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Building a great business can’t be left to chance only. More than 90% of new ventures fail because of mismanagement by unsuspecting owners. The excitement of building a business is not enough to help it survive in this ever-changing environment. You can’t just “fly by the seat of your pants.” Even if you are able to acquire substantial amounts of money, if you haven’t worked on foundation building, your venture will not hold up. CB Insights has a collection, “146 Startup Failure Post-Mortems”. It is a definitive collection of business start ups and the circumstances that reveal explicit reasons for their failures. Most of the reasons related to the lack of Management Skills in the owners. The truth is, fundamental principles and procedures must be designed and tested before any thoughts of scaling are considered. Entrepreneurs would be far more prepared to build a successful venture, if they were aware of the Management skills required of a successful business. Following are 4 Best Practice Management skills that you need.
You will be able to clarify and design your Mission.
With this skill you will define what contribution you want to make to society.
This is like the “President” of your organization that dictates the direction of the what, when and why of your venture. It declares to affiliates, employees, customers and the world the reason your venture is organized. Your Mission will remain the same as long as your venture exists.
You will be able to clarify and design your Values.
This skill is critical. Your Values will set you far above the competition if they are designed within state-of-the-art management guidelines. Your Values are the “glue” that holds your organization together. They are the elements that make up your culture and the characteristics of your activities. In other words, it is the essence of how you do business. Values are the main elements that help your organization run smoothly. They are extremely important.
You will be able to clarify and design your Vision.
You will dream a big dream at this point. You will see your business as a big business from the beginning. “Our Vision is what we become in life”, Tony Dungy. Don’t settle with a small business perspective. Think big from the beginning. With your vision, you will set 3 to 5 year goals. Best Practice Management skills will help you achieve your grand Vision.
You will be able to clarify and design your Management Strategy.
With Best Practice Management skills you will match your strategy to your Vision by designing and documenting repeatable Systems that all affiliates can follow and help improve as you go along. Of course, you will incorporate standards and measures to keep you on track. This guide will give you the confidence you need to sustain and fortify your business.
Best Management Practices will help you perform many other management practices in ways that can make you become an industry leader in the world . I have listed just a few of the skills you’ll need. Our Information Age allows us to learn anything we desire just by Googling it or using “You Tube University”. As you can see, it won’t be easy; but no important achievement is gained without consistent, hard work and continuous learning. Save time and eliminate many mistakes by knowing how to manage your new venture.
See also: “20 Directive for Small Business Success: Do or Die”
