5. Importance of skills requirements associated with running a business

5. Importance of skills requirements associated with running a business

Key findings: Skills identified as very high importance, with 62% or more, by the survey respondents are:  To know how to make decisions.  To be able to generate, assess and select a business idea that has a potential on the market  To be able to define the market needs and potential  Effective time management  To understand and read balance sheet  To undertake business plan presentation in front of donors, clients, employees

Section V.1 of the survey referred to the type of skill required in cases of running or creating business. The answers are presented in the following charts, they are group in six specific area of competences.

Entrepreneurial competencies: All the skills in this area of competencies, respondents rated with an extremely high level of importance. 66% of the respondents, rate knowledge for making decisions as one of the most important skills.

Chart 12

Ideation competences: More than 50% of the respondents find that all of the skills in this competence are of extremely high importance.

Chart 13

Marketing competencies: This set of skills is rated with extremely high importance from over 60% of the respondents. Understanding of implementation of 5Ps and ability for defining market needs and potential are found like most important by the respondents.

Chart 14

Organization and production competencies: This are another competency area that is found by respondents as high to extremely high importance. Compared with other skills in this area, effective time management is recognized by the most of respondents (65%) as extremely high importance.

Chart 15

Financial competencies: As it is presented on Chart 17, more than 50 % of the respondents rate the skills in this area of financial competencies with extremely high importance, and around 27% rate these skills as high levels of importance.

Chart 16

Businesses planning: An equal number of respondents (75%) rate the undertaking of business plan and presentation in front of donors, clients, and employees as high and

extremely high important skills. Also, the ability to understand and prepare a business plan is found as extremely high important by 67% of the respondents.

Chart 17

The skills that are very important for about 62 % of the respondents are: knowing how to make decisions, ability to generate, assess and select a business idea that has a potential on the market, ability to define the market needs and potential, effective time management, understanding and reading balance sheet and undertaking business plan presentation in front of donors, clients, employees and etc.

More than 50% of respondents, rate as very important the following skills: ● To be able to accept responsibility ● To know how to match idea with personal competencies. ● To understand how to implement 5Ps (product, price, place, promotion & person) in a marketing mix strategy. ● To organize the work flow ● To be able to understand and prepare a business plan