Skills Every Entrepreneur/Business Owner and Leader must Master – Part 2
Many different things happening at the forefront of business and leadership that requires skills that need to be mastered. These are everyday tools that you can use to implement them in your business and life. We continue to help empower you in part two, so you can master the skills needed to succeed wherever you may be. We discussed skills one through five in part one HERE.
The sixth skill that is needed by entrepreneurs and business owners or leaders is strategy formulation! In business, you need to be able to develop a strategy and to implement it. Are you able to strategize on the fly? It is important to know what you will do when you are thrown a curveball. When this happens, you must find out what went wrong and why. What can you do to fix it? Business is always changing, and you don’t want to lose money or customers because you didn’t have a plan if something changed.
The seventh skill that is needed by entrepreneurs and business owners or leaders is flexibility! The market and circumstances are always changing along with things changing and happening in your team members life so you must allow things to breathe and rest sometimes. You need to be perceptive to what is happening in your business/work environment because the ability to recognize when to allow things to breathe and when to hit the gas is important and could be the difference of making and breaking the business. You need to be flexible in every part of your business!
The eighth skill that is needed by entrepreneurs and business owners or leaders is financial management! This seems basic but managing money the wrong way is what gets many businesses into trouble. In business, you must be diligent in recording and accounting for your income. When you do this, you will know when your business is profitable and when you are losing money. Being aware of the numbers and becoming an expert on how to run your business on a budget is a must so that you can be resourceful. It will stop you from throwing money at projects and problems because if you do that, you won’t have a business for long. You need to get the resources and software to manage your business transactions the right way, and if you can, hire someone to help you. You can set up policies and procedures of how you will complete transactions and set financial goals. Successful business owners are successful because they are willing to do the hard work! You can want your own business, but you must be willing to do it the right way so that you can be successful in the long run. You need to understand this management technique and if this is not your skill base hire someone to manage your finances for you.
The ninth skill that is needed by entrepreneurs and business owners or leaders is failure management! Failures and setbacks are part of life and business. Some can be avoided, and others can’t. Yes, we all fail, but when we do, we must get back up and try again! No one gets in business to fail, but failure is more common than success, so we must be ready for when the failure happens. You can learn something in the process and understand why you failed. Some of our best lessons come from our biggest failures, and if you get back up again, you become stronger as you keep moving forward. Don’t give up! Greg writes in his book I Will Fight about the importance of not quitting. Get your free book HERE so you can be encouraged even more not to give up! Maybe you are going through a failure right now. This is not the end! This is the start of a new beginning, and you can keep going! Don’t be afraid to try and try again because you will win in the end. Some failures will require you to move on or push it to a side gig because it is not producing for you and start something new that will provide for you.
President Abraham Lincoln went through failure after failure in his life before he became president. He decided to run for the presidency of the United States, and it was during a difficult time, but he won! We believe that God prepared him to be in the position of president to bring an end to the evilness of slavery in America. This is what failure does; it prepares you for amazing things that you may not even see yet. What is your attitude about failure?
The tenth skill that is needed by entrepreneurs and business owners or leaders is emotional intelligence! People need the ability to understand emotions! This is the greatest indicator of success, and this starts with having self-awareness of the emotions that you experience. Everything that happens in your life, you have an emotional response to, but for many of us, we ignore the emotions we have. If we are not aware of our emotions, for example, fear, and we don’t acknowledge it, then our body will experience that emotion until it is dealt with. Being aware of our emotions will allow us to ask ourselves why we are feeling a certain way and have us in a position where we can manage it. You can ask yourself if it is an appropriate feeling for the situation you are facing and know what triggers the emotions and if it is something that causes a bad emotion you need to get that trigger out of your life if you can. The other aspect is to be aware of what emotions other people are experiencing, which helps you to manage relationships in your life and business.
In the VFNKB Community, we have created a safe place for leaders, in our communities, who are likeminded and can be there for each other to help each other succeed. It is also a place where we can get to know one another and build a relationship, a network, of leaders and businesses that can be recommended to those looking for their product or services. People are always looking for a trusted business or person, but many have become isolated. The VFNKB Community is the place to be, to be a part of a community, where you can talk about you and build the relationships you need to succeed. Join the community HERE today! Be sure to watch or listen to the full segment, as Greg and John share much more wisdom for you to succeed. Do you have any skills to add to our list? We want to hear from you. Write to us in the VFNKB Community HERE or at [email protected].