It is good to start a business. It is good to pray for business success. But it is also good to know that many people who had more money, prays more and more hardworking have failed in business.
Starting a business is not as enticing and simple as it sounds. It is not about starting fast or having the capital. It’s about being ready.
Business world has changed so much so that even most of the lecturers teaching business courses are outdated. It is no longer about opportunity but about skills available.
The good news is that business success is not just about luck; it’s a science that can be learnt.
I was sad the day I read the following statistics:
65% of businesses die within their first 3years
15% die before they reach 10years
15% end up as struggling businesses for ever
4% managed to maintain moderate growth
Only 1% achieve phenomenal growth
Someone with right business skills has 55% chances of survival than those without skills.
So when you acquire over 50% of these skills, you will likely run a business that will at least survive next 10years.
There are 6 categories of skill sets needed:
1. Management and leadership (24% of total business skills needed for success)
2. Personal skills and self development- 22%
3. Marketing, sales and customer management 17%
4. Product development and management 24%
5. Data usage and analysis 15%
6. Financial management and intelligence 8%
I will highlight basic things that needed to be learnt under each category.
1. Management and leadership:
Agile project management, building and getting the best from a team, negotiation skills, building business model canvas, scaling up business operations, principles of outsourcing, automation of business processes, design thinking, managing business tasks with apps, how to hire rightly, leading change, running productive meetings, competitiveness analysis, measuring performance and validated learning.
2. Personal skills and self development:
Time management, communication skills, productivity enhancers, influencing without authority, giving feedback, using LinkedIn, emails and social media, dealing with failures, analyzing opinions, handling biases and coordination skills
3. Marketing, selling and customer management:
Customer profiling, brand building, designing market funnels, use of digital marketing platforms, customer retention and churning, growth hacking and target marketing.
4. Product development and management:
Converting aspirations and needs into product, market research, lean startups, new product experimentation, market testing, commercialization, distribution channels management, product interviews and achieving product market fit.
Tools for business analysis, business analytics, Google analytics, market analytics, business intelligence, data visualization, communicating ideas using data insights.
Principles of borrowing, building credit history, record keeping, cashflow and budgeting, investment analysis, tracking business expenses and debt recovery/management.
In conclusion, successful business is a product of years of learning and experimentation. There is opportunity for one who wants to learn. Internet made it easier to build skills these days. Type each of these skills on Google and you will see thousands of information. If you do not have money to gain good MBA from a GOOD BUSINESS SCHOOL, and do not have money to buy books, begin to follow many bloggers who are experts in these areas. I wished that making it in business is easy…but in reality, it’s a big job. I have shown you where to start learning from. The ball is now in your court!