The availability of resources, ideas, and a vast market has made it very easy for business owners to start their own businesses in India. But, that’s not where the real test is, the real test comes in managing and growing your business.
A good business knows how to deal with tough/unforeseen situations, communicating with employees, business partners, and clients, industry knowledge, and should have the right amount of patience and determination too. Let’s have a look at 6 essential skills a business owner needs to start an online business.
- Business Planning & Strategising: A business plan cannot be carried out unless there’s a documented or written business plan. A common mistake by a lot of business owners is that they focus on running the day-to-day operations, revenue, and sales instead of creating a clear strategy for the future months or years. A written business plan should be created by all business owners, old and new alike. This plan should contain all the details regarding running and growing the business operations along with business information like inventory, sales, staff number, etc.
- Leadership Skills: One of the most important skills required to run a business, leadership skills are more valuable than sales or marketing skills as they allow you to motivate and guide your employees towards achieving a business goal. It’s also important to note that authoritarian leadership is generally frowned upon, so always keep your leadership style participative and allow employees to use their own ideas and working styles.
- Sales & Marketing Skills: Sales & marketing skills are something that’s more of a natural skill rather than a skill one can learn. A good salesperson shows these skills in their body language and the way they communicate. The same goes for marketing skills too, it’s something that can be finessed and grown with time rather than learnt over time. Therefore, business owners should always look for these skills while hiring sales & marketing people.
- Work Delegation: Delegation is essentially assigning your employees a task to complete. Effectively delegating tasks allows you to improve your turnaround time and manage resources efficiently while maximising the productivity of your employees.
- Financial Capabilities: One of the most important skills when it comes to running a business, financial capabilities dictate how you manage the money being invested in your business. Good financial skills are needed from every business owner to keep an eye on their cash flow and manage their working capital requirement. A business owner should also not hesitate to take a personal loan for businessman in case they have a shortage of working capital.
- Communication Skills: Efficient and clear communication is the most important factor behind the success of any business organization. Therefore, business owners should be able to communicate instructions to their staff clearly and hire employees who have good communication skills in order to maximise sales.
Business owners can take a collateral free business loan to fund their daily operations and maintain the cash flow. To be eligible for a working capital loan, they need to meet the following eligibility criteria:
– Must be a resident Indian citizen between the age of 24-70 years
– Must be running their business for a duration of at least three years
Nowadays, there are a lot of financial institutions in the market like Bajaj Finserv, who offer collateral-free business loans of up to Rs. 45 lakh at the attractive interest rates in the market, payable over a flexible tenor.