America’s home to 31 million entrepreneurs. That means 31 million people strive to self-own and self-manage businesses. But why?
Self-employment grants freedom. Self-owned businesses let folks craft their life, work their own hours, and pursue their passions.
Still, self-employment’s not for the faint of heart. Any entrepreneur knows building a business is a round-the-clock job in the beginning.
Then, when you’re established, it’s crucial to keep up your management skills. Only 50% of small businesses survive beyond five years. Strong management can make or break your business.
If you’re looking to get better at management to sustain your business, here’s what to know.
The Importance of Management Skills
So you got your business off the ground. Congratulations! You’ve built a foundation for success and now you must maintain it.
Good management’s the way to do that. Yet, there’s a dangerous misconception that once owners make it, the business runs itself.
While entrepreneurs are no strangers to risk, that’s not the one to take.
While it’s true owners own businesses and managers manage, entrepreneurs are always a hybrid of these roles.
Management impact the following operations:
- Staff cohesion and morale
- Implementation of standards and practices
- Financial wellness and profitability
- Success or failure
At the end of the day, entrepreneurs are responsible for the condition of their business – the good, the bad, and the ugly.
Develop these management skills to ensure success is on your side.
- Delegate
Delegating’s among the top most important management skills. This means staying organized and maintaining big picture operations. Map out who’s responsible for what and communicate to staff their expected job duties.
- Decision Making
Strong decision making develops strength and trust in the workplace. These decisions involve finances, staff hires, problem-solving, conflict resolution, and judgment calls.
Making strong decisions creates a stable foundation. It also builds respect and reliability between you and your team.
- Emotional Awareness
One of the best management tips is having strong emotional intelligence. Your business is a reflection of you. Navigating your own emotional states keeps you in the driver’s seat of your business.
Poor emotional awareness can create hostile environments, passive aggression, and lack of accountability.
- Passion
No one wants to work for someone who’s not passionate about their work. Your passion instills value. This impacts your team and your demographic.
Businesses have a trickle-down effect. If you’re not happy, nobody’s happy.
Help your staff learn about you, your principles, and the why behind your business. Use positive reinforcement to share your passion with the team. It’s contagious.
- Make Investments
Investments come in many forms. They involve time, energy, money, and relationships.
There’s a reason for the quote if you want to learn something, teach it. If you want to improve management skills, invest in a leadership development program. Not only will your staff feel you’re invested in them, but it’ll benefit the business in the long run.
Go Big or Go Big
Entrepreneurs live a high-risk high-reward life. Don’t let your dreams falter from weak management skills. As the saying goes, you didn’t come this far to only come this far.
The good news is you’re in control of your management capabilities. The more you prioritize self-improvement, the more your business will improve.
For more on the best investing practices to live your freest life, check out our latest blog posts!
