What are the business skills that I should master?

As a young entrepreneur, I believe that there are many things that i need to learn when it comes to business strategies. In order to be successful, I need to learn a lot of skills and master them by heart but I don;t know which skills I should be focusing on. What are the business skills that I need to master to become a successful business owner?

User comments

No Name

The first skill you need to master is strategic planning. In order for a business to succeed, a foolproof strategy must be in place and it must always be more than three steps ahead of the competitors. The most basic but also a very important skill to learn is communication cause you need to know how to communicate to your clients and employees and once you've learned how to communicate properly, you will learn how to negotiate. The most important skill to acquire and master is the Leadership skills for you are not only the owner but also the leader of your business. There are more skills to master but you should start off with these.

2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

What are the different types private companies?

The first one is Sole Proprietorship where an individual who starts up a business, Partnerships whre two or more persons (up to 20) who create a company. Has Limited and Limited Liability versions and Private Limited Companies where the company is an entity separate to the shareholders who aren’t personally liable for any debts incurred. A public company just needs to register itself to the Singapore Exchange.

How do I start a business?

Before starting a business you need to ythink about what you love to do most. It will take some time but your passion would lead you to your success.Polish your knowledge on the field and spend time knowing everything there is to know about it. Then find your clientel and eventually realize that you want to achieve more. You could always find a mentor to guide you. Launch your product. You wouldn't know if you wouldn't try. If it fails then turn to another product. Perfect your business model and then turn your knowledge into products and watch your business grow.

What are the cyber threats that businesses overlook?

There are many threats that businesses overlook. One of the main threats are Malicious e-mails where the cyber criminal sends you e-mails that looks like it comes from a credible company but it is actually just a phishing technique. You need to be mindful on these and dig deeper. Avoid clicking unnecessary links. VPN security is another issue. VPN's are not all companies provide the ironclad safety that you need so you should make sure that your VPN provider is reliable. Memory attacks are common and some malwares can bypass your RAM so it is also better to update your Operating System whenever there is an update.

How do I spot loan scams?

Scammers have developed a lot of techniques to stip businesses of its money. There are general types of scams to look out for. First is the peer-to-peer lending scam. The second one isthe credit repair scam. New business owners should worry about this because they target new business owners offering to increase their credit scores for a certain fee but this is all a scam. The third one is the consultancy fee scam where the scammers convince to offer you assistance in getting a loan even though it is not that hard for you to need an assistant. There are many more to watch out for. Key is to alwayys be alert and analyze the situation.

What are the benefits in starting a business in Singapore?

I want to start a business in Singapore as it is regarded as the best. How would starting a business in Singapore benefit my business? What are the reasons to why I should start a business in Singapore? How much of a boost will my business get if I start my business in Singapore and what are there risks to this?

Would a virtual office reduce my business cost?

Small and Medium Enterprises are going virtual. I want to increase my productivity by going virtual however I'm not sure if this would lower my cost. I also want to decrease my overheads. Would having a virtual office reduce my business costs and if it does how would it reduce my business costs? Would it be more efficient?