Business Skills You Need to Launch Your Own Company

Business Skills You Need to Launch Your Own Company

Are you looking to start your own company at some point in your life? Without a doubt, achieving this task is hard. But starting a company without the right skillset is almost impossible. That’s why there are so many business schools and online entrepreneurship courses out there.


In fact, according to 2017 The Kauffman Startup Activity report, the rate of new entrepreneurs, or the percent of people who started their business in the U.S, has increased markedly since 2014. Specifically, 330 persons out of 100,000 opened their gigs, which translated to 550,000 new entrepreneurs every month.


Here are the complete data.


Source: 2017 The Kauffman Startup Activity report


Just think about it: 550,000 new people start their businesses every month! Great, right? Unfortunately, many of these businesses will fail. Forbes, for example, Forbes states that 20 percent of small businesses fail in their first year and 50 percent fail within five years.


Undoubtedly, there’s a great risk involved in starting a new company, but you can minimize it substantially if you possess and apply effectively a number of specific skills. So what is needed to start a small business? This article will review the ones in the following list:

  • Time Management
  • Leadership
  • Adaptability
  • Sustained Networking
  • Delegation

Let’s now review each of them.


#1 Time Management


When you’re a leader of your business, there’s going to be a lot of demands of your time. Even if you’re a part-time entrepreneur, employees are going to need you to assist and answer their questions. Investors are going to want to talk to you about the way the business is going and how you spend their money. Customers are going to need you to help them with their question regarding your products/services.


In other words, you’ll quickly realize that superb time management is one of the most important skills needed to be an entrepreneur because you’ll spend a lot of time doing things that aren’t directly related to a long-term success of your business. If you don’t know how to effectively manage your time, chances are high that you’ll end up overwhelmed with your job and eventually burned out.


#2 Leadership


Many beginner entrepreneurs who lack knowledge about how to run own business make a mistake by thinking that leadership is about being nice and making the lives of other people easier. While it’s certainly important to be compassionate, being a leader means so much more, like stepping out of your comfort zone every day for the sake of advancing your business, and challenging people to reach new heights.


People used to think that leaders are born, but recent studies suggest that leadership is something that you can learn and get good at. That’s why a lot of people are taking both online and traditional leadership classes.


If you want to check out what’s available, leadership courses from Coursera and Udemy are a great option.


#3 Adaptability


Business is an ever-changing field, so and you’ll understand that from the early days of your company. Many new entrepreneurs make a mistake by staying too attached to their original vision of their business and expectations they had before they launched. As a result, they resist changes that potentially could make their startups more adapted to the business landscape.


A constant reinvention and adaptation are basic skills for entrepreneurs, according to the best ones. For example, here’s Richard Branson’s rule for embracing change, taken from Virgin’s website:


"Every success story is a tale of constant adaptation, revision and change. A company that stands still will soon be forgotten. Trying to provoke positive change is a principle we've embedded across the Virgin family."


Indeed, he’s the right person to give advice about adaptation because his first company, Student magazine, didn’t make any money. If he had decided to go with the original vision and continue with advancing his magazine, he may have gone under but he had chosen to reinvent his business and founded a mail-order record business. Eventually, the second business was the one that really took off and earned him millions.


#4 Sustained Networking


In our ever-connected world, a lack of relationship building skills can reduce your chances for success because business relationships can be so beneficial. For example, it’s a known fact that many hiring decisions are made based on personal recommendations, so having a person who can recommend you a great employee is important.


According to a recent CareerBuilder survey, about 60 percent of U.S. employers have job openings they can't fill for 12 weeks or longer. The resulting skills gap cost companies nearly $1 million and the situation has not been getting any better.


In addition to receiving personal recommendations of employees, networking skills can also help to run your own business by assisting you with finding better partners, inspiration, moral support, and, of course, more business. So, try to make friends with people working in your industry or niche and build mutually beneficial relationships, and they may give you some great opportunities in the future.


#5 Delegation


If you’re wondering how to run your own business, be sure that it requires a knowledgeable, supportive staff at your side. Having a reliable and skilled staff is extremely important for all companies, especially for new ones because you’ll have lots of projects to complete and issues to deal with, and sometimes you won’t be available to do that.


A smart startup owner will learn the art of delegation because they need to focus more on how to grow their business. The employees who will be entrusted with performing important tasks will feel more appreciated and empowered, which is also important for employee retention.


According to the recent 2018 Deloitte Millennial Survey, 43 percent of Millennials plan to quit their jobs within two years and only 28 percent want to stay in their current company for more than five years.


One of the main reasons for such desires is a lack of personal and professional development opportunities, so I strongly advise to learn delegation and keep your employees engaged and happy.


These findings are supported by Gallup’s report How Millennials Want to Work and Live that found that 59 percent of Millennials say that opportunities to learn and grow personally and professionally are “extremely important to them when applying for a job.”


The Bottom Line


Starting a new company is hard. But it will be much easier if you possessed the skills listed in this article. Don’t get me wrong, no one’s ever really ready, but with them you’ll be as prepared as you possibly can. Good luck!




Some people say that leaders are born, but no leader is going to succeed in the current ever-changing business landscape without a proper knowledge. If you want to kill it as an entrepreneur, you’ll have to learn a number of specific business skills, so read this article to see what kind of learning awaits you in the future.


About the Author


Daniela McVickerDaniela McVicker is an experienced blogger who writes about startups, small businesses, and entrepreneurship. Currently, she works at Top Writers Review where she shares her rich writing expertise. Besides blogging, Daniela’s interests include traveling, making new friends, and wine tasting.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Leave a Reply

Your email address will not be published. Required fields are marked *

business plan template

Get Instant Access to the Business Plan Template that has helped thousands of Business Owners in every sector plan and grow their business.

Learn More
fees and benefits

Our Programs start from as little as $10 a day making it affordable for all business types.

Learn More

Top Rated Articles

The History of Business Coaching

The Inner Series...   In order to understand the history of business coaching, it’s important to go back to t


How your company can adapt to the Digital Revolution

Over the last couple of years, technological innovation has brought about a rapid change in the customer service landsca


7 Biggest Challenges Facing Your Business

It is kind of inevitable that businesses will face challenges at different stages of their growth and development. So, p


Recently Viewed

Weird, Wacky, and Wonderful: 9 Unusual Tips for Content Creation in ‘Boring’ Niches

The same text or video may look very interesting for somebody and boring for somebody else at the same time. There are m


How Important are Small Businesses to the Economy

There are in excess of 2M small businesses in Australia and the number is billowing with every passing day. These small


What is a Business Coach?

What is business coaching, and what does a business coach do? Those are great questions and when I started in the bu

  • Over the past 6 months the incredible team at MMP have supported us to shift our attitude towards our business & month on month our revenue is increasing to the point we will be able to employ additional staff to support our business goals long into the future. Do not regret our decision one single bit!

    • Emma Reece

  • Working with my coach has enabled me to see the areas where my business is failing. This was pretty confronting to me to be honest. MMP has the tools to improve these areas and the guidance on how to implement them.

    • Sharon Robinson

  • I have been working with Max My Profit for approx 3 years now, and over that time I have learnt a lot of things about not only what it takes to run a business, but I have also learnt things about myself. I don't believe i'd be the person or have the business I have today if it wasn't for Max My Profit and our Business Excelerator. Great team to work with if you want to take your business serious!

    • Ben Choy

  • As a new client for Max My Profit (MMP) it has taken no time at all to realise the benefits of business coaching. Despite many years of senior management experience starting a new business requires best practice systems and processes built on a solid platform of detailed planning. I look forward to the benefits of adopting the formula being shared by MMP.

    • Campbell MacLeod

  • Max My Profit Are truly awesome at what they do. They have helped me over the past 12 months to get off the tools in my business and start working on my business. I am looking forward to 2019 with enthusiasm not concern. Thanks so much.

    • Aaron Kemp

  • If you are committed to Growth the Max My Profit Team has the tools and expertise to excelerate all areas of your life. They Care, They Listen, They Understand You as an Individual first then they focus on Your business. Thank you Max My Profit my rating is a 6/5 - Kindest Regards The Mr Handyfix Team

    • Catherine Kavadas

  • The team at Max My Profit are an absolute pleasure to deal with. I love working with a team who is on top of what they are doing and have a clear view of what they are working on with you and helping ensure you get to the end goal.

    • Lauren Watts

  • I have been working with MaxMyProfit over the years and what they do for SME's in growing their business is fantastic. Also due to there knowledge and their supporting material for companies across the 5 lifestyle stages and assisting them through this process day in day out is extremely comforting as a small business owner and have referred them many businesses over the years.

    • Steve Laingy

  • Working with a business coach from MaxMyProfit has been one of the best things I have done for my business. I had several other coaches before MaxMyProfit but these guys are a step above the others. I have seen a significant increase in sales, now have a business that can run itself and the coaching program has paid for itself many times over.

    • Matthew Kitchin

  • Much more than just business coaches. There is an absolute treasure chest of business knowledge in their members site.

    • Iain Campbell

  • Max My Profit are unique as they really partner with you to develop and implement a plan that will drive success for the business. I was hesitant to proceed as previous business coaches tell you what to do and rely on you to implement.

    • Michael de Haan

  • I attended one of Max My Profits introductory events in Melbourne. Having been an accountant for almost 30 years, I was somewhat sceptical. Boy was I wrong. I not only enjoyed the presentation, but I gleaned so much from just that session.

    • Daniel Odd

  • These guys are an absolute wealth of knowledge for Small Business. The programme and support networks they have set up ensure learn more every day and can take your business from good to great. Thanks so much.

    • John Butler