Recently I was told of a woman who had started her twenty-first business. In each case the business was related to cooking. The good news was this woman was a capable businesswoman and an excellent cook.

The problem for this woman was that she got tired of running a business very easily. She would get a business established and grow weary of the day-to-day grind and would set a date to close the doors. Her husband was a carpenter and had systematically refurbished twenty separate properties for his wife’s business ventures.

This woman recently started a coffee shop with a variety of baked goods for sale. The business hadn’t been open 3 months when a separate coffee shop opened in the same retail complex. When she discovered the new business she threw her hands up in despair and asked the owner of the second shop if she could come to work for her.

You see, there is an invisible wall that is sometimes difficult to overcome. That wall is moving beyond the difficult work of day-to-day business where you are needed in the monitoring of all aspects of the business. Some, like the lady in our story, simply get tired and go home to regroup their strength for a later attempt. Others will find ways to derive income that does not rely on their own efforts. These are the entrepreneurs that more easily move forward.

Passive Income

If you are a store that specializes in a product you have created, the sale of items that are available from other suppliers can provide income that is your simply because you supplied shelf space.

The sale of insurance provides a means of deriving an income based on commissions that require little attention from you.

The use of affiliate programs can allow others to sell your products and provide you with an income on something you were not actively involved in selling.

The development of passive income is important to entrepreneurs because if you attempt to develop revenue exclusively on your own then your revenue stream goes dry the minute you need time off.

Someone once said, “Work smarter, not harder.” That’s especially true as you continue to develop your business. Seek ways to allow others to help you sell and market your goods and services. This likely means there will be salespeople working at selling your business even when you’ve left the building for a much needed day off.

Scott Lindsay

http://www.articlesbase.com/business-articles/entrepreneurial-transitions-100712.html

Technorati Tags: entrepreneurial

Though various reasons are attributed for starting a business the main reason without any doubt is to make money. People who start a business know very well that they can never become rich by working for someone else all life long.

To start a business and run it successfully, a range of essential entrepreneurial skills are necessary.If success is what you are after, then it stands to reason that you possess most of the essential skills or acquire them before you commence your business especially if you want to run the business yourself.

The other alternative will be to take in a partner or employee who possesses a particular skill or the skills that you are deficient in.

What then are the essential entrepreneurial skills the business entrepreneur should possess?

1. Planning Skill.

Proper planning is the fundamental first step you should undertake when you consider starting a new business. Feasibility of the business, marketing of the product, local competition and funding are some of the essential aspects that should be studied carefully. Good planning should be able to forecast and foresee the changing market conditions and adopt suitable strategies to counter or take advantage of them. They should also explore possibilities of adding new products or services to keep up with the changing circumstances and beat the competition.

2.Techinical or Knowledge Skill:

If you are turning out a product, you should possess the necessary skills to produce that product. Experience gained in working in similar work places or a professional qualification will stand you in good stead. Of course for certain types of businesses, experience is not essential but to satisfy your customers and provide a good service, technical skills play an important role.

Furthermore it is absolutely essential to keep on updating your knowledge by reading books and attending seminars to keep ahead of your competitors.

3.Marketing Skill:

Marketing is another very important essential skill on which depends the very success or failure of your business. It is the process of identifying your potential customers and persuading them to buy your products or services. Sales, Promotions, Pricing and Public Relations are some of the skills that are an essential part of marketing. Mishandling or negligence of this aspect can lead to failure.

4. Financial Skill:

Financial skills play a major role in the running of a business big or small. Book keeping, estimating, invoicing, negotiating credit terms, controlling cash flow are some aspects of the financial skills you should be able to handle. Negligence of this aspect can lead to recurring cash flow problems such as inability to purchase goods, non payment to suppliers and irregular payment of bank loans. It is obvious that with these problems no entrepreneur can succeed or have peace of mind in running a business.

5. Management Skill:

The need for management skills becomes necessary, especially if you have the intention of employing several employees. Skills in areas such as recruitment, team building, motivation, knowledge of employment law and health and safety requirements are all part of management skills. Knowledge of these skills and implementing them judiciously will help you build a team of motivated employees working for the success of your enterprise.

6. Organizational Skill:

Whether your business is big or small or whether you employ workers to run your business, your organizational skill will be tested fullyas an etrepreneur. You have to set up systems to take orders, handle enquiries and maintain records. A knowledge of these skills will help in the efficient day to day running of the business.

Conclusion:

Each and every entrepreneurial skill mentioned above is essential. If you do not possess some of these skills, acquire them. The easy way out is to go into partnership or employ someone who possesses these skills. Adopting these measures will mean that you are now on the right track to become a successful business entrepreneur.

Kanaga Sivaraj

http://www.articlesbase.com/entrepreneurship-articles/essential-entrepreneurial-skills-that-propel-your-business-to-success-98770.html

Technorati Tags: entrepreneurial

Thanx a lot!

did you try entrepreneur.com its a great website. i just surfed the internet and a bunch of things came up. Its very useful. Or you can look at a bookstore and read about it. I found the internet the best though. good luck.

Technorati Tags: entrepreneurial