3 Skills you need to run your own business

Don't we all wish we could quit our day jobs and run our own successful business? Before taking the leap, make sure you have 3 essential skills you need below!

Running a business is not an easy thing to do, especially when you are trying to make your business a success. Many of us wish we could get out of the rat race by starting our own business, lured by the idea of 'flexible working hours' and earning lots of money with little effort. But the truth is, running your own business oftentimes involves more blood, sweat and tears than a typical 9 to 6 job working for someone else.

If you are thinking of taking the leap and want to give your all, read below for the 3 essential skills you should have to run a successful business!

1. Leadership

When running your own business, you need strong leadership skills to be able to manage your employees to complete a range of projects, including setting up your website, developing your internal policies and procedures, handling sales and customer enquiries, hiring the right people etc.

A good leader has to come up with a strategic vision for his company and come up with a solid business plan to get your business to the goal you have in mind. You will need to know how to manage people, to inspire them and to motivate them to work towards your plan for the company. After all, as the owner of the business, everyone will look to you whenever there are any problems, especially the ones they are unable to solve on their own.

2. Problem Solving

If you run your own business, you have to be able to make good decisions under pressure. You need to have problem solving skills to deal with any type of problem that crops up, whether they are financing issues, customer complaints, vendor disputes, operational issues etc. A successful business owner needs to be a jack of all trades and handle any problems, even the ones that might seem demeaning or 'below' you.

3. Negotiation

Negotiation skills are another key skill you need when running your own business. Negotiation is part of our daily lives and when you run a business, having strong negotiation skills helps you to deal with your suppliers, customers, potential investors, employees and anyone you come in contact with during the course of running your business.

As a good negotiator, you will have strong communication skills, are able to identify the needs of other people and to find a good balance to resolve disputes and conflicts ensuring that there is a win-win outcome for both parties. This not only helps you to get out of difficult roadblocks but also show the other party that you are trustworthy and care for the interests of others not just your business.