Management Training for Entrepreneurs Startups and small businesses are fragile at the outset. Sadly, at least half of the business that are started each year in this country meet failure before reaching their first anniversary and even less live to see their fifth year. How then, can you as a budding entrepreneur, ensure that your pet project will not meet an early demise? Most successful entrepreneurs will tell you that the key to success is to start with a working knowledge of successful management tactics and have a clear plan to guide you. Developing both does not have to be a long, involved process, but will require some investment of time and maybe money to give yourself the solid foundation required to see your business live well beyond its first five years.
A Plan to Start “If you fail to plan then you plan to fail,� the old adage warns us. Beginning your entrepreneurial journey with a business plan allows you to gain perspective right from the start. Even if you only start with a bulleted list of goals and ideas, that is something and something is better than nothing. The more detailed you get with your business plan, the better. As you develop your plan, you will be able to see where the weaknesses are, as well as the strengths. You will see where your resources are and be able to utilize them effectively without burning through them carelessly. You will also be able to gain some insight as to what management skills you will need to develop to help you navigate the growth and development of your business venture.
Manage and Maintain Once you have a plan in place that you are confident in, it is time to dig in and get your hands dirty. Keep an open mind and a measure of flexibility when it comes to the direction you are heading. Learn as you go, and adjust as needed, but most importantly, absorb everything that you can about what it takes to run and manage a business. Many small business owners have a passion and developed skill for their craft, product, or service, but they have a significantly diminished understanding of marketing. Successful marketing is the keystone of a thriving business, and the lack of it can be the downfall of a budding startup. Research and learn what strategies are working for your competitors and create, practice, and use an effective elevator sales pitch. Along with marketing, a small business owner should have a working knowledge of customer service, cash flow management (there are legal issues involved there so be on top of that), project management, and market research. Educating yourself regarding each of these will make you a better manager will help you drive your business toward long term success. Regardless of your industry, whether entertainment, the arts, business, or education, these skills and more are vital to the success of your business. If you wish to invest in a structured training program for learning management systems, Cogentys can help. Call us or visit our website today!