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What business skills and experience do you have?

Management and communication skills

    Do you have managerial skills? Most successful entrepreneurs have a good balance of entrepreneurial and management qualities.
    Do you have leadership and communication skills? Can you effectively instruct other people, such as staff and suppliers, in what you want done?
    Can you coordinate several business functions—sales and marketing, production, clerical and accounting? Even if you’re not actually carrying out all these functions, you need to coordinate them all: human resources, superannuation, insurance, marketing, bookkeeping, everything!

Financial management

    What is your financial history? Have you ever been declared bankrupt? It certainly affects your credibility with both customers and suppliers if you have.
   What about your current financial situation? Is there enough money behind you to start a business? You should consider obtaining financial advice.
   What do you know about bookkeeping and accounting? This is one of the most important areas of running a business, and it’s often neglected. If you’re not up to date with all your financial details, it’s easy to get into debt before you realise.

Knowledge

Do you know about other industries, particularly the industries and economic factors that will influence your business?
Do you have a good knowledge of the stock market, consumer patterns and industry trends?

This information was porvided to HBC by myfuture.edu.au