Skills needed to run the business successfully are:
? Business Skill
To run a business successfully it is important to have any idea about the market where the offered product will be running to enable the business run successfully and smoothly and to also understand the requirements of the customers in the current area of business to fulfill their needs. To start the business it is important to recognize the rules, regulations and legal requirements of the government as well as basic business skills are also significantly required.
? Management Skills
It is very essential for any business success. The owner of the business should possess management skills to run the business smoothly and also have the management ability that requires controlling and organizing the business in a well and proper manner. Management skills are really important for the success and smooth running of the business without the management ability any business can move in the wrong direction. If the management skills are proper and strong then it will benefit the business to achieve its goals and objectives. In contrast if the management skills are lacking then it will be difficult or nearly impossible to organize and manage the business properly.
? Own Contribution
It is the basic and most important thing which is required to run the business appropriately. The reason why it is required is because one should put extra concentration and effort towards his/her own business for the betterment and prosperity of the business. These little things assist in the business to move forward and also assist to know what is right for the successful business. Strengths should be used properly into the business to enable the business to run successfully as it is possible.
? Accountancy Skills
The knowledge of accountancy is required because it enables to know that how the business is doing and how it can improve in order to handle the accounts. These skills assist the business to know if it is earning a profit or loss and enables to make decisions for the upcoming purchase by managing the money of the business with the help of income statement and cash flow estimations, profit and loss.
Areas that require personal development are:
Experience in a similar business
It is beneficial having a previous experience or training in the present business and is productive not in managing the business but also in hiring the employees with the related work background. Moreover it will be valuable for the current business because it will save the cost of training the employees.