Many people quit their high-income jobs to pursue self-reliance via entrepreneurship. They gather funds, establish a business, and start a successful journey. But most of these business owners fail after their first year in the market. Many factors are blameworthy for why private-owned small companies collapse. The reasons vary, but a lack of technical skills could be one factor responsible. These skills help you understand your business and collaborate with your workers. Familiarity with technology makes you an effective leader in the 21st century. Read on to learn about the top ten tech skills every entrepreneur needs.
Let’s start with a crucial aspect of modern-day marketing, which is search engine optimization. It enhances your brand’s digital presence and brings more online traffic to your doorsteps. Now, nobody’s recommending you become an SEO wizard since your company will hire professionals for this service. However, an entrepreneur must understand how search engines find your website and rank it on SERPs. This skill will allow you to increase your brand’s visibility in this tech-dependent age.
- Web development:
An entrepreneur’s technical expertise should involve the basic know-how regarding website development. Your website serves as a digital representation of the company. It should be easy-to-navigate, customer-friendly, and mobile-optimized. Maintaining an online visitor’s experience on your domain can improve your reputation among the customer market. Moreover, it would help if you also understood some core languages in web development.
The ability to code simple programs has become a must-have for the 21st-century entrepreneur. Now, you can learn coding online by watching YouTube videos and experimenting with this skill in your free time. This skill enables you to fix minor errors on your own. They also help you understand the making of a website or how a commercial webpage is generated. Some essential languages are:
- Data analysis:
It is the age of big data where arranging and organizing information is a critical skill. An entrepreneur should know how to use data analysis tools to draw factual conclusions. Business organizations now hire people who have pursued an online masters in analytics to help them make profitable decisions. As a business owner, you must know how to extract useful information from raw data. It gives you power over competitors and control over the market.
- Graphic designing:
Visual elements grab a customer’s attention faster than mere text-based content. That’s why graphic designing and image/video editing have become essential skills for marketers right now. An attention-catching picture tells the potential investors who you are and what do you sell. So, try learning the basics of Photoshop and Premiere. It takes 5-10 hours to learn the fundamentals of Photoshop so polish your marketing skills with some image-manipulation expertise.
- Social communication:
A social media presence allows brands to effectively communicate with their audience and market to their target customers. However, your company will also employ experts to handle the company’s online presence. But a modern-day entrepreneur must understand how to operate his/her social media avatar. Just look at how a single tweet from Elon Musk can have a significant impact on the market. It would help if you learned the tactics of conveying your message to the world with one click.
Cloud has simplified storage problems for business organizations. As an entrepreneur, you can’t remain unaware of how the cloud is accessed or operated. A modern-day entrepreneur should effectively utilize Google Drive or Dropbox since it’s essential to enhance collaboration with your staff. Experts believe that soon the cloud will take over since companies will solely rely on this technology as a storage solution. So, start learning about the cloud’s mysteries if you have entrepreneurial plans.
A 2017 study shows that 50.3% of Americans believe in their “gut” while decision-making. An entrepreneur should always rely on hard facts when it comes to making commercial policies. This skill saves from a potential failure. Therefore, data-driven decision-making (DDDM) involves conducting surveys and user testing before a product launch. Exploring these 3 different types of data analysis helps you make more informed business decisions:
- Descriptive analysis tells you what events have transpired in the past.
- Predictive analysis foretells what shall happen in the future based on past events.
- Prescriptive analysis suggests methods for transforming future events in your favor.
- Online accounting:
Companies now utilize digitally-available financial platforms for bookkeeping. So, it doesn’t require a financial expert to manage one’s accounts via these web tools. Your firm will seek professional assistance when it comes to fiscal management. You need to understand how tools such as QuickBooks work since financial know-how is vital for a company’s success. A crash course in finance would also help an entrepreneur understand the basics of how money moves around.
- Writing skills:
Writing skills will never cease to be essential for an aspiring entrepreneur. You might’ve heard about product specs that describe the function of that objects. Writing these product specifications requires the usage of unique vocabulary and literary eloquence. That’s why you must develop the technical writing capability before establishing an independent company.
We’ve only talked about the tech skills you must possess to excel as budding entrepreneurs. But there are also some soft skills without which a person can hardly succeed in business. An entrepreneur must be a creative, innovative, resilient, efficient, and masterful leader. They must excel in networking, communication, time-management, and decision-making.
Determination and concentration, along with basic know-how of digital marketing and social media management, increase your chances to survive in business. That’s why learning these tech skills has become imperative for modern-day entrepreneurs and business people.