Starting a business isn’t easy, and even if someone has a great business idea, they need to have the management skills to launch it successfully. There are many different facets involved in successfully launching and running a business; here are the top 8 essential management skills that every entrepreneur should master to succeed.
1) Set Goals Intelligently
A big part of starting a business is setting goals; without them, you won’t know where to start or how to measure success. So your goals must be set thoughtfully and with intention. Setting SMART goals—those that are specific, measurable, attainable, relevant, and time-bound—is one method many successful entrepreneurs use to reach their targets.
2) Strategize for the Future
Even if you have a fantastic product or service right out of the gate, you must consider how to set it up for success in the long term. So take some time each week (even if it’s just 15 minutes) to brainstorm ideas for future growth: How can you expand your customer base? What new features or products might interest them? What does the future of the industry look like in five years? What will it look like in ten years? These conversations and thoughts will help you stay ahead of the curve rather than chase behind it.
3) Build the Right Team
Most entrepreneurs agree that building the right team is key to success. If you are employee number one, it’s crucial that you hire around your weaknesses. For example, if you are a business person and your product is software, you may want someone with an engineering background. Hire folks with diverse backgrounds but experience that is relevant to your industry. You also want to avoid filling your team with yes-men; it should include people who challenge your assumptions so that your thinking stays fresh and new ideas keep emerging.
4) Communicate Constructively
A great communicator can make a good team unstoppable. Therefore, every leader must communicate the vision and mission of their company clearly to their team. Constructive communication can also prevent initial shortcomings or mistakes from manifesting into something much more detrimental. For this reason, every leader must deliver feedback frequently and thoughtfully without damaging morale—this means celebrating victories as well as addressing opportunities.
5) Listen Actively
Great leaders must know how to listen. Especially when you are the founder, it can be easy to develop biases toward your initial ideas even when they need a refresh. Therefore, leaders can benefit tremendously by assuming they always have something to learn. Seek feedback from your customers and take it into your next product iteration. Ask the workers on the ground level what their pain points are and make changes accordingly. According to this article from Forbes, this sort of upward feedback can have incredible benefits for an organization.
6) Prioritize Effectively
As businesses grow and to-do lists lengthen, it’s easy for managers to become overwhelmed. Leaders must refer back to their SMART goals and prioritize the items that make immediate progress toward them.
7) Inspire and Motivate
World-class entrepreneurs such as Richard Branson and Elon Musk are known for their visionary approach to leadership. Pair your vision with practical communication skills, and your team will be inspired and excited to work toward your dream. An entrepreneur who inspires others is more likely to attract investors, retain top talent, and boost overall performance across their organization.
8) Be Flexible and Adapt
Finally, you must be flexible and adapt to change in order to succeed. Industries change, technology evolves, and economies fluctuate. As a result, you may discover that your initial idea will not be viable in the long run, so you must pivot. Successful entrepreneurs must acknowledge when it’s time for a change and welcome it with open arms.
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Are you thinking about launching your own business? SCI Online’s Management Associate’s Program equips you with the management skills you need to start your own venture or advance your managerial career within an organization. Request more information or learn more about our program today!
This article was published on: 01/13/22 1:51 AM
* SCI does not guarantee employment or a starting salary upon graduation, completion, or withdrawal from SCI. As an accredited post-secondary institution, SCI has various federal financial assistance programs available for students who qualify and are enrolled in SCI programs. This does not apply to seminar students.