Running a business is an exciting, challenging and rewarding activity that has become more accessible to younger generations in the last ten years. Some skills are essential if you are to be successful!
Being able to communicate your vision
As a young entrepreneur, you will have to enlist the help of many people along your business journey. While you may have a clear idea of where you’re traveling and how to get there, you’ll want your associates to understand too.
This is why it’s crucial to be able to communicate your vision to others. Getting a business idea off the ground is about spreading enthusiasm for the concept among investors, potential teammates, and even the market. This is a vital skill!
Self-motivation and belief
Not only must others believe in your idea and your ability to execute, but you must too! Being self-motivated throughout the often difficult, stressful and tiring process of starting a business is easier said than done.
This is particularly true as a young business owner, as you will likely have fewer supervisors, business partners and employees to push you forward.
Self-motivation and belief are something that is different for everybody. It’s crucial that you figure out what it is about your business and your vision that drives you.
The ability to effectively research the market
No business owner succeeds without understanding how their business is positioned in the market. Being able to effectively do market research is essential.
Understanding key factors such as how to differentiate against competitors, where the holes in the market are and what your target market responds to is extremely important.
The best young entrepreneurs are those that understand what the market wants before others. This can only be done with great market research skills.
Running a business isn’t all pretty. There’s a lot of administration work that needs to be done, and the best young entrepreneurs are able to efficiently run the day-to-day.
Early on in your business, you likely won’t be able to hire anyone else to deal with the administration. Unfortunately, it’s something you can’t avoid. There is a lot of paperwork and data entry that is involved in any business.
Strong negotiation skills
Negotiation is part of everyday life while running a business, in between suppliers, customers, and employees. It’s important to be able to stand up for your own interests during negotiation with other parties.
Negotiation skills are something that can be learned and improved with experience! There is a lot of theory you can read about when it comes to anchoring, persuasion, and Zones of Potential Agreements. It’s hugely valuable to know about all of these concepts.
Time is limited and a good business owner will know how to make the best use of every second available. Time management isn’t just about managing your next week, but about planning months ahead.
This practice is particularly difficult as a young business owner, where you will have to do more on your own. Without good time management skills, you can easily become overwhelmed to the detriment of business performance.
As a young person, the business world is your oyster – making use of this opportunity, however, requires the right combination of skills and perseverance.