HomeSkills & Productivity5 Essential Business Skills to learn as an Entrepreneur

5 Essential Business Skills to learn as an Entrepreneur

I am starting a New Business. Which business skills do I need to learn as an Entrepreneur? This question was asked by my blog reader. I am sure many of you who are starting a business seek this answer.

So, in this post, I am going to share 5 Essential Business Skills that you need to learn as an entrepreneur. 

business skills

5 Essential Business Skills to learn as an Entrepreneur

#1 Domain Skills

To start any business, you should have domain skills. You should be familiar with the skills required or involved in the business which you are about to start. 

I believe as a business owner the capability you need to have is to be good at delivering a qualitative product or good at delivering a qualitative service to your client. This requires domain-related skills. 

Say, If you are a doctor you need to be good at medicine. If you are a photographer you need to be good at photography. If you’re a manufacturer you need to be good at manufacturing. If you’re an architect you need to be good at architecture. If you’re an interior designer you need to be good at interior designing. So these are your domain-related skills these are skills related to the line of business that you are in.

#2 Designing a Profitable Scalable Business Model

The second set of business skills required by you is designing a profitable scalable business model. You should be able to design a clear framework and a clear business model which is designed for scale. 

You can design a business model by defining who’s the right customer which products and services they’re willing to spend their money on and what’s the best channel to reach out to those customers.

When this design is in place that’s when you have a workable engine that can generate profits for you consistently.

#3 Marketing & Sales 

Marketing and Sales are extremely important for business. You need to make sure that your business is visible. You need to make sure that more people hear about your business more people hear about your products and services. If more people hear about your business, the chance of getting more business is higher. You can do this by learning marketing. 

Along with marketing, you need to learn sales. At the end of the day, marketing and sales is what help you to expand your reach and make sure that you are well distributed across different geographies across different customer segments. So I call marketing and selling as the distribution skills required for any business owner to build a scalable profitable business.

#4 System Skills

The fourth set of business skills that is essential for a business owner is system skills. You need to be good at creating a process where the delivery of your products and services is seamless. This means that the customer gains value and the customer has an excellent experience working with you. Think about it if you do not have proper internal processes in place to deliver your products or services to develop your products or services then it ends up in chaos.  

So you should be good at setting up internal processes and systems.   

#5 Development Skills

The fifth set of business skills that is essential for your business is development skills. Development skill is one where you need to equip yourself with the ability to build the right team. To develop the right team right from hiring to delegating to training and developing, reviewing performance to giving them feedback to doing their salary appraisals to firing the wrong people all of these come under development skills so that you can develop a high-performance team for your business.

If you lack the development skills you won’t be able to build the right team if you don’t build the right team then no matter how good your product or service is things are not going to work for your business.

Over to you

Do you think the above 5 business skills are important for your business? If you want to learn more about business and digital marketing please reach me at sk@moneyexcel.com.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.