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5 Essential Skills for all Start-up Businesses 

The growth in small to medium-sized businesses may have slowed on a global scale. However, there are still those who will find opportunity in times of uncertainty, and as such,start-up advice and knowledge is in demand. Knowing the essential skills to develop a new business is a great start and are thus provided to you in this article.

Presentation and public speaking

Having an idea for a new business is all good and well, but then being able to sell this idea to investors and venture capitalists is  the hardest first step. It’s worth doing specific and detailed research and creating a pitch document that will help you sell the idea. While avoiding the most common mistakes made in this process. Once this is completed, you then need to practice the public speaking element because, at some point, you will need to verbally convince the buyers.Use the pitch document as aforementioned and simply practice in front of the mirror and with colleagues until you are able to confidently sell the benefits of the idea and the business.

Know your numbers

There’s nothing more embarrassing than not being able to answer the questions that are sure to come. What is the expected return on investment? Net profit and what will you make next year? These numbers are the essential information and data that you need at your fingertips at all times. The fiscal management and accounting knowledge is thus one of those skills that you can’t do without as a start-up entrepreneur. Nobody will invest in your new business unless they are sure you know how to manage their money.

Know the market

If you intend to turn a hobby into a profitable business, then you need to know who else has tried this and where and to what end. Understanding comparable products or services and having the ability and skills to see where improvements can be made in systems and processes will be the only way to disrupt a competitive market.

Risk assessment

Being able to assess the various risks that the new business will be subject to once opened is a vital skill. Generally, these risks will also be linked to the factors mentioned above and will be identifies as you analyze the market and your financial figures.

Unless you or those collaborating with you on the new business initiative are able to accurately determine what the risk factors will be and how to deal with these, you cannot safely invest any money or even consider trading.

Technology

It should be obvious in the data and information age that if you are unable to work with and within the structures, processes, and systems defined by modern technology, then your business will probably not get off the ground. There is a basic technological understanding and level of experience required to run a business, regardless of whether it has an online presence or not. As a basic premise, know and understand the tech that the business uses as well as that used in the specific business sector.

There are a host of online articles as to the best way to start a new business and all the skills that a start-up or entrepreneur needs to have in place; they focus predominantly on what’s required once stated, this article has looked at the most basic of skills that you will need as a foundation. Don’t think of starting anything or investing anywhere unless you have these 5 aspects of business preparedness in place.

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