Short answer “As far as it gets”
One thing the new entrepreneurs will need to relies is that when it comes to self-improvement and development on vital skills necessary to manage their businesses, limitless efforts must be given.
For sure, that does not mean to push your self in carpentry workshops to learn how to make a dressing table if you are in a furniture business, your workers can do it, but the effort to select that worker effectively shouldn’t be under estimated.
Everyday I encounter new business (men & women, specially start-ups) who admits the lack of at least one of the five essential skills required for (any) entrepreneur and claim that they do not have time to develop their selves in those areas due to the new demanding life style , which are:
1- Leadership & Management (the art of running the show)
2- Finance & Accounting (understand the money concept)
3- Marketing & Sales (your business purpose and voice)
4- Customer Service (bring them in and keep them around)
5-Human Resources (your business’s oxygen)
You might not need to master these skills to a practitioner level, but every entrepreneur/manager/business owner, must have sufficient understanding about these skills and acquire knowledge as much as they can about the way these areas function and integrate together.
The Lack to understand any of the above areas will lead into unforgivable pitfalls in the business growth and “success – ability” of your business concept in its start-up phase, some of the expected results might be:
1- High staff turn over, staff leaving your organization without a clear justification
2- High Operations cost, suppliers quotes are high, prices are high or low, cash flow (well, lets just say its “flowing” to somewhere but not to your bank account)
3- Customers immigrations, they come, try, leave, and never show up again!
4- Low sales, “we have a good product , good service, but no sales” (poor or no market or target analysis)
and many others undesirable outcomes.
Here are few suggestions to develop the five essential skills, you must save no efforts in applying all or any of them:
1- Attend Workshop relevant to these areas, thanks to Tamkeen (in Bahrain), leadership development programs such as Talent management certificates and workshops are available and fully sponsored for Bahrainis. “hard luck rest of the world!”
(for more info about these programs visit Tamkeen’s site for Talent Management Programs)
2- Ask experts to advise you in this area, and LISTEN carefully
check BDB , Unido , Business Development Scheme “Istishara”
3- Join Societies and networks in relevant industries , and ATTEND their events and workshops, target to attend at least one per week.
check Bahrain Businesswomen Society, SME Support, BIZLADIES
4- Dedicate 30 mins to one hour a day (everyday) to watch trainings videos relevant to your field in the above areas, you may check this through 1000s of videos on YouTube
You may also consider reading books, journals and articles relevant to your field.
After all, your business is your baby, you must dedicate the best efforts in acquiring the right and sufficient knowledge to nurture it.