The six topics every entrepreneur should master for business success

The entrepreneurial landscape can be described as ever-changing, fluid and even downright scary. How do you know that the idea behind the business is the right one? Do you have the right skills? Actually, what are the right skills?

Dov Girnun, Founder and CEO of Merchant Capital explains: “We have all heard the amazing success stories of the likes of Richard Branson, arguably one of the most successful entrepreneurs of this century. Branson excelled without a formal business degree. Did he stop learning, or did he merely stop studying? The answer is: He has never stopped learning and that is key to the success of any venture large or small. Formal education provides a basis for rational thought processes, but in a country like South Africa, where quality education is not freely accessible, the solution is to immerse yourself in topics that interest you and that will further your business idea.”

Top global entrepreneurs have identified six key learning areas; the short-term or part-time study of which can help entrepreneurs to adopt new viewpoints, uncover new solutions, and increase their chances at success. They are:

  1. History

The ability to tell a compelling story is an essential part of being an entrepreneur. Through the power of story, entrepreneurs can more easily explain the significance of their product or service, and help people relate to it in a more meaningful way.

  1. Accounting

Accounting helps left-brained, logical people to understand how their own minds work. It has great benefits for understanding how to put the pieces of a business together in a logical, analytical manner.

  1. Professional Development

On-going professional development is critical to the future success of any entrepreneur. Some of the topics that fall under this umbrella include ethical issues relating to seeking and accepting referrals, the best ways to ensure client confidentiality, and the importance of documentation.

  1. Writing

Written communication is still one of the most important skills any entrepreneur can have. Clear, concise writing and logical problem-solving skills enable powerful messaging and thoughtful decision-making – all vital elements of success.

  1. Management

As businesses grow, the entrepreneur’s management skills become paramount to the success of the business. The ability to analyse the risks and the rewards of different types of leadership, decision-making and even social styles may determine whether entrepreneurs can attract and retain talented staff – and people, after all, are a company’s most valuable asset.

  1. Psychology

There is great power in building trust and meaningful relationships with others. A strong network can drive both personal and professional growth. Learning basic psychology skills can equip entrepreneurs with the tools to ensure they have the advisors and mentors they need to succeed.

And, as with all success stories, it isn’t necessarily the formal training but rather the quest and constant thirst for knowledge that drives entrepreneurs to reach their goals. So: consider studying.

This article was issued in press release form by Marcus Brewster on behalf of client Merchant Capital.