Essential Skills for Entrepreneurs and Small Business Owners



Research studies into the failure of small businesses in Australia, have identified that in over 90% of small business failures, a lack of appropriate management skills have been cited as the key cause of that failure. One way to offset a lack of management skills is to outsource them to experts. For most small businesses this is beyond the reach of their limited budgets. A more viable option is to develop the skills you need to manage your business operation. Let's examine the key competencies you will need.


Starting any new venture can be an incredible risk to take, particularly since the odds of success are so low. Here are three tips when starting a new business to make lasting success more probable: Look for others who are already successful in your industry / look for others who are already successful in other industries / look for opportunities that no one else has spotted yet.


Starting a new business from scratch can seem like a daunting task initially. Here are three important steps every prospective new business owner needs to take before launching a new venture: Choose the right business structure / Find the right support professionals / Develop a solid marketing plan.