It takes many skills to start and manage your own company. Many founders wish they had learned some of those skills in school instead of on the job.
Whether trying to land a new client or manage employees, entrepreneurs are constantly faced with situations they were not trained to handle. In hindsight, many founders wish they had taken courses in school to better prepare them for the challenges of running a business.
Here are some of the necessary skills that business owners need that they often don’t learn until they are already running their own company:
- Deal Making – Basic negotiations, from how to write a winning proposal to getting the best price from your landlord and vendors. This is something business owners do every day. Learning when to make a concession and when not to is a skill that is crucial to success. Making a mistake when negotiating can prove to be painful for a long time.
- Managing Employees – Many business owners have taken a psychology class or two. But managing employees brings new challenges. Getting the best out of your employees and manage workplace conflicts are critical to the new venture.
- Customer behavior – While many entrepreneurs have had a marketing class most founders learn the secretes of their customers buying behavior by trial and error. Attending classes to better understand what is going on when a prospect is browsing a website or considering buying a service can give an entrepreneur a huge head start.
- Coding – In today’s world a company’s web page is constantly being update. By having a basic knowledge of coding founders will be able to save time and money by making their own website changes.
- Business writing – Business owners are constantly writing. Emails, blog posts, proposals, and communications to prospective investors are a few examples, and they are all important. Being able to put in writing the values and passion the founder is critical to the startup’s success.
- Accounting – Many companies are started by a founder that is extremely talented at their skill; sales, manufacturing, recruiting, which helps the company get started. Owning and managing company not only requires trade expertise but also a good understanding of budgeting, cash flow forecasting and an understanding of financial reports. Having QuickBooks is a start, but until the founder can grasp these accounting essentials the startup will not achieve it’s potential.
There are many risks and challenges to starting any business. Entrepreneurs understand this and as they navigate these challenges, they not only get the financial reward they also get the satisfaction that comes from growing their business from a start up to a successful, growing company that is providing for its employees, customers, and the founders!
As a company that is still run by its founders, American Receivable provides the cash and the expertise that growing companies need to succeed. Call today or complete our quick online application form.
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