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Published on August 6, 2019

How to Succeed in Business: 10 Skills Every Entrepreneur Needs

How to Succeed in Business: 10 Skills Every Entrepreneur Needs

Succeeding in business used to be a case of being really good at one skill or area and milking it for all its value. Today, we are fast becoming a ‘skills economy’[1] driving trends in employment and even the way we approach entrepreneurship.

To succeed in today’s business landscape, business owners and executives need to possess a mix of skills that enable them to stay ahead and adapt to change.

1. Digital Savviness

As the adage goes: “if you’re not online, you don’t exist.” Today’s entrepreneurs need to take to the internet to increase their presence and to remain relevant in an evolving business landscape.

Companies like Amazon, Netflix, Airbnb and more are a testament to the disruptive impact of technology and the new image of what it means to be a skilled, successful professional. Think about today’s Mark Zuckerberg versus a banker from the 90s.

Being able to quickly adapt to new technology, like cloud applications and collaborating remotely across the internet is fast becoming the expected norm for executives.

For businesses, discoverability on the web is fast becoming a quick litmus test for credibility. Potential customers and investors bank on the first page of Google to make up half their minds about making further transactions with a business. GE Capital Retail Bank found that 81% of retail shoppers conduct online research before buying.

For a start, begin by hosting your website and reserving all of your brand’s handles across social media platforms. While hiring a web developer might sound like the next step, consider first hosting your company’s site on more user and budget-friendly options like Squarespace, Wix, or WordPress.

From here, you can start on some simple search engine optimisation techniques that will increase your discoverability over time. Through keyword research, organic content creation, and external back-links, your site will eventually slowly but, surely garner more traffic.

Note however, that an increase in search traffic does not immediately imply an increase in revenue. But it’s a start for delving into customer conversion rates in the future.

2. Financial Forecasting

Let’s face it, many business owners feel that time could be better spent on developing and running the business instead of planning for it financially. However, a financial forecast serves as a roadmap for shaping any kind of business and is not just reserved for the likes of listed companies providing financial guidance to shareholders.

Largely, forecasting and planning your financial goals will give you a clearer idea of resources required and ways to measure success. It can also provide assurance to investors as a testament to the thorough research and planning you have done when included in business plans.

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However, inaccurate forecasts can lead to livid investors and mismanagement of expenses which could potentially result in teething financial problems. When creating a detailed financial forecast, a rule of thumb is to always start with your expenses.

Generally, it is easier to calculate and predict your expenses compared to your revenue, so noting down your expenses is a starting point to benchmark how much you might need to generate in sales to turn a profit. It is a good habit to regularly update and evaluate how adjacent your operations are to what you have forecasted.

Building a precise set of growth forecasting will take time but remember, you are an investor in your own business. You must have confidence in the validity of your business concept.

3. Video Production Skills

The rise of visual mediums and the dopamine boosts it gives to users has long been researched and proven as providing an unfair advantage to businesses that leverage it.[2]

If you’re a heavy user of social platforms like Facebook, LinkedIn and even YouTube, you’ll know that, it’s pretty hard to stop once you get started on a binge-watching session.

In fact, video marketing is seeing a non-stop rise in popularity and effectiveness when used in conjunction with social media to drive traffic and boost conversions.[3] It’s been researched that by 2019, 80% of global Internet consumption will be video content.[4] With video marketing becoming more ubiquitous, businesses that fail to leverage the power of video are almost certain to lose out.

Some ways to get started with using videos for your business would be:

  • Creating a series of educational videos that cover useful information for your audiences
  • Live videos interacting with your community at large (these can be shot on your smart phones)
  • Using videos on landing pages to boost your customer conversions

4. Benchmark Personal Goals to Business Performance

As far as you get into achieving endeavours on your business bucket list, it’s important to remember that being an entrepreneur is just one facet of your identity. Don’t forget why you started in the first place.

Ambition usually stems from some lifestyle goals you’ve always wanted for yourself and the people you might be providing for today or in the future. Working 24/7 is a surefire route to burnout and may manifest in an unhealthy interaction between partners and employees as well.

Money can’t be your only motivation but, look into the positives of how having more financial freedom and time can impact your life. In the short term, involving your interests in your businesses can make everyday tasks feel less like mundane errands. In the long run, your business may also bring you fruitful rewards, including personal fulfilment.

Set realistic income goals to manage expectations for your performance and your company’s revenue, especially during its earlier stages. See how projected growth can align with your personal goals and make adjustments accordingly to maintain a balance between growth and your personal values.

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5. Leveraging Healthy Competition

Some of the best athletes who have spent their careers neck-to-neck with each other have changed the standards in their respective sports. The notion of healthy competition applies to the business world more than it may seem on the surface.

Innovation has always been a key driver in free markets, which were intended to boost economies and provide customers with more choices. Just like the biggest sporting rivals that build on each others’ game, you can use your biggest competitors to hone your strategies.

Turn a competitive market landscape into an advantageous one by leveraging on long-established systems your business proposes an alternative to. Learn from the mistakes of predecessors once you discover their product or service loopholes.

For example, the Dollar Shave Club’s viral video[5] became a big hit because it hit the right buttons of consumers being tired of purchasing expensive, but low quality shavers from incumbent retail giants. Going in second meant they could fill a gap competitors might not even have been aware of.

Apart from lifting off from what could have been your second-mover advantage, solidify your place with your business’ own first-mover advantage — whether you’re tapping into a new geographical region, unexplored market sector, or introducing a business model that proves more viable than others. There’s always room for improvement in business from mature markets to newly emerging ones.

6. Hone Your Pitch to Investors

Stand out in a broad mix of budding entrepreneurs by mastering the art and science behind a solid investor pitch that can determine the acceleration of growth for your business. Get comfortable talking about your ideas and receiving feedback or questions from peers, partners, and advisors before setting out to make a good impression to potential customers and eventually investors.

The phrase “if you can’t convince them, confuse them,” will certainly never get your business funded, especially in front of seasoned venture capitalists who have seen thousands of startup pitches. You should be able to deliver a quick elevator pitch that summarises your unique proposition and its market viability for casual meet-ups[6] because you sometimes only have a few minutes to make a good impression and move on to another meeting.

Nevertheless, develop your investor pitch deck by highlighting your business’ strongest points, which will vary for every funding round. Create your deck with the investors’ interests in mind, balancing technical jargon and buzzwords.

You can also introduce your diverse team of experts, some proven traction, or the current state of the market to demonstrate profitability and the attractiveness of the opportunity to investors.

Ensure each slide flows into the other to develop a persuasive narrative, utilizing consistent and intelligent design principles to support your content.

7. Developing a Strong Brand Identity

In a world of saturated content and numerous emerging businesses that offer similar service lines, developing a unique brand identity will help you cut through the noise and stand out from your competition. From aesthetics to the body of clients you’re associated with, these contribute to how you’re perceived by prospects looking to buy.

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Evaluating your brand identity is linked to identifying your target customers, your business goals, a proposed promised land your solution achieves, and identifying values that are aligned to these components. Brand identity serves as a guide to maintaining consistency and creating an image you want your business to be associated with.

Efforts to strengthen your brand identity are closely tied to giving marketing strategies a direction. By knowing what makes your target customers tick, their values, ideals, and behavior, you will be able to elevate your business from simply being a service or product to be utilized into a projected brand customers and partners would be happy to identify with.

8. Automate to Your Advantage

The need for efficiency is often the general problem new businesses aim to resolve across all markets and industries. Assure that your proposed solution is more efficient than what’s readily available in the market to instill the need for it.

Efficiency is often achieved nowadays through digitalization and new technologies. While your product or service may not necessarily be the most innovative out there, you can apply the same automation concept across your business’ daily operations.

Shorten turnaround times and conversion rates by investing in small tools for automation where you deem fit. While it may come out of your pocket in the early stages, evaluate the holistic advantages and benefits of automating certain processes. At our office, we’ve tried using collaborative apps like Workplace by Facebook, Slack, Asana and a few other popular apps to reduce human error and friction.

9. Learn to Manage Millennials

Your team plays an integral part in whether your business will accelerate at breakneck speeds, or be dragged down by deadweight. Hence, it is imperative to be selective and strategic when choosing your team.

In leaner small business teams, the addition of every new teammate can impact how your organization culture evolves.

Today, learning to manage millennials has become an inc reasingly sought after skill as well due to the increasing proportion of them in the workforce.[7] Some brand them as strawberries that are easily bruised and others loath their need for ‘meaning’ and wearing t-shirts to work.

Naturally there are many misconceptions surrounding this and various businesses would do well to leverage their unique skills.

A few ways to manage a millennial team:

Encourage a flat team structure with open communications. Maintain clear professional lines between supervisors and subordinates but keep communication channels open to ensure no negativity festers.

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Offer constructive feedback. Baby boomers are well known for their straightforward approach to delivering feedback. Millennials, on the other hand, don’t always take feedback in a form that could be construed as deep criticism.

Being constructive with feedback ensures that we don’t coddle millennial workers but also tell them the things they need to hear.

10. Maintain a Network of Connectivity

Instead of proposing a business that’s ambitiously and entirely disruptive to the supply or process chain in a respective industry, foster connections with other companies that cater to the same target customers as long as they provide a different service.

By creating partnerships, both you and other businesses thrive simultaneously through creative avenues for customers to utilize your products and services for a holistically improved user experience.

Sole market disruption isn’t always the best strategy to take. Not everybody has the opportunity, bandwidth, or financial capacity to dominate and monopolize a marketplace. See your potential for integration into other businesses and services as a good opportunity for co-collaborative marketing efforts with shared campaigns, split costs, and a strengthened customer database for everyone to tap into.

Regardless of the stage your business is in, never stop looking for ways to expand your network. Keep in contact with mentors you can look to for valuable industry advice that can help you avoid pitfalls and costly mistakes. Strengthen brand awareness by attending cross-industry events and casual meet-ups to open your business to reinvention and innovation.

As the African proverb goes:

“If you want to go fast, go alone. If you want to go far, go together.”

Collaborating will get you where you want to go quicker and gear you up for further growth.

More About Succeeding in Business

Featured photo credit: Tyler Franta via unsplash.com

Reference

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Eugene Cheng

Eugene is Lifehack's Entrepreneurship Expert. He is the co-founder and creative lead of HighSpark, offering presentation training for companies.

10 Most Successful Entrepreneurs (And What to Learn from Them) How to Succeed in Business: 10 Skills Every Entrepreneur Needs Why Leadership and Management Are Two Sides of a Coin 12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture How to Be a Successful Entrepreneur (15 Powerful Actions to Take Today)

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Last Updated on November 19, 2019

Work Smarter, Not Harder: 12 Ways to Work Smart

Work Smarter, Not Harder: 12 Ways to Work Smart

I imagine that like me, you say that you never have enough time and that you just cannot cope with 60 dozen things all at once.

How on earth do you get out of that spiral?

Many people never sit down and look at how to work smarter, rather than harder and even longer hours. But not you, you’re smart enough to try to learn effective ways to work.

So how to work smarter not harder? Here are 12 smart ways you should be following:

1. Improve Your Time Management Skills

Easier said than done? Well, no actually, because there are a few simple rules that can really help you to manage time better.

For example, when setting up a top priority task, you need to switch off the phone and ignore your email first. Then you need to abandon any ideas of multitasking as that will slow you down and ruin your focus.

Finally, set a reasonable deadline and do everything in your power to meet it.

“When you’re born, you’re born with 30,000 days. That’s it. The best strategic planning I can give to you is to think about that.” — Sir Ray Avery

2. Speed up Your Typing and Use Shortcuts

These days we’re all keyboard slaves. So why not speed up your typing and try to get rid of the two finger syndrome. In fact, when you save 21 days per year just by typing fast!

This is exactly what I am doing now, so I cannot honestly say I am practicing what I preach!

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But help is at hand. Try some of these apps and games to help you type fast: 8 Most Effective Games and Apps to Learn to Type Fast

Using shortcuts on the keyboard is another time saver and can speed up your work.

For example, press F2 to rename a selected file, while CTRL + I will put selected text in italics.

There are so many of these. If you make the effort to learn them, they really can be helpful.

3. Learn How to Use Productivity Tools

It is well worth downloading all the useful tools and apps that can highly boost your productivity. Take a look at these 18 Best Time Management Apps and Tools and install whatever fits your needs.

Now that is really a great way of working smarter, not harder.

4. Use Your Phone Wisely

Instead of writing emails, sometimes it’s better to pick up the phone and talk to the person responsible. It saves time, especially for important or urgent discussions.

If that colleague works in the same office, it is even better to go and talk to him or her. It gives you a break, you get some exercise and you actually make human contact which is becoming quite rare in this electronic world.

5. Keep a Tab on Your Tabs

If you are like me, you might well find that you have a ton of tabs open at the top of your browser.

In order to find the one you want, you have to search for them as they are off screen. Having all these tabs open slows down your browser too.

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One solution is to use OneTab which can keep a neat list on the screen of all these tabs when you want to quickly get to one of them or you want to remind yourself which ones you have open.

6. Use a “To Don’t” List

We all know about to do lists and I find that they are generally great. They give me a great sense of achievement as I cross off the tasks done.

But often, I find that we are doing non-essential tasks or ones that can easily be postponed. That is why many people recommend the to don’t list.[1]

Some people prefer to savagely prune the to do list while others prefer to have two separate lists, to do and to don’t. You just have to work out what works best for you when you are trying to save precious time to become more productive.

7. Expect Failure and Fight Paranoia

When failure rears its ugly head, some people get a bit paranoid and fear that this may become a trend.

Projects will go wrong and failure should be expected rather than feared. Learning lessons from failure and analyzing what went wrong is the best way forward.

“Do not be embarrassed by your failures, learn from them and start again.” — Richard Branson

And here you can find 10 Great Lessons Highly Successful People Have Learned From Failure.

8. Be Concise

Rambling on at meetings, in emails and even when introducing yourself to new clients can waste a lot of people’s time.

One way is to practice and sharpen your “elevator speech,”[2] which tells people in 30 seconds or less why they need your skills and how they can benefit from doing business with you.

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Just think of the many situations where this could be useful:

  • Making new contacts
  • Talking about yourself at a job interview
  • Meeting people at conferences or parties
  • Phone calls to new clients

9. Ask the Right Questions

“You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.” — Naguib Mahfouz

How do you get feedback? The secret is to ask the right questions at the right time.

When you do this, you are gathering the information you need to help in decision making. This will save you time and you will be able to cut meetings to a minimum.

Forbes magazine reports on research that they carried out on asking the right questions.[3] When that happens, the positive effects are increased by 400%. There are also other benefits in staff motivation and a positive impact on the company’s bottom line.

Lifehack’s CEO Leon has shared about how to ask for feedback to learn faster: How to Learn Quickly And Master Any Skill You Want

10. Learn as Much as You Can

You should always be on a steep learning curve. Look at your skills profile and determine where you need to fill a gap. Talk to important connections and network in your niche.

Keep up to date on trends and developments. It is a fact-changing world. When an opportunity arises, you will be the best equipped to seize it because you have never stopped learning. Just another way of working smarter.

“Live as if you were to die tomorrow. Learn as if you were to live forever.” — Mahatma Gandhi

11. Look After Your Greatest Resource

No, your greatest resource is not time. It is YOU.

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If you do not get enough sleep, exercise and relaxation, you find that you become less and less productive. You begin to work longer and longer hours, which is the exact opposite of what you want.

What you should be doing is making sure you are in the best shape. It is useful to remember that you need a break of 15 minutes after every one and a half hours of work.[4]

Taking breaks and getting fresh air and exercise is one of the best ways of working smarter, not harder.

12. Don’t Fall into the Trap of Working Smarter and Harder

As a society, we are obsessed with doing everything smarter so we are more efficient and we save time all around.[5]

But the most important thing to remember is to accept when we are ready to switch off that computer and not fill up the time with even more work!

The Bottom Line

The key to greater productivity is to work smarter, not harder. Working smarter saves precious time and energy for the things that really matter — your life goals, your personal growth, your health and your relationships.

Stop working for more hours and start working smarter!

More About Working Smart

Featured photo credit: Unsplash via unsplash.com

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