BY ROBIN GHOSH,
ECONOMIST AND BUSINESS MENTOR
KOLKATA, 10 OCTOBER 2024:
If you are a startup entrepreneur or planning to set up a new business — you need a bucket of skills — to convert your idea into a profitable business.
Especially for first time founders – five most important skills you have to nourish are:
1 How to manage a product.
2 How to adapt to changing situations.
3 How to sell and negotiate.
4 How to build a team
5 How to manage finance.
Let me discuss it one by one.
The first issue is how to manage a product. Product- market fit is key to your success. If your product doesn’t meet a real market need your startup is unlikely to succeed.
You have to acquire a mindset which enables you to deeply engage with product designers, technical experts and most importantly the customers to produce a unique product or service.
It is this hands on approach to product management that will help you to create an iconic product which is simple, elegant and customer-centric.
The next point is about adapting to changing situations.
Every business operates in an environment of uncertainty – things often do not go according to plan, and you are down with a setback.
But it is here – you have to have — solid mental toughness to bounce back – go forward – change your product or strategy. Adopt flexible attitude and learn from the mistakes made.
The third point is about selling and negotiating. Very critical skills required to log business success. Selling product or service is indeed most important – but- as an entrepreneur – you have to also market your vision to investors, employees and partners.
Along with your selling skill , you need to have another important skill – the negotiating skill – a win – win game playing with investors to suppliers.
Team building is the bottom line for business. Without a motivated, strong, dedicated team, you can not achieve success. You have to display your leadership virtue from the shop floor to the boardroom all at once. You have to wear multiple hats and be a cultural ambassador of your company.
Last and not the least is the financial management of your company.
The minimum skills that are required are: how to create and manage budget, handle cash flow and track key financial metrics.
Learn how to balance revenue generation in line with spending. Understand financial basics such as profit and loss statements, balance sheets and cash flow forecasts.
The skills we have discussed are not difficult to acquire. It is the attitude that is important.
Go First Time Startup Entrepreneurs — acquire and harness the skills — and be a champion entrepreneur.
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