Continued from last Monday
BoI, MSMEs
Financial management skills
The activity of finance is the application of a set of techniques that
individuals and businesses use to manage their money, particularly the
differences between income and expenditure and the risks of their
investments. The need for timely budgeting and reporting of financial
performance is of the utmost importance. The key is to know how to
interpret and analyze your financial statements, in such a way, as to
identify the items that are adversely affecting your profitability.
Time management skills
Time management is a set of related common-sense skills that help you
use your time in the most effective and productive way. Time
Management is a very important skill to master. Learning this skill
will empower you to achieve more and to use your time wisely. The key
is to know how to manage your time efficiently and to focus on the
activities most likely to deliver value to your business.
Essential soft skills that will help you succeed in your business
Many entrepreneurs believe that the most important factor that will
determine their level of success with a startup relates to their
overall experience and skills in the niche area. However, the most
successful entrepreneurs have developed a certain set of skills that
has helped them reach their goals. While you definitely need nerve and
patience to launch and run a new business, you also need to focus on
nurturing these seven critical skills that are integral to your future
success in very important ways.
Here are the essential soft skills (people skills or anything that is
not a technical skill) that you will need to learn or import to help
you succeed in your business:
Ambition
It is easy to give up when the going gets tough, but the most
successful entrepreneurs persist because of their ambitious nature.
They want to succeed, and they thrive on reaching small milestones
that are stepping stones to their major goals. When you are highly
ambitious, you have an internal drive to work hard, and you may be
committed to doing what it takes to make your business a success.
Generally, you will not look for shortcuts as you are willing to put
in the time necessary to get the job done right.
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