Running a successful business is much easier said than it is done in practice. Many of those entrepreneurs that start their own businesses simply aren’t effective enough to survive. It may be that they lack the raw skills and ability to perform. Or, it may be that they have a flawed model or element of their business that’s getting in the way. Whatever the reason, the vast majority of new businesses fail.
For those who want to thrive in their new business, it makes sense to learn the basic skills associated with running a slick, profitable business. No matter the industry and sector you choose to do business in, there are a few fundamental skills that will be of benefit to your business experience – and hopefully, your results.
Legal skills are a good starting point. Virtually every would-be entrepreneur would benefit from a crash course in business law, providing them with a basic overview of the regulatory requirements of starting and doing business. Legal knowledge comes in useful in a wide range of circumstances, and it is worth studying if you want a solid academic basis on which to build your business success. There is no need to study for a university degree per se, but developing your legal knowledge from a business perspective will be immensely useful as you proceed with your new entity.
Accountancy skills are arguably of equal importance for those running their own businesses. Accountancy is about so much more than bookkeeping (although this, in itself, is essential). The real value lies in the understanding of business you can gain through studies in accountancy, and the intricate understanding that comes from dissecting financial data. An understanding of ratios and management accounts in particular can help you make better decisions about the strategic direction of your business. A disproportionately high number of businessmen succeed from backgrounds in accountancy, such is the value of the skills that can be learned through training in this area.
Aside from these essential skills, a knowledge of marketing is perhaps just as important for generating the customers that will keep your business afloat. Marketing is a deceptively complex area of business management, and learning about effective marketing practices will save you a great deal of money you might otherwise spend chasing worthless opportunities. Everyone is prepared to sell you advertising, but is that the most effective way for you to get results for your business? An elementary understanding of marketing theory will be equally as useful in helping to better establish your business within its target markets.
Learning to run a successful business requires a broad cross-section of skills. Finance, legal, marketing – they are all central to being able to get your business off the ground. While these disciplines each have their own practical purposes, there is a wider value in transferrable skills. Those who have pursued academic studies like an accounting degree Washington DC can benefit from being more knowledgeable in the key areas of business administration.