Over the course of the last decade, young entrepreneurship has been driven as an integral part of the global labour market. Prime Minister David Cameron has been central to this in the UK, having launched several financial initiatives and loan schemes for youngsters with the drive to start their own independent venture. This reflects a global trend, as young entrepreneurs around the world are afforded increased credibility as the employers of tomorrow.
While youth boasts the type of drive and courage required to launch a successful venture, however, it may lack the sophistication and depth of knowledge to cope with the intricate nature of business and commerce. This means that youngsters must develop core, understated and often unheralded business skills if they are to succeed over time.
With this in mind, let’s consider three fundamental business skills that young entrepreneurs must develop if they are to succeed over time.
1. Corporate Finance and Accounting
If you establish your business as a limited partnership, you will need to understand its corporate tax requirements and develop a transparent accounting system. Should you have a British company with a turnover in excess of £81,000, you will also need to register to pay VAT (Value Added Tax) and settle this debt on an annual basis. The development and implementation of this and similar financial infrastructures costs money, however, and the failure to attend to such details can also trigger fiscal and legal sanctions.
While you can outsource all accounting responsibilities, this is an integral part of your business and you would benefit greatly by developing accredited financial skills. This may even enable you to save money as a young entrepreneur, as you manage your own accounts and regular tax repayments. You will, therefore, need to identify an established and reputable training provider that can deliver relevant and up-to-date courses, ranging from soft financial skills to those centred on taxation. Redcliffe Training is an excellent and diverse training resource, with its Accounting Course for Listed Companies offering a broad financial overview.
2. Digital Marketing and Certification
In many respects, the silent and often understated army of ghostwriters is the key driver of content marketing in 2015. This underlines just how important rich and relevant copy is to the growth of your business venture, although creating an integrated and engaging digital media strategy requires an incredibly diverse skillset. From conception to execution, the task of reaching and engaging a target audience requires the significant investment of time, money and a willingness to strategize.
You can reduce the long-term cost of your business by becoming a competent web marketer, however, by pursuing specific skills and relevant industry accreditation. One of your first steps should be to secure an online marketing and advertising qualification that is recognised by Google, as this brand regulates the Internet and all published content. The Google AdWords Certification program provides a relevant case in point, as it carries official influence and showcases considerable knowledge and proficiency in contemporary advertising. In addition to this, you may also want to consider undertaking an introductory video production course so that you can add depth to blog posts and external marketing copy.
3. Team and Project Management
While these skills will enable you to develop considerable technical proficiency and knowledge, this means little if you cannot effectively manage or lead people. Unfortunately, management skills are often overlooked by self-made entrepreneurs, with a growing number of entry-level leaders lacking the necessary qualifications and competencies to fulfil their responsibilities. This is understandable, especially when you consider that young entrepreneurs often take an unorthodox route that eschews some academic training.
This skills gap needs to be bridged quickly and preferably before you begin to scale your venture and employ members of staff. You will also need to start with an introduction to the concept of management, before embellishing your education with more advanced courses. A broad Introduction toManagement course provides the ideal starting point, as this will teach the fundamental basics, such as inspiring teamwork and organising others to achieve goals. From here, you can tailor your learning according to the nature of your business and the challenges that you face over time.
As a young entrepreneur, you are the lifeblood of the economy and its future growth. It is easy to get swept away by an invigorating concept or a commercially viable idea, however, which may prevent you from you developing core business skills. By recognising this, and learning skills that can assist you at every stage of business management, you can achieve long-term and uninterrupted success.