Skills for Starting an Online Business
Starting a small online business is risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years. The SBA.gov advises small business owners that success depends primarily on the owner’s foresight and organization, and even then there are no guarantees.
With so many cards stacked against small businesses in the beginning, entrepreneurs need strong skills in particular areas to become successful. Not all individuals are ready to become entrepreneurs, but they can be over time if certain skills are developed. There is nothing like starting your own business and feeling the sense of accomplishment as it grows and develops into how you envisioned it. Having these specific skills may not mean achieving your dreams, but your chances of doing so will be much greater.
Entrepreneurial Skills to Start a Successful Online Business
While there is no such thing as a recipe for success, those that have the following skills will find it easier to succeed starting their own business.
When you are starting your own business, there is no one telling you what to do, when to do it, or how to do it. It is up to you to complete tasks. Successful entrepreneurs are able to wake up each day with energy and motivation, despite any roadblocks or previous failures. Especially if starting a home-based business, where it is easy to push aside work-related tasks, you need to stay focused and have your eye on the business.
Time Management Skills
Managing your time efficiently is one of the most difficult tasks for a new entrepreneur working from a home office. It is easy to become distracted, especially if you are one to keep your e-mail open throughout the day. You should be able to prioritize tasks, leave room for surprises, and not fall behind on important tasks. If you are lacking in time management skills, or never had a reason to develop them, then the Franklin Covey day seminars are an excellent starting off point. Franklin Covey is the author of the 7 Habits of Highly Effective managers, and developed this seminar to assist managers in managing their schedules.
When starting a business, you will have to communicate with vendors, suppliers, and customers. You will be required to partake in written communication, which includes writing e-mails, proposals, and website content. Also, nowadays, expect to spend much time networking and gaining a following on social networking sites. Whether you will need to do business presentations to obtain financing, motivating new employees, or conducting sales meetings – you will need to have strong speaking skills. If you find yourself loss for words or shy in front of others, consider joining your local Toastmasters Club to strengthen your skills.
Decision Making Skills
Decision making skills are necessary since there is no one above you to make the decisions for you. You will be the one to decide on financing, website design, logo, suppliers, and more. You should be able to look at a problem from different angles, consider all options, then make a sound decision based on all available information. You should be able to keep your head in a crisis, such as your payment processing vendor going out of business without warning and leaving you without a way to collect money from customers.
Starting an Online Business
Even though technologically and cost-wise it is easy to start an online business, consider your own personal skills before starting your own business. Starting a business requires much time and effort, which can be further affected if you do not have strong skills as a self-starter, or in time management, communicating, and decision making.