See the following 5 definitive Entrepreneurial Skills You Need To Run Your Small Business
- Customer service
An important ultimate guide for effective of your small business is persistence.
Persistence simply means the act of continuing in an opinion or course of action in spite of difficulty or opposition.
In other words, it means the ability to continue doing what you are doing without having to make frequent changes.
For effective management of your small business, you should ensure that:
- your policies are based on the results of a proper research
- your policies are based on facts and figures
- the policies are the best for your business
- allow policies to run for some time to enable you get best results
Moreover you should stick to policies that are working. And do away with policies that are not working.
However, if your policies are not working, you need to:
- review your policies
- redesign your policies,
- or create better policies that meet the needs of your small business.
In business, only the best is good for you.
2. Entrepreneurial Skills: Consistency
Still another ultimate guide for effective management of your small business is consistency.
Consistency simply means doing your business in a particular way.
Provided what you are doing is in the best interest of your small business.
For example, if you a policy of selling only high quality products, you should stick to that policy.
You should not change that policy unless you have good reasons to do so.
Do not start to sell inferior or faked products because you want to make money.
Let customers know you as someone who sells quality products.
Customers who have high taste for quality products and want value for their money will buy from you.
Furthermore, if you have a unique selling point, you should stick with it.
You should stand for something: fair business practice, honesty, integrity, quality and so on..
In other words, you should not change your policy every now and again just because you have a temporary period of low sales.
Therefore, you should follow your mind especially if you are sure that what you are doing is the best for your small business.
3. Entrepreneurial skills: Perseverance
Persistence simply means doing something despite difficulty or delay in achieving success.
Another entrepreneurial skill you need in the management of your small business is the ability to cope with challenges.
You should not give up hope when you are facing challenges or rough time in business.
Remember that failure is an opportunity to try harder.
Many successful entrepreneurs out there have failed several times before they found their feet.
Moreover, many challenges come and go. Consequently, you should not forget that in every challenge there is an opportunity.
When things are not working out as expected, you need to find out what went wrong. And fix it.
Therefore, you should have the belief that if is not good today, it could be good tomorrow.
The most important thing is that you need to regularly monitor your systems to make sure that they are on track.
Determination is yet another ultimate guide for effective management of your small business.
Put differently, determination is the zeal and drive to be firm in your purpose, resolve to succeed in whatever you are doing even in the face of difficulties.
To have effectively management of your small business, you should be sufficiently interested in what you are doing.
If you are not sufficiently interested in what you are doing, you are not likely to succeed.
Moreover, you should bear in mind that it is interest that drives determination. Thus, interest + Preparation + determination = success.
Therefore, you should remember that success is where interest, preparation and determination meet.
5. Entrepreneurial skills: Customer service
Another ultimate guide for effective management of your small business is ability to provide excellent customer service.
I have met a number of vendors who would not interact with customers who have stopped buying from them.
In other words, the day you fail to buy from them, they will forget about your past patronage.
Customers could stop buying for any of the following reasons:
- poor customer service,
- poor quality product,
- rude customer service reps
- poor pricing policy
- stock outs
- inability to update your offerings
- and a lot of other possible reasons.
Moreover, you should always bear in mind that you may not be only seller of that product.
You should not forget that there will always be competition for you to fight.
Furthermore, not interacting with someone because he did not buy from you again will not do you any good.
That is not the way to go. If you do that, you will be the loser.
Most importantly, remember that you need the customer more than the customer needs you.
The customer is the kind. The customer is the boss. He has the cash. And cash is king.
In conclusion, therefore, you should bear in mind that business is not a bed of roses.
You could fail but do not refuse to get up. In other words, you can blame a man for falling you but you cannot blame anybody for refusing to get up.
You should be prepared to face challenges. The good news is that in very challenge, there is an opportunity.
Most importantly, remember that in business, winners do not quit and quitters to not win.
By Samuel Ijenhi
B. Sc. Accounting [University of Benin]
Benin City, Nigeria