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Friday, December 9, 2022

Think Entrepreneurship: Skill acquisition

By Abosede Ajala

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It is good to understand that even learning to read and write is a skill, there are different types of professions, for example; tailoring, vulcanizing, building, block making, paint making etc.

Hence, skill acquisition involves actually learning to do understand a trade/skill and implement it, transform it into exchange for goods/services.

One may ask, what are the reasons for skill acquisition?, simply there are many reasons why one should acquire a skill among others are, risk taking and decision making.  It is important to acquire the skill of being decisive even when you are taking a risk you cannot fully evaluate.  It is possible to hire many skilled people to take on tasks that are outside your skill, one must constantly strive to acquire the skills that will make you an effective business owner, even if you have started the business or about to start it is of great advice that you have skill of that line of product/service to be a successful entrepreneur.

Importance of skill acquisition includes;

–              Improved strategic planning

–              Good financial management

–              Management of crisis

–              Good decision Making

–              Good communication with stakeholders

Improve strategic Planning

Starting a business, if you have sound financial standing does not make you a good planner that is, planning for growth, importantly, you must acquire planning skills that ties with your vision to realize that vision.  Planning is critical therefore, the vision must have a long term planning without this, the company can go off.

Good Financial Management

Many businesses are distressed due to lack of accounting skill, even profitable business can go out of business if their cash flow is not well planned, which is a primary reason for business failure.  Learning basic financial skill to your knowledge will help you to avoid mistakes and strengthen your ability to manage your capital. It is of great importance for you to become skilled at raising money to finance your business.

Crisis Management

It is possible you have projected a smooth rise to the top when you started the business, you will agree with me that there are ups and downs situations in the processes of your business growth either shortage of money or inadequate facilities, you need to acquire the skills to remain calm and get focus. 

Good Decision Making

Taking a good decision for the growth of the business equally arises from skills decisive acquisition.

Good communications with stakeholders

Strong communication skills will be patent in all of your entrepreneurial activities which will led to sailing smoothly in your business and giving way to a greater success.

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