Passion and zeal for work are not all that is needed to propel a business towards success. Tremendous effort and strong technical skills are required for effective financial and operational management. Poor budget command and ignorance of the market are likely the reasons why 90% of startups fail. Having persistent technical skills greatly improves an entrepreneur’s chances of succeeding.
Critical Technical Skills for Entrepreneurs
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Business & Financial Management
- Accounting & Budgeting: Understanding financial statements, cash flow, and budgets is necessary to automate bookkeeping with tools like Quickbooks and Xero. According to a study conducted by Intuit, failure in cash flow management is the main reason 82% of small businesses fail.
- Data Analysis: Having the ability to make sense of business metrics enables entrepreneurs to make educated guesses. Website traffic and customer behaviour can easily be tracked with Google Analytics and Tableau.
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Technology & Digital Tools
- Website Development & UX: All businesses need a functional website. Well-designed websites that boost search engine rankings can easily attract and retain customers due to their increased credibility and improved user experience.
- Cybersecurity training is crucial for protecting customer data. A 2021 survey conducted by the British Columbia Chamber of Commerce revealed that 61% of Canadian businesses have experienced a cyber security incident.
- CRM & Automation Software: Automation software, such as HubSpot or Salesforce, helps manage and market customers more effectively.
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Marketing & SEO
- Branding: A business’s strong brand identity aids with setting it apart in the market and winning the customer’s trust. Entrepreneurs should work toward achieving solid messaging, visual identity, and brand presence on all platforms.
- SEO: Entrepreneurs knowledgeable about keyword research stand a better chance at content marketing, which drives organic traffic through Google ranking.
- Social Media Advertising: Businesses can efficiently market to specific users using Meta or LinkedIn Ads.
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Product Development & Operations
- Market Research & Industry Knowledge: Understanding the market landscape, customers, and industry patterns is paramount. Competitor analysis, tracking emerging requirements, and using the latest data are steps every entrepreneur should take to refine their business strategies.
- Quality Control & Compliance: Product-based businesses are required to comply with Canadian regulations, such as the Canada Consumer Product Safety Act (CCPSA).
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Legal & Compliance Knowledge
- IP Protection: Trademarks and patents are relevant to every entrepreneur. The Canadian Intellectual Property Office (CIPO) offers plenty of resources and educational material, including information about IP protection.
- Business Permits: Juggling business tax, employment, and incorporation regulations can be arduous. The BizPal federal tool helps Canadian entrepreneurs easily locate the appropriate permits and licenses.
Skill development strategies
You don’t need formal business training to acquire the fundamental technical skills listed above. Some learning resources available for entrepreneurs are:
- Online Courses: Udemy and Coursera have a wide range of courses on finance, marketing, and even cybersecurity. Additionally, offer programs to touch up on your entrepreneurial skills.
- Government-Funded Training: Canada’s Digital Main Street program helps small businesses by making available tailored digital training. Futurpreneur is another option, especially for young entrepreneurs in the early stages of their business development.
- Local Entrepreneur Groups: Organizations like Startup Canada offer mentorship and workshops for skill development.
Technical Skills: The Key To Business Success
While all these aforementioned hard skills represent the entrepreneur’s Swiss knife to survive the business jungle, soft skills like leadership and are nothing to overlook either.
Entrepreneurs who invest in technical skills understand the importance of maintaining a competitive advantage, fostering productivity, and mitigating errors. The ability to learn digital marketing, financial management, or even cybersecurity adds value, but obtaining and maintaining those skills ensures long-term success.
Those wishing to do business in Canada have opportunities from programs like Startup Visa Services, where assistance is given for everything from business registration to immigration to help you realise your entrepreneurial goals in Canada.
Contact us directly for more information.
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