Essential Skills for Running Your First Business

See also: Innovation Skills

There are so many different types of businesses that can be started in just as many industries. It is almost limitless how many opportunities there are for the right entrepreneur to strike gold and come up with the next revolutionary startup idea. However, although there may be plenty of potential opportunities out in the world, only the people with the right skills will be able to make the most of this chance and seize it.

If you want to run your own business (and it's your first one), you will most likely already have a few skills necessary for getting started. However, ambition and one good idea aren't always enough to lead you and your business to lasting success.

Here are a few essential skills you will need if you want to start your first business.


The best business owners are incredibly decisive people who are adept at weighing up their multiple options and quickly coming to the best conclusion.

Even if their decision turns out not to be the optimal one, being decisive makes it easier to deal with the consequences of this and move on to solutions and alternatives. It can be daunting to try and lead a more decisive life, especially as a new business owner. This is because the full weight of responsibility lies on your shoulders and every decision you make will come back to you. However, this is why so few people are truly successful. It takes intuition, knowledge and commitment to develop a more decisive personality.


The more prepared you are as a business owner, the more likely you will find lasting success. This is because a lack of planning and consideration for the future almost always leads to undesired outcomes and mistakes. It is much easier to run a smooth and productive business when you have developed your planning skills and can confidently layout the steps for a project so that it is completed to your standards and on time.


One of the most vital elements of a successful new business is how well you can communicate your ideas to keep it afloat.

Putting across your thoughts and getting other people to see your point of view is just one aspect of communication that you will need to pay attention to if you want to become a good business owner. You must also place an emphasis on the value of communication among any employees you might hire. For example, making use of an intranet can help you and your team to communicate more effectively. More information about the benefits of using an intranet can be found here. When you make good communication a priority, you will find that your business is much better able to run efficiently and smoothly.


Despite not all businesses relating to the creative industries, most successful business owners have some imaginative skill that helps them to envision where they want to direct the company. Being able to look ahead and contain moving concepts in your mind will make you a much more flexible and high-achieving business owner, especially if you use your imagination to fuel your ambition and carve a niche in your market. This in particular will be a great way for you to help your business stand out and attract attention, leading to success.


While the end goal in business is always growth and success, much of business involves disappointment, mistakes, setbacks and unexpected obstacles.

If you want to be a successful business owner, you need to be able to bounce back from these hurdles and use your creativity to find alternative routes to your goals. Resilience is a useful skill to develop if you have noticed that you tend to give up on ideas easily. When you build up your resilience, you stop seeing failure as a complete negative and start to see the potential for growth and learning.


If you set out to start a business with a highly detailed and rigid business plan, it is unlikely that you will see much of that plan become a reality. This is because of the vast number of unexpected and uncontrollable aspects that influence you and your business. Instead of trying and failing to repeatedly enact your strict business plan, learn to be more adaptable and sway with the breeze. Adaptable business owners are far better at coping with surprises and recovering from setbacks.


How you lead your team as a business owner is crucial. If you are indecisive or overbearing, you can make it harder for your colleagues and collaborators to get on with their work. You must learn how to lead effectively so that your ideas are put into action and your thoughts are listened to. Otherwise, you might end up at the head of a business with no real direction or aim.


Convincing an investor to take an interest in your company is one of the most valuable skills you can hone as a business owner. Being persuasive and knowing how to sell your ideas to all different kinds of people is essential to success. This skill takes time to learn because it is very easy to unintentionally overdo it. People are exceptionally attuned to when someone else is lying or exaggerating to them, so develop your ability to persuade without relying on falsehoods or inflated promises.


The one skill that underpins all the above is confidence.

A confident business owner is able to trust their own judgement without ignoring the input of others. They make consistently good decisions and stick by them without forfeiting flexibility. A confident business owner can communicate effectively and persuasively to the benefit of their company. Confidence takes a lot of practice and patience to develop, especially if it doesn't already come naturally to you. However, it is possible to become more confident.

With the right attitude and the belief that you can always improve yourself, you can gain these skills and become a successful business owner.

About the Author

James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.