Essay
BTEC Unit 36 Starting A Small Business P3 (Pass)
BTEC Unit 36 Starting A Small Business P3 (Pass)
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P3:Describe 3 skills needed to run the business successfully and what areas require
further personal development.
The 3 main skills which I think that are needed to run a business successfully are:
Communication skills
Hiring and managing employee skills
Financial management skills
Communication skills are important in business as well as in your personal life.
Almost everything you do requires communication skills. When doing business ,
you need to have good communication skills, For example if you want to hire a
new employee good communication skills will help you select the right person for
the job. When communicating with your customers or suppliers you need to be
able to build good relationships so both party’s can profit from each other.
Hiring and managing employee is very important, because I do not have all the
skills which I need to start off and manage the company. That is why it is
important I know exactly what type of person I am looking for in a job and what
skills he/she needs to have for this job. If I don’t hire the right person or don’t
lead the first few employees correctly the business will end very quickly.
One of the most important parts of the business is the financial part. In order for
the business to keep running smoothly it is important that I know how to manage
the money of my business. I need to know the difference between income and
expenditure and the risk of investments. It is also important that I can budget,
especially in the beginning, because money will be limited and I will have to pay
for a lot of things like; the production of the product, employees, advertising and
a storage place. It is important I can produce and analyze my financial statements
and identify things which are affecting my profit.
Skills audit
A skills audit is the process of measuring and recording skills of a person or a
group. The main reason skills audits are used for are to identify the level of skill
the individual or group has or to identify skills and knowledge that is needed in
order to make the business successful.
, My skills audit
What am I good at? What am I not so good at?
Planning Communication
Financial management Leadership
Problem solving Employee management
Time management Analyzing
Marketing and Customer Administrative skills
service
Budgeting
Digital marketing
What do I need to work on?
Communication skills are very important in business; because it is important you
build and maintain a good relationship with your customers, employees and
suppliers, so this would be the first thing I would have to work on. At the moment
I am very quit and I am not the person that starts a conversation with someone.
However in the future this needs to change, because I need to communicate well
with my employees so that they can perform their tasks well. I also need to be
able to communicate well with customers to find out what they think of my
product and if they think anything can be improved.
The second skill I need to work on are my leadership skills. I will be the only
owner in the company which will mean I will have full control on how the
business is run day-to-day. At the moment I am not good leader, an example of
this is during my previous internship when our group of interns got a assignment
and the roles needed to be divided and I just waited for someone to step up,
because I don’t like telling people what they need to do. But when I will have my
own business it is important I can motivate my employees to work hard and
divide tasks to employees matching with their personal skills.
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