Skills for good business returns Businesses can gain more by acquiring new skills and upgrading the existing ones, IFE ADEDAPO writes on essential skills for successful businesses Small and Medium Enterprises sector is known to have high potential to drive the industrial transformation and development of nation’s economy just as it has done in other developed countries. As a result, several incentives in terms of subsidised equipment and low interest funds are being provided to support small businesses. However, experts stress the importance of technical skill acquisition when it comes to establishing businesses and growing them. Although, the acquisition of technical skill has been described as the driving force behind SMEs, the effective application of these skills is equally important but not common. It has been discovered that millions of people are focusing on acquiring the skills necessary to establish a business on a daily basis only to find themselves at a loss when it comes to effectively utilising the skills. On the importance of technical skills, the Chief Executive Officer, Angela Itambo Company, Mrs. Angela Ihunweze says business is actually known as the provision of goods and services in exchange for money. People only pay for what they know will give them value; therefore, entrepreneurs translate technical skills into business. According to her, for entrepreneurs to attract customers, they need to have the right technical skills regardless of whether they are into manufacturing or other forms of business. She says they need to have technical skills so that whatever they are rendering will be of top quality because the business environment has gone global. Information Technology skills In the world of technology, new skills are constantly required and for entrepreneurs who work with other corporate organisations through proffering IT solutions, experts advise upgrade of these skills on a regular basis. An IT expert, Mr. Segun Banire, says data analytics information is also important, as it allows business leaders to know what forces that affect the market at every point in time. According to him, knowing how to work with big data platforms will help IT workers gain stronger reputations from their work without needing to worry about other pressing skills. Problem solving skills Experts say in establishing a business, the entrepreneur must be able to meet the immediate needs of the target market by solving their problems. They say the ability to do this will stand them out because most start-ups emulate their competitors without creating their own niche. While citing the example of online shops in the country, an entrepreneur, Mr. Tunde Babatope, says these companies have been able to satisfy the need for convenience in shopping by providing a platform where goods can be bought online and delivered to a clients’ doorstep. He adds that the present trend in e-commerce is a revolution that other entrepreneurs have taken up and added more value to. Babatope concludes by saying all successful companies, products, or services enhance the lives of their customers by eliminating a problem. Sharpen your skills Ihunweze says the advent of the Internet has made the world global, which is why entrepreneurs must harness their skills. She says, “You may have a talent, but you need to fine tune it to meet international standards, so that when you are offering it to the target market, you are not rejected.” In the business world, stiff competition exists from within and outside the country. It is one thing for an entrepreneur to desire to go into business and it is another thing to harness the skill in another industry, she says. For example, she says if someone has a flare for colour and wishes to venture into interior decoration, the person can start by offering services to individuals but it should not be limited to that only. The entrepreneur can go ahead to look for organisational support. In Nigeria, there are various organisations that provide training to improve the actual production of service offering of whatever interest you want to go in. Learn business management Ihunweze says some people are very good in the technical aspect but they don’t have the basic business acumen that will make them take the skills to the next level. “To offer your goods and services to customers you must understand marketing, selling principles, motivate those who are working for you whether they are part time employee, full time or family members,” she says. She adds that in addition, they must know about management, another important thing that they must learn and how to handle their finances, which is where financial management training comes in. “This is to ensure that at the end of the day, whatever they make from the sale of your technical skills can be set aside for the rainy days. They should not stop only at perfecting their skills but they must make conscientious effort to know the business side. In the past people’s view about business is that since they have the skills then they can start using it to make money, but you find out that they were failing in business,” she says. Be creative with technical skills According to experts, every creative profession has its own required technical skills. Even as a writer, there are techniques that you have to know. To get your writing in front of people, you have to know a lot more. They say without the skills to build something the market will appreciate, an entrepreneur will never get to the point of doing real business. But when business owners are creative and possess the appropriate technical skills, they make innovations that will make them stand out. Credit: Ife Adedapo (Punch)
Posted on: Fri, 23 Jan 2015 13:56:58 +0000
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