This is a contributor’s blogpost …
A lot of budding entrepreneurs make the mistake of believing that they can delegate pretty much everything to other people. They know that there are a bunch of areas of knowledge that can help you reach success and that are crucial to any business. But as long as they can get capital, they assume that they can simply hire other people who already have that knowledge. Why bother learning the intricacies of all these business skills when there are employees who can do it all just fine?
The problem here is that this sort of knowledge is something you should have. You really do give yourself the upper hand in business if you have a deeper understanding of key business areas.
I know that so far I’ve been a bit vague about the specific areas I’m referring to. So let’s have a quick look at those areas, shall we?
You know how expensive lawyers are, right? If it looks like you’re going to need a big budget for legal purposes, then that’s going to create a lot of problems right out the gate. The way to avoid needing legal help in the early stages is to become familiar with business law yourself. This doesn’t just keep you protected from the common legal mistakes found in startups. Potential clients and investors will feel a bit safer knowing that you’ve got a bit of legal knowledge under your hat.
Photo Courtesy of FirmBee via Pixabay
Accounting or General Finance
The basics of accounting and finance are essential for entrepreneurs. After all, an entrepreneur, among many other things they may desire, is defined by a desire for profit. How can anyone trust you – how can you even trust yourself? – with big profits without an understanding of finance? Getting to grips with some key financial concepts will definitely help you towards your goals. It will also help inspire confidence from potential investors.
I know: usually we just use the abbreviation I.T. But when you see the term I.T., you tend to just think about computers. You start to think about technical support, about processing power, about network security. It’s not really vital that you have intimate knowledge of that stuff. I used the full phrase to highlight the importance of both of those words. Information as it pertains to technology. Getting to grips with data science, ad hoc reporting, development processes, and financial tech can all be extremely helpful. Knowing how modern information – or data – can help your business is crucial.
Photo Courtesy of Skeeze via Pixabay
Nothing can really make up for a lack of passion for the field in which you’re trying to build a business. Let’s take a look at the current CEO of Konami, the video games company. Konami ‘s stock has recently been plummeting. Fans are dropping like flies. Could it have anything to do with the fact that the CEO isn’t that interested in or knowledgeable about video games? Imagine if the company had started out with a CEO with such blatant disinterest. They wouldn’t have gotten very far at all. Don’t rely on others to bring the knowledge and passion. Make sure you have it.