How To Manage My Own Business – For example, it is important for business owners to ensure that all members of their organizations are equipped with skills such as critical thinking, time management, and effective communication to ensure that daily operations run smoothly and achieve business goals.
Here’s an overview of why it’s important to improve your business skills and the ten you should prioritize to advance your career.
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A foundation in business can not only lead to greater confidence in the workplace but also open the door to a multitude of career opportunities. For those who have expanded their knowledge by taking a Harvard Business School course, the experience has led to results such as:
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If you want to achieve similar goals in your career, here are ten business skills you should develop.
A basic knowledge of economics can be useful in any business. In addition to a deeper understanding of pricing strategies and market demand, studying economics can provide a tool for making key decisions for your company.
For Nicholas Grecco, a former CORe participant who works as a teacher and health director, the lessons learned in Economics for Managers were helpful in helping his organization invest in solar energy.
“I knew investing in solar was a great opportunity, but the idea of agreeing to sell (WTS) helped me understand and explain why,” Grecco said. “Because of the additional incentives from the city system and the purchasing power of the group, electrical contractors were willing to sell solar equipment at a much lower price than usual, thereby increasing our net customer base. By explaining the WTS, I was able to convince the owner to go ahead with the project. “
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Research shows that an increasing share of firms—including Microsoft, Uber, and Blue Apron—use analytics to generate growth and improve their services and operations.
According to LinkedIn, analytical reasoning is one of the most sought-after skills in today’s job market. Knowing how to summarize data sets, identify trends, and test hypotheses can provide an analytical framework for approaching complex business problems and help you make informed decisions that benefit your company.
“Using data analytics is a very effective way to influence an organization,” says HBS Professor Jan Hammond, who teaches the Business Analytics course. “If you can go to a meeting, and other people have opinions, but you have data to support your arguments and recommendations, you will have an impact.”
Accounting knowledge can be useful in your career, even if you’re not in a number-focused role. Although it may seem like a scary thing, it’s more affordable than you might think.
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Concepts such as cash flow and profitability are useful in understanding your organization’s performance and potential, while being able to read and interpret a balance sheet is essential in communicating financial results.
Pankaj Prashant, an engineer who took CORe, says the principles he learned in Financial Accounting helped him build on his technical background and advance his career.
“I have always kept track of my company’s annual reports, and the report I read helps me understand where the business will go in the future,” Prashant said. “I also followed a few other companies for investment purposes, and I realized that I could make better informed decisions with my knowledge of the company’s finances.”
Whether you’re just starting your professional journey or working at a senior level, it pays to be an active negotiator. In a report by the World Economic Forum, negotiation was identified as one of the 10 skills needed to succeed in the workforce of the future.
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Honing your negotiation skills can help not only secure your organization’s value at the negotiating table but also yourself when securing a higher starting salary or promotion.
There is no one-size-fits-all approach to creating a successful engagement strategy. The key, according to HBS Professor Mike Wheeler, who teaches Communication Arts, is to be open to improvisation and plan to think on your feet.
“However much you consider yourself to be a negotiator, most of the people you work with may have a different style, at least to some degree,” Wheeler said. “Therefore, to be successful you must be sharp. That means you have to evolve to use different skills depending on the situation and the person you’re dealing with. “
Strong management skills are associated with department performance. A study by Gallup found that managers account for 70 percent of the variance in employee engagement, emphasizing the need for companies to develop leaders who drive team productivity and behavior.
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For experienced and aspiring managers alike, it’s important to know how to lead meetings and communicate organizational change. Equally important is knowing the common missteps that team leaders make.
In the case of Monica Higgins, a public relations account director, taking a Critical Management course was a way to expand her management knowledge and develop a new perspective on her role.
“I’m more aware of looking at things through a bigger lens, from different perspectives,” Higgins said. “I’ve always been a person who likes to ask thoughtful, educated questions—as opposed to making pronouncements—and now I’m a big fan of playing the devil.”
Whether you hold a management position or not, leadership skills are essential to career success. While some people think of leadership and management as the same thing, there is a difference between the two. While management focuses on implementing processes, leadership focuses more on people and the vision that guides change.
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In addition to honing your management skills, building your leadership skills can be beneficial in any career. From learning to stay calm in times of stress to developing your own leadership style, these skills can help you understand how to bring your vision to life and position your team for success.
In any business environment, professionals rely on communication to coordinate efforts and achieve organizational goals. Ineffective communication—or no communication at all—can be disastrous.
Along with developing your own skills, a major contribution to success is understanding and adapting to the communication styles of others. Other key communication skills include active listening, empathy, and reading body language.
Emotional intelligence is another important business skill, and research shows it’s the best indicator of job performance. According to a study by TalentSmart, 90 percent of top performers have a high level of emotional intelligence.
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Emotional intelligence is often categorized into four concepts: self-awareness, self-regulation, social awareness, and relationship management. In short, this skill refers to your ability to understand your own emotions and to recognize and influence those of others.
Regardless of your business or your position, having knowledge about yourself and those around you can enable you to have more control over your communication and achieve your goals more effectively.
All professionals need strong decision-making skills to deal with complex workplace challenges. For those who work specifically in business or management, the need for such skills is even greater.
Determining how to allocate resources, which employees comprise the team, and how to implement a new organizational initiative are all decisions that require careful consideration. With a growing number of tools and resources that can be used to capture data, managers can fuel their processes with critical insight to make data-driven decisions and produce better results.
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Whether you need ideas or advice on a particular challenge or are preparing for a career change, the people who make up your professional network can be valuable resources.
To make the most of your network, open up opportunities to step out of your comfort zone and build new relationships. Once your network is in place, it’s important to maintain the relationships you’ve made and find new ways to expand your web of contacts.
If you are looking to advance your career, the value of business skills cannot be overstated. In addition to hard skills (such as accounting and economic understanding), you need soft skills (such as emotional intelligence and leadership) as your organization grows.
Regardless of your business, knowledge of important business concepts can help you better understand your organization’s operations and gain the tools needed to lead initiatives and drive strategic decision-making.
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Want to take your career to the next level? Check out our business essential courses, and download our free e-book on advancing your career with essential business skills to learn how enhancing your knowledge can help you make an impact in your organization and compete in the job market.
Matt Gavin is a member of the marketing team at Harvard Business School. Before returning to his native Massachusetts and joining HBS, he lived in North Carolina, where he held roles in news and content marketing. He has a background in video production and previously worked on several documentaries for Boston’s PBS station, WGBH. In his spare time, he enjoys running, exploring New England, and spending time with his family. 2022-01-11 00:00:00 2022-09-23 00:00:00 https:///r/starting-a-business/ business-plan-template/ Starting a business English https:///oidam/intuit/sbseg/en_us/Blog/Illustration/how-to-write-a-business-plan-header-image-us-en. jpg https://https:///r/starting-a-business/business-plan-template/ How to write a business plan in 10 steps + free template – Article
Whether you’re a seasoned business owner or just starting to think about starting a business, needs come at you fast. Between the rush of to-do lists and meetings, deciding how to write a business plan—much less follow a business plan template—often feels time-consuming and daunting.
But almost 70% of business owners are
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