There are said to be seven business skills that every business man or an entrepreneur adopts to build his empire. These seven skills are more or likely said to be the cornerstones for all the business and entrepreneur success.
The seven skill sets are:
Sales is the deportment that generates revenue in any organization. No matter how good your manufacturing operations are, or how cutting-edge your technology is, or how stern your financial goals are, or how progressive your management techniques are, you still must have a powerful and efficient sales mechanism in place, or everything else will be useless.
The heart of your business success undoubtedly depends on your marketing activities. Most of the business operations relies on the successful marketing strategy you adopt.
The overall umbrella of marketing covers a number of things, such as: advertising, public relations, sales and promotions. This is basically the process which introduces the product to the potential customers. Without a proper marketing strategy, no matter how efficient or supreme quality your product or service is, it will remain unknown to your potential customers and this may crash your sales badly.
Product is that part of the business, which directly communicated with the customers. It is the product that makes or breaks the customers – and your business. Therefore, a consistent innovation in the product development process leads to a sure success of the organization.
It is critical for any business to continuously change its products or services to match the market requirements. In terms of the product, a company must continuously keep looking for new ways to keep its customers engaged.
Raising capital is one of the primary and most important parts of any business. A business should certainly look for new and constructive ways to make its money tree grow. This is very important because it can be required anytime to shake it to fill your basket.
Capital is undoubtedly, the main powerhouse of the business. This capital is required through all stages of the business processes- right from everyday activities to the future investments. A business also may need to fulfill obligations or any other funds moving forwards. As the need of the capital never ends, the business should continually work in progress to figure out means to generate it.
Negotiation is a critical factor for any business to operate. Poor negotiation can cripple a company just as easily and quickly as loosing key customers.
Negotiation skills somewhat looks like the common sense, rather it is not common for people to get caught up emotionally and ignore their basic instincts. Truly speaking, emotion, luck and magic have no place in a successful negotiation. All it takes is, an iron gut, a lot of homework, street smart and an unblinking discipline. These key factors will definitely unlock your ability to get your best deal possible under any circumstances.
Building alliances is an important key factor which helps a business reach heights. An entrepreneur having the emperor mentality have never gained success in their business processes. Therefore, creating and maintaining a network of friends is important in the corporate world.
Having a strong network is always helpful to build and maintain power in the market. Even the most powerful people needs friends in the market to sustain.
A perfect negotiation is critical to build deals among peers. This also helps distribute responsibilities and market areas to cope up with the market demands.
The final skill set is the cashflow management. This is the power that keeps business running and moving towards success. An effective cashflow management makes you generate enough revenue so that you can meet your fiduciary obligations and responsibilities having surplus working capital as well as you easily invest in the company for its growth.
The cashflow management needs to create a positive ambiance in your financial statements. Many a times entrepreneurs focuses on generating profits and do not realize that there could be leakages in the revenue model in this process. Therefore, it is highly important to manage the cashflow in the business to move forward with the business growth.
It is important to master these skills, or least have a basic knowledge about these factors that can help your business venture gain success. Each of these skills holds equal importance in business operations.