THE PROCESS OF ACQUIRING HIGH

SENSE OF SKILLS AND ABILITY IN

OPERATING AN ENTERPRISE

BY
AKANDE R.O
AKINSANYA A.A
THE ESSENTIAL SKILLS REQUIRED AS A
YOUNG ENTREPRENEUR

FINANCIAL LITERACY: includes having a

basic understanding of finances (reading financial

statements, evaluating financial performance, etc.)
and budgeting. On the business management front,
one should have working knowledge of business
strategy, sales and marketing.
CRITICAL THINKING AND
CREATIVE PROBLEM-SOLVING

Entrepreneurs are faced with umpteen

challenges and risks almost on a daily basis,
one must have critical thinking and creative
problem-solving skills to succeed as an
entrepreneur.
COMMUNICATION SKILL
As an entrepreneur, one would be required to

communicate with different stakeholders,

employees, investors, partners, vendors, customers,
prospects and peers, among others. The ability to
communicate in a crisp, concise, confident and
effective manner makes or breaks business. This is
regardless of the size and scale of the company.
CONT’D
Effective communication has 4 critical sub-

skills that one must master.

1. Business Communication: one must be able

to confidently speak in business meetings,

networking events and so on.
CONT’D
2. Negotiation skills: An entrepreneur must be able to
negotiate effectively with stakeholders to create win-win
situations for all.

3. Networking: An entrepreneur must be able to build and

nurture professional networks with the right people. This is
crucial for the growth of business.

4. Writing skills: An entrepreneur don’t have to be a great

writer, but must be able to convey thoughts clearly to
stakeholders.
LEADERSHIP SKILLS
Strong leadership skills are key for the smooth
functioning of ventures. In the face of challenges,
great leaders drive businesses forward. They guide
and motivate their teams, helping them stay aligned
with common goals. They inspire confidence and trust
in their teams and partners. They are growth-minded
people who learn, accept constructive criticism and
continuously find ways for improvement.
PROBLEM-SOLVING SKILLS
As an entrepreneur, one will encounter
various challenges and obstacles along the
way. Being able to identify problems,
analyze them, and come up with creative
solutions is vital for the success of the
enterprise.
DECISION-MAKING SKILL
 It is another critical skill. One need to make
important choices regarding the business, such
as product development, marketing strategies,
and resource allocation. Having the ability to
make well-informed decisions based on data
and analysis is crucial.
ADAPTABILITY SKILL
 It is another skill that entrepreneurs need to have.
The business landscape is constantly changing, and
being able to adapt to new trends, technologies, and
market conditions is crucial for staying competitive
and relevant.
FINANCIAL MANAGEMENT
SKILLS
Financial management skills are vital for the
success of the enterprise. One will need to
understand concepts like budgeting, forecasting,
and managing cash flow. Being able to effectively
manage the finances will help one make informed
decisions and ensure the financial health of the
business.
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