a mentor
According to experts, a mentor is a trusted advisor who can provide seasoned knowledge about situations you are facing or are likely to face.
A research by the UPS has shown that 70 per cent of mentored businesses survive more than five years and double the rate for non-mentored small businesses over that same period.
The same study shows that 88 per cent of business owners say having a mentor to lean on is invaluable.
The role of a mentor is crucial in every individual’s career path.
“A mentor can open many doors of opportunity for you but won’t do your business for you. Mentors will give you the guidance you need and connect you with people who matter in the business world,” he says.
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