5 Essential Skills for Success in Business

By: Jenny Nguyen

Date: October 15, 2015

There are 5 essential skills to the success of business. Here’s what you need to forge and develop if you really want to build the business. You have to learn them from the job and also by changing the working

position.
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The first factor to mention is the ability to plan, organize and get some results. It is likely the most valuable and most paid remuneration. The ability to harvest the result of the work is also very important, therefore, you are responsible for the result of the company. Always cooperate, work hard, learn how to acquire the result for other employees and let them feel the great effect of training you before you actually bring in the result.

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The second factor is the ability to negotiate, the ability to sell your ideas when you persuade others people. Try to practice this, you can also take classes and become a sales expert. You can try to involve within the company by practice public speaking. You should remember effective communication skills make up 85% of your success.

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The third factor is that you know and choose the right people and right task to build an effective team. This is the ability to gather people to cooperate to work. In fact, this ability is seem to be a number one skill to have when you want to get promoted.

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For example, Lee Iacocca was promoted to be an executive director for Chrysler’s Company after he introduced 35 new deputy directors to gather all together under his control in the first 3 years of work in the company. The things he did and the reason why he get recruited is because he was capable of gathering those people into a winning team.

The fourth factor is that you need to have the capacity to negotiate, compromises. All successful entrepreneurs are gifted negotiator. They can compromise between conflicting interests, opposite of his colleagues, negotiate with bankers. They can also negotiate with service provider, customers and staff. You will need to become a great negotiator because obviously, you will always have to negotiate in the real world.

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Last but not least, the fifth factor is the knowledge of accounting, corporate finance and control expenditure fees. Surprisingly, there are many people has forged a successful business based on having great products, great services, and great sells, but then bogged into failure because they don’t understand clearly the financial aspects of business. They do not understanding anything about accounting.

You cannot be successful if they do not take the time to learn and understand about finance. With that knowledge, you can work for the banks, for the finance firm to be able to get a loan contract. It is extremely beneficial for you if you know how to read a financial statements and being able to explain them to others.

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Altogether, those are the five essential capabilities you can reap to be successful in business. The ability to harvest the results, the ability to communicate, the ability to choose the right task and people, the ability to negotiate and ability to understand finance. You can learn these things through direct training and practice on a job. What you cannot learn from the job, you can learn over time. When you at work, you get pay; you have the time, you have relationships with others, you also have experience as each day pass. So, let’s take every advantage you can while working to learn the things you need so that later you cope alone with the harsh market.

And here are two things you can do immediately to start develop the skill necessary to succeed in business:

First, take the time to think, plan and organize before you do anything. Have you heard of this formula before: plan ahead to avoid precisely the worst results.

Then, clarify with yourself that starting today, you will learn the necessary analysis skill in sales, negotiation and accounting to become an entrepreneur or a great manager.

References: 

http://www.interviewsuccessformula.com/job-search-advice/tips-on-how-to-prioritize-organize-and-plan-your-work.php

http://www.communicationskillsworld.com/

http://www.briantracy.com/blog/leadership-success/how-to-delegate-the-right-tasks-to-the-right-people-effective-management-skills-for-leadership-success/

https://www.ldsjobs.org/ers/ct/articles/effective-negotiation-skills?lang=eng

http://www.business.gov.au/business-topics/tax-finance-insurance/business-finances/Pages/improve-your-financial-knowledge.aspx

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