3.4 – What are the basic survival skills you need to run a business?

What are the basic survival skills you need to run a business?

There are two basic survival skills you need to run a business. The first is technical or basic business skills, while the second is having an entrepreneurial mindset.

Basic business survival skills

The basic business survival skills are: 

  • Understanding of your industry and knowledge of your product.
  • Understanding pricing, costs, break-even, gross margin and profit.
  • Basic bookkeeping and numeracy.
  • Selling/marketing skills.
  • Customer relations skills.
  • Good communication skills.
  • Team leadership.
  • Working knowledge of taxation.

Entrepreneurial mindset

We discuss entrepreneurial mindset in some detail in FAQ 2.5: https://www.freeforumofideas.com/faq/5-what-does-it-mean-when-you-say-someone-has-an-entrepreneurial-mindset/

Also, please see FAQ 2.6:  https://www.freeforumofideas.com/faq/6-how-do-you-develop-an-entrepreneurial-mindset/

 

By John Hawkey

John is the founder and owner of Freeforumofideas.com.