Section Two: Business Skills

Introduction

Starting up and running your own business requires special skills such as careful planning, research, risk assessment, commitment and patience. This section will get you thinking about the business skills you already have and which ones you will need to develop further.

Skills Important for Self Employment

The following skills are important for the self-employed business person to possess:

  • Identifying opportunities
  • Formulating ideas
  • Goal setting
  • Developing the Business Plan
  • Obtaining technical assistance
  • Selecting the type of ownership
  • Planning the marketing strategy
  • Locating the business
  • Financing the business
  • Dealing with legal issues
  • Managing human resources
  • Promoting the business
  • Managing sales efforts
  • Problem solving

Just like assessing your entrepreneurial skills, taking the time to identify your strengths and weakness when it comes to business skills is equally important.

Click on Worksheet 1.2 and Worksheet 1.3 to assess your business skills. 

Reasons for Business Failure

There are many, many reasons for business failure but some of the most frequent ones are:

  • Lack of experience
  • Lack of sufficient capital
  • Poor location
  • Poor inventory management
  • Excessive purchase of permanent equipment
  • Faulty attitude
  • Poor credit-granting practices
  • Unwarranted personal expenses
  • Unplanned expansion
  • Insufficient cashflow
  • Inadequate sales
  • Poor marketing
  • Lack of stress management

Click on Worksheet 1.4 and complete the exercise to gain a better understanding of how existing entrepreneurs manage their businesses.

BizShift Loans

Self Employment Program

Partnerships & Opportunities

Business Planning Workbook