When it comes to developing business skills information available on the Internet indicates that entrepreneurs have to be adequately skilled in finding the right type of advice online.
Association of Chartered Certified Accountants (ACCA) recently hosted an event attended by industry players, SME Policy planners and development agents directly linked to the field of entrepreneurship. Forming a formidable panel, the topic “business skills” was hotly debated and the outcomes prove to dispel much of the content available from the internet.
This has driven home the need to ensure as an entrepreneur you are receiving the right advice for your business.
Building An Entrepreneurial Empire Team Member By Team Member
From the springboard, entrepreneurs tend to jump in with “all hands on deck”, but what really drives growth is being able to delegate to the right team, and of course to understand your limitations as an entrepreneur.
“Skill builds entrepreneurial empires” – Bright Amisi MD of Avante Advisory Services
It is a valuable skill to have in understanding that you, as an entrepreneur, are not the master of all things. Understanding skills you may need to bring into your business will give you the edge. In the initial set-up phase of your business, evaluate your skills and ensure they align with the initial start-up requirements your business may need.
Future skill requirements could be filled by employing or outsourcing accordingly.
Learning As A Skill
Lace up those running shoes and get ready to learn at high speed. Unlike joining a company as an employee, your support system when starting a business is virtually zero. However, if you show curiosity and a willingness to learn, you will find this will lead you to look into what your competitors are doing, and it will also allow you to streamline your business and even reach out to new customers. When the only limit you have is what you can imagine and apply, just about anything is possible.
Skills Training Versus Skills Doing
In essence, practical theories around entrepreneurship are not developed by entrepreneurs. They are created by academics, packaged, sold and taught to entrepreneurs. Understanding this will help when you venture out into the world of business. You may know the theory, but the practical will offer different challenges.
Ensure that more time is spent actually conducting business, rather than spending time predominantly in classrooms, incubators and discussion groups. When running a business, entrepreneurs should look for mentorship and practical programmes that can balance academic qualifications.
Universities are increasingly looking at the concept of work integrated learning programmes. The results of which, university students could now exit with real life experience. This proves vital for entrepreneurs who hit the ground running.
Business Failure As A Skill
Typing in the keyword “business failure as a skill”, the Internet draws out editorials, blog posts and articles on why your business failed. From lack of skill to bad planning, the list is endless. However, for whatever reason your business failed, as an entrepreneur, failure can also play a role in defining your future success. Failing in business teaches lessons that cannot be learnt elsewhere.
Essentially, failure can be classified as a skill and will allow an entrepreneur to learn and build on past failures (or lessons). ACCA encourages success through practical learning and future CFO’s are encouraged to understand the importance of skill set beyond a defined curriculum. ACCA hosts ongoing discussion groups, events and research that offer practical advice. For further information, visit ww.accaglobal.com.
For further details on ACCA’s entrepreneurship initiatives and up and coming events, e-mail: Nomsa.Nkomo@accaglobal.com