7 Soft Skills that Drive Success for a Small Business Owner

A math wizard, a science expert, or a creative artist, you could be anyone venturing into a business trying to make it big. But simply acquiring the technical or the small business owner skills and assuming success to knock on your door would be impractical. So, touching down the ground reality in the business world, gaining professional skills isn’t enough. What’s more crucial in developing and maintaining important soft skills.

A strategic guerrilla marketing technique can boost up sales, but maintaining the rhythm will need good communication skills, time-management, leadership soft skills, and likewise. This isn’t the scene only on the client’s side, it is a similar situation on the employee management side as well.

Managing the workforce or your human capital well is also a task that needs high octane teamwork qualities imbibed in you.

Now that you’ve understood the importance of soft skill development let’s learn about the top 7 personality development and soft skills that will keep you dynamically up in the business.

1. Governance is your Goal (Leadership Skills)

Every skill, whether soft or hard, requires a prerequisite. What can we say are the prerequisites or the important soft skills required for a small business owner to run his business successfully?

The first and foremost quality, of course, is ‘Leadership’. The aspiring individual should have the ability and the desire to establish, administer, and succeed in his small business or his startup venture. And he should be able to do so, knowing all the pros and cons or the risks entitled to it, to make profits. Risk-taking is another important factor that a leader has to live with. Every market the entrepreneur has to deal with is full of all kinds of risks. Be it finance, interest, equity, commodity, brand, or personnel, the skills of a small business owner are often tried and tested. So trust your own judgment entrepreneurs!

2. Go, Team! (Team Building)

We cannot rate soft skills in the workplace on a scale of one to ten. That is because most of them either overlap the others or cannot go one without the other. Team Management, for instance, is that important soft skill that cannot go without good leadership. Good team management involves marshalling the human resources (including oneself) with varied dispensations, and accommodating them all towards one common end, which in this context is successfully running a small business. Team management underscores the ability to get work done from your selected team of good and also “not so good” workers or personnel. Aptly judging your employees’ personality, harnessing their skills, and directing them into a proper channel is what team management is all about.

3. Talk it out (Communication)

By the word talking, we mean communication. A perfect aura of communication can be created with the help of five major components that fall under soft skills communication, and those are -

Verbal - Usage of the apt words at the right time, consistently.
Nonverbal - Capacity to demonstrate professional body language and facial expressions that are always in sync with your language.
Visual - It can be projected with the help of relaying information with the help of pictures or different aids.
Written - Composing good documents, emails, and other presentations shows one’s skillfulness.
Listening - One of the most important skills is to actively listen, not to respond, but to understand.

All of this put together makes your communication strong and creates a lasting impact on others.

4. Time is Money (Time Management)

A famous quote states that “What is important is seldom urgent and what is urgent is seldom important”. Running a small business is undeniably difficult. Managing employees, planning strategies, and meeting deadlines is not a piece of cake. But, it could be, if we bind it all in a time frame and stick to our schedules. Time management for business owners is as important as their money. Concentrate on the job at hand (one at a time) and distribute the right amount of work to the right kind of people. Distinguish between the lesser and more important tasks. Schedule all your work. Include enough rest and lunch breaks for your employees, as well as yourself. Time your leisure too. Sometimes a break saves a lot of time and can give you that “Eureka Moment” you had been waiting for.

5. Bend it like no other (Flexibility)

In this era of the 21st century, entrepreneurs need to make rapid, or at times drastic, changes overnight to stay competitive. Especially after the pandemic, the world had to refocus, re-adjust, and restart the work mode in altogether dynamic and unforeseen conditions. Thus, if you have a flexible and adaptable attitude, times of crisis cannot shake you. It has always been observed that the smaller the organisation, the more flexible it can become. As the entrepreneur has the freedom to make decisions and is solely responsible for them, an organisation's flexibility increases.

6. Solve your own problems (Problem-Solving)

Stumbling obstacles, pumped-up blocks, glitches, and bumps on the road are all there to cause trouble. Every business person, big or small, needs to understand these hindrances and strategically formulate a workable situation. Creating learning opportunities is possible only when you have the skill of overcoming problems. Stressing over the ability of your knowledge and skill-set can do wonders to overcome any issue or shortcoming. Instead of covering up the issues, openly discussing them with peers, seniors, or experts can solve the issues in no time. All you need is a practical approach and out-of-the-box thinking to win over any conundrum.

7. A Day Late A Dollar Short (Money Management)

“A Budget is telling your money where to go, instead of wondering where it went”. The best and worldly accepted method of money or funds management is to chalk out an estimated cost required to run your business. It includes your spendings, purchases, receivables, outstandings, inventories, personal funds, cost cuttings, salaries, and last but definitely not the least, your cash reserve. All business owners need to monitor their spending to avoid stacking bills. Money management becomes all the more important and tricky after you start reaping the profits. The most important flaw in the budget plan is not separating personal funds from your business funds. Channelise your cash flow back into your business, and stick to your budget and your deadlines too; otherwise, A Day Late A Dollar Short.

Learning technical skills may take a week, a month, or a year. But honing the soft skills might take a longer time, perseverance, diligence, and tons of patience.

Every business success story looks magical and glamorous. But behind each story lies a truth that has a great amount of leadership, communication, ethics, and important soft skills are to be honed until they become second nature.

Each skill you cultivate today shall reap its benefits for tomorrow and the future to come. You can achieve a lot and shall wonder for yourself how far you have come in no time. As technology is highly essential for a business to thrive, this soft skill development is pivotal for an entrepreneur to come alive.

Now that you have read through the article, we are sure that it shall enlighten you over the crucial soft skills that have the power to enhance a business and the entrepreneur. As it is rightly said, quality is more important than quantity!

When you strive towards being a better human first, you automatically become a better business person too. People might not remember your brand’s name or your product details, but they shall surely keep in mind the way you communicated with them. Thus, soft skills go a long way than you can actually imagine in building a reputation and goodwill.

Also read:

1) Best Tips for Customer Retention for a Small Business
2) Tips to Understand Your Market while Starting a Small Business
3) Tips for Businesses to Overcome the Covid Blues - Revival Tips for Businesses
4) What are the keys to success when operating a small scale business?
5) OkCredit: All you need to know about OkCredit & how it works.

FAQs

Q. What soft skill is required for an entrepreneur?

Ans. Leadership, Time and Money Management, Communication skills, work ethics, creativity, etc.

Q. What are soft skills?

Ans. Soft skills are capabilities and qualities that build confidence and paves the way for expressing oneself more efficiently.

Q. Why are soft skills more important than technical skills?

Ans. Soft skills teach you the way to live life with ease. Soft skills have the capacity to enhance lives, while technical skills can just sharpen your brains and technical know-how.

Q. Can soft skills be learned through courses?

Ans. Yes, soft skills can be understood through a course, but they must then be slowly imbibed into your lifestyle until it becomes your second nature.