The skills needed to be a successful entrepreneur

The skills needed to be a successful entrepreneur

1. Self relection

   • Are you able to reflect on your own personal performance in the business?
     • Completing SWAT analysis to establish room for improvement and areas of success
     • Identify where the business is going well
     • Identify the weaknesses in the business

2. Leadership

   • Managing a team
     • Ensuring everyone knows their job role and responsibilities
   • Running the business as a whole
   • Ensure the business runs smoothly and efficiently

3. Management

   • Employees
     • Assigning tasks & goals
     • Ensuring all staff know their responsibilities and the expectation
   • Business concept
     • Where do you plan to take the business in the future?
     • Political responsibilities

4. Recording and monitoring of performance

   • How well is the business doing?
     • Turning profit?
     • Breaking even?
     • in its market and against its' competitors?
   • What resources are coming in and out?
     • How much of each?

5. Human resources & staff management

   • Maintaining the well being of staff
   • Hiring staff
   • Payroll
   • Knowing and enforcing the employment legislation
   • Implementing human rights
   • Setting goals

6. Communication

   • Be able to deal with all manners and types of people in different situations
   • Listen & interact
     • Employees
     • Clients
     • Advice
   • Strong supply chain

7. Technical

   • Use of tools & equipment
   • Management and maintenance of website and online store

8. Administation

   • knowing dates
   • Ensuring you file tax returns
   • Registering business
   • keeping records of money in and out
   • Keeping record of purchases, receipts, invoices

9. Know your market

   • Understand your competitors and what you are up against

10. Financial knowledge

    • Manage cash flow
      • Monitor cost price, selling price and margins
    • Business plan