14 Essential Business Skills Every Filipino Entrepreneur Needs

Last Updated – Feb 9, 2024 @ 3:26 am

Quick Take

What’s the most important business skill to have?

According to our study, financial management emerged as the most important, with a significant majority of respondents (69.7%) identifying it as essential.

This skill is key for sustainable growth, managing obligations, gaining competitive advantage, and achieving long-term financial stability.

It encompasses budgeting, forecasting, cash flow management, and investment decisions, ensuring informed decision-making and wise resource allocation.

What separates a successful Filipino entrepreneur from those who struggle to get their business off the ground?

The answer is not as simple as it seems.

To better understand the entrepreneurial aspirations, behaviors, and level of Filipinos, we conducted a survey among a diverse group of individuals who had either started their own businesses or want to start the process of doing so.

The said survey covered a range of questions, probing people’s business aspirations, the challenges they face, and the type of support they think is crucial for success in the Philippines, among others. The main goal is to know the factors that contribute to the success or struggle of Filipino entrepreneurs.

The results are in, and they paint a clear picture of the skills that are indispensable for entrepreneurial success.

In this article, we dive into these findings to give a valuable framework for entrepreneurs whose goal is not just to survive but thrive in the world of business.

We also recommend reading: 150+ Profitable Business Ideas in the Philippines

What Filipinos Think is the Most Essential Business Skill to Learn

In our survey of 419 Filipino entrepreneurs, clear preferences came up about the business skills needed for success. The demographic composition of the respondents was as follows:

  • 56.8% female
  • 40.1% male
  • 2.4% LGBTQIA+
  • 0.7% gender variant/non-conforming

The age distribution was also varied:

  • 29.4% aged 18-25
  • 13.4% aged 26-30
  • 22.9% aged 31-40
  • 26.3% aged 41-50
  • 8.1% aged over 61

According to a whopping 69.7% of respondents, the most important skill is Financial Management. A lot of respondents also considered Strategic Planning, with 51.1% of participants recognizing its significance in navigating the business landscape.

Marketing and Sales were considered essential by 49.2% of the respondents, reflecting the importance of attracting and retaining customers in a competitive market. Meanwhile, 16.9% of the participants said Leadership was vital.

Here’s the complete result of this survey:

Financial Management69.7%
Strategic Planning51.1%
Marketing & Sales49.2%
Customer Service21%
Innovation & Creativity16.5%
Adaptability & Resilience11.7%
Problem Solving11.2%
Time Management11.2%
Technical Skills8.1%
Project Management5%

Essential Business Skills Every Entrepreneur Needs

It’s easy to assume that all successful entrepreneurs have naturally gifted skills that set them apart from the rest.

While there may be some truth to this, the reality is that many of these skills can be learned and developed over time.

In fact, every entrepreneur can benefit from honing a few essential business skills, such as:

1. Financial Management

No business will experience sustainable growth without proper financial management skills like budgeting, forecasting, cash flow management, and investment decisions.

Learning this ensures that a business can meet its obligations, gain competitive advantage, and achieve long-term financial stability.

Technical as it may seem, financial management is an indispensable skill for every entrepreneur, beginner or seasoned.

The ability to analyze financial data, make informed decisions, and allocate resources wisely can determine the success or failure of a business venture.

Tips to improve in Financial Management:

1. Educate Yourself

Understand basic financial principles such as profit and loss, cash flow, and balance sheets. Online courses, workshops, and financial literacy books can help you with this.

If you have time, you can even go to school to understand these concepts better. 

2. Use Accounting Software

Business owners should implement a reliable accounting software for accurate tracking and reporting. This aids in maintaining clear records and simplifying complex financial data.

3. Regular Financial Review

Make it a routine to review financial statements monthly, quarterly, and annually. This helps in tracking progress and identifying any discrepancies early.

When you do this task regularly, it will be easy to make adjustments and take proactive measures to improve the financial health of your business.

It also allows them to identify potential risks and opportunities for growth.

4. Plan for Taxes

Stay informed about tax obligations. Keep in mind that taxes can have a significant impact on your business.

By understanding tax laws and regulations, entrepreneurs can plan for taxes and make sure that they are setting aside the appropriate amount of funds throughout the year.

This not only helps to avoid any unexpected financial burdens but also allows for better financial planning and decision-making. You may even use the services of a tax professional to capitalize on applicable tax benefits.

2. Leadership

Leadership is more than just being in charge of your venture. It’s about motivating and inspiring your team, setting a vision, and developing strategic decisions that drive the business forward.

Effective leaders are also good communicators who are capable of conveying their goals, and are proficient at fostering a positive and productive work environment.

This skill is crucial for entrepreneurs because it sets the tone for the entire organization. A strong leader can inspire employees to work towards a common goal, overcome challenges, and achieve success.

Tips to improve your Leadership skill:

1. Lead by Example

As an entrepreneur, you are the face of your business. Lead by example and demonstrate the qualities and values you expect from your team.

Show them what it means to work hard, be dedicated, and strive for excellence.

2. Empower Your Team

Delegate responsibilities and empower your team to make decisions. This not only helps you manage your workload but also shows trust and confidence in their abilities.

3. Practice Effective Communication

Communication is the lifeblood of any business. Being able to articulate your ideas, goals, and expectations clearly is needed for collaboration and teamwork.

As an entrepreneur, you must be able to communicate with different stakeholders, including employees, clients, investors, and partners.

4. Develop and Communicate Vision

What do you see for your business in the future? Develop a clear vision and communicate it to your team.

This will give them a sense of purpose and direction, motivating them to work towards that shared goal.

5. Practice Active Listening

Show empathy and understanding by actively listening to your team’s ideas and concerns to build a strong rapport with them.

Listening attentively not only makes your team feel valued but also helps you gain better perspectives that can contribute to the growth and success of your business.

Additionally, create a culture where feedback is valued. This can lead to new ideas and strategies and help in identifying areas of improvement.

6. Personal and Professional Growth

Continuously seek opportunities for your own development. Whether it’s attending workshops, reading books, or networking with other entrepreneurs, investing in your personal and professional growth is crucial for success.

Remember that your ability to adapt, learn, and grow directly impacts the growth of your venture.

3. Strategic Planning

The main goal of strategic planning is about setting long-term goals and determining the best approach to achieve them.

This skill requires an entrepreneur to analyze the business’s strengths, weaknesses, opportunities, and threats (SWOT analysis), and then develop a comprehensive plan to guide the business towards its objectives.

Effective strategic planning involves a deep understanding of the market, competitors, and the internal dynamics of the business.

Tips to improve in Strategic Planning:

1. Involve Your Team

As stated above, include team members in the planning process. This encourages a sense of ownership and accountability among employees.

When team members are involved in the strategic planning process, they are more likely to be committed to the goals and objectives of the business.

2. Conduct SWOT Analysis

One of the most crucial aspects of strategic planning is conducting a SWOT analysis. This analysis helps entrepreneurs identify their business’s strengths, weaknesses, opportunities, and threats.

By understanding these factors, entrepreneurs can make better decisions on how to leverage their strengths, address their weaknesses, capitalize on opportunities, and mitigate threats.

It also provides an overview of the business’s current position and helps in identifying areas of improvement or potential risks.

3. Set Clear Objectives

Clearly define what you want to achieve as a business and break it down into specific, measurable, achievable, relevant, and time-bound (SMART) goals.

This will provide focus for the entire organization, ensuring that everyone is working towards the same objectives.

4. Monitor Progress

The strategic planning process does not end once the goals are set. Entrepreneurs should monitor the progress of their strategic plan to ensure that they are on track towards their objectives.

This involves regularly reviewing key performance indicators (KPIs) and assessing whether the implemented strategies are yielding the desired results.

4. Marketing and Sales

It’s a necessity for entrepreneurs to understand their target market, develop compelling messaging, and employ various channels to reach and engage their customers.

Additionally, they need to have a strong sales strategy that focuses on building relationships, addressing customer needs, and closing deals.

Related: How to Create a Marketing Plan

Tips to improve in Marketing & Sales:

1. Understand Your Audience

Research and understand the needs, preferences, and behaviors of your target market. Do not rush this process, as it forms the foundation of your marketing and sales strategies.

Use market research, surveys, and customer feedback to gain insights into what drives your audience’s purchasing decisions and how you can position your products or services to meet their needs effectively.

2. Develop a Strong Value Proposition

Clearly articulate what makes your product or service unique. A compelling value proposition is crucial in attracting and retaining customers because it communicates the specific benefits and advantages they can expect from choosing your business over competitors.

Take the time to identify your unique selling points and craft a value proposition that resonates with your target audience.

3. Leverage Digital Marketing

Utilize digital channels like social media, email marketing, and content marketing to reach a broader audience at a lower cost.

Identify the main digital platforms where your target market spends their time most, may it be Facebook, YouTube, Tiktok, or Reddit, and develop a strategic digital marketing plan to establish your online presence.

This can include creating engaging content, optimizing your website for search engines, and leveraging social media advertising to increase brand awareness and drive traffic to your website.

4. Focus on Relationship Building

In sales, build strong relationships with customers. Trust and positive experiences lead to repeat business and referrals so that you can establish a loyal customer base.

Know your customers’ needs and provide personalized solutions that address their pain points. This will not only increase customer satisfaction but also build trust and credibility for your brand.

Moreover, prioritize the development of long-term relationships rather than focusing solely on closing immediate sales.

Invest in customer retention strategies, such as loyalty programs or follow-up campaigns, to nurture existing relationships and encourage repeat business.

5. Develop a Sales Process

Create a structured sales process that guides your team through each stage of the customer journey.

This involves identifying potential leads, qualifying them, presenting your product or service, addressing objections, and closing the deal.

A well-defined sales process results in consistency and efficiency in your sales efforts, enabling you to maximize conversion rates.

Related: 20+ Ways to Increase Sales to your Business

5. Customer Service

Customer service is the cornerstone for building customer loyalty and a positive brand reputation. Good customer service can turn a one-time buyer into a lifelong customer.

This involves not only addressing customer inquiries and complaints effectively but also anticipating customer needs and exceeding their expectations.

Tips to improve in Customer Service:

1. Listen to Your Customers

Chances are, your customers have feedback and insights that can help you improve your products or services.

Actively listen to their concerns, suggestions, and feedback and make an effort to address them. This shows your customers that you value their opinions and are committed to providing them with the best possible experience.

2. Train Your Team

You can’t expect exceptional customer service if your team is not properly trained. Invest time and resources into training your employees on effective communication, problem-solving, and conflict resolution skills.

Equip them with the knowledge and tools they need to handle various customer situations with professionalism, patience, product knowledge, and empathy.

3. Be Accessible

If you make it easy for customers to reach out to you, they will feel valued and supported.

Provide multiple channels for communication, such as phone, email, and live chat, and guarantee that someone is available to assist customers promptly.

This accessibility shows that you prioritize their needs and are committed to providing a seamless customer experience.

It’s also recommended to go beyond what’s expected to delight customers. Small gestures like personalized follow-ups or surprise discounts can make a big difference.

6. Communication

While it is important for entrepreneurs to focus on marketing, sales, and customer service, effective communication is the thread that ties it all together.

Good communication skills prevent misunderstandings and foster a positive work environment.

Tips to improve your Communication Skills:

1. Be Clear and Concise

Communicate your ideas in a straightforward and unambiguous manner. Avoid jargon when speaking to non-experts, and keep your messages concise and to the point.

Use simple language that is easily understood by everyone involved. This will help prevent misinterpretations.

2. Adapt Your Communication Style

Adjust your communication style to suit different audiences, whether it’s employees, investors, or customers.

This allows you to connect with each group more effectively and ensure that your messages resonate with them.

For example, when speaking to investors, focus on financial metrics and ROI. When communicating with customers, emphasize the benefits and value they will gain from your products or services.

3. Enhance Non-Verbal Skills

Many budding leaders make the mistake of neglecting the importance of non-verbal communication.

However, non-verbal cues can speak volumes and greatly impact how your message is received. Pay attention to your body language, facial expressions, and tone of voice when communicating with others.

Maintain good eye contact, use open and welcoming gestures, and speak with confidence and clarity. These subtle non-verbal cues can help build trust and get your message through.

7. Problem-Solving

All business owners must be able to identify and solve problems effectively.

Problem-solving skills are critical for overcoming challenges, making informed decisions, and driving business growth because they allow you to approach obstacles with a proactive mindset and find solutions.

Tips to improve your Problem Solving skills:

1. Identify the Root Cause

Don’t just address the symptoms of a problem. Dig deep to find the root cause.

Keep in mind that problem-solving is not simply putting a band-aid on the issue, but rather understanding the underlying factors that contribute to it.

By identifying the root cause, you can develop more effective and sustainable solutions.

2. Think Creatively

Encourage innovative thinking and brainstorming sessions to find unique solutions.

Training your team to think outside the box and approach problems from different angles can lead to breakthrough solutions that differentiate your business from competitors.

Foster an environment where creativity is valued and encouraged, and provide resources or incentives for employees to explore new ideas.

3. Collaborate with Others

Problem-solving doesn’t have to be a solo endeavor. Often, the best solutions come from collaborating with others who bring different perspectives and expertise to the table.

Seek input from your team members, industry experts, or even customers to gain insights and generate innovative ideas.

By working together, you can leverage collective knowledge and find comprehensive solutions.

4. Break it Down

Large, complex problems can feel overwhelming, making it easy to get stuck in analysis paralysis. To effectively solve these types of problems, break them down into smaller, more manageable tasks.

This allows you to tackle one piece at a time, making progress and gaining momentum along the way.

Breaking problems down also helps you identify specific areas that need attention, making it easier to allocate resources and develop a strategic plan.

5. Stay Positive

Cheesy as it may seem, positive thinking can greatly impact problem-solving abilities.

Instead of dwelling on the challenges and setbacks, focus on finding solutions and maintaining a positive attitude.

A positive mindset not only boosts creativity but also encourages resilience and perseverance.

Don’t forget to celebrate small wins along the way to inspire motivation and reinforce a positive problem-solving mindset.

6. Learn from previous mistakes

Challenges are inevitable in any business journey, and it’s important to view them as learning opportunities rather than failures.

Reflect on past mistakes and setbacks to gain insights that can inform your problem-solving approach moving forward.

Analyze what went wrong, why it happened, and what could have been done differently. This self-reflection allows you to avoid repeating the same mistakes and develop strategies to overcome similar challenges in the future.

8. Networking

The truth is, the success of a business often hinges on the strength of the network it cultivates.

Networking is not just about building a contact list or attending events.

More than that, it’s goal is to form meaningful connections with others in your industry and beyond.

Tips to improve in Networking:

1. Attend Industry Events

Participate in conferences, workshops, and seminars to meet like-minded professionals. This may be intimidating especially to those who are more introverted, but pushing yourself out of your comfort zone can yield great rewards.

These events provide a platform for you to connect with others in your industry, exchange ideas, and learn from experts in your field.

Take the opportunity to introduce yourself, engage in conversations, and exchange contact information.

Remember, networking is not just about collecting business cards, but about building genuine relationships.

2. Follow-Up

When you meet someone, follow up with a personalized message to strengthen the connection.

After all, how you nurture and maintain your network can greatly impact its effectiveness in helping your business succeed.

A simple follow-up email or phone call expressing gratitude for the conversation and expressing your interest in staying connected can go a long way in solidifying the connection.

3. Offer Value

Always remember that networking is a two-way street. When you form connections, offer value to others as well. Look for ways in which you can contribute to their success or help them solve their problems.

This could be sharing industry insights, making introductions, providing resources, or offering your expertise.

By being generous and supportive, you not only build trust and goodwill but also increase the likelihood of others reciprocating and offering value to you in return.

4. Use Social Media

These days, business networking goes beyond face-to-face interactions.

Social media platforms such as LinkedIn, Twitter, and Facebook provide valuable opportunities to connect with professionals in your industry and beyond.

Create a strong online presence by sharing relevant content, engaging in industry discussions, and actively participating in groups or forums.

This not only helps you establish your expertise but also allows you to connect with like-minded individuals who can become valuable contacts in your network.

9. Time Management

Time management can maximize productivity and maintain a healthy work-life balance. Good time management also allows entrepreneurs to focus on critical tasks and reduces stress.

In contrast, those who don’t manage their time well often find themselves overwhelmed and unable to accomplish their goals.

Tips to improve in Time Managemenet:

1. Prioritize Tasks

Gone are the days when you solely had to rely on your memory to keep track of tasks. Use task management tools such as to-do lists, project management software, or mobile apps to prioritize and organize your tasks.

Start by identifying the most important and urgent tasks, and tackle those first. This helps you maintain clarity and focus on what truly matters, preventing you from wasting time on less important activities.

2. Be Realistic About Your Goals

By setting clear and achievable goals, you give yourself a sense of purpose and direction. Break down larger goals into smaller, actionable steps, and set deadlines for each task.

Ambitious goals are great for pushing yourself, but if they are too exaggerated, you may end up feeling overwhelmed and discouraged.

Assess your capabilities and resources, and set goals that are challenging yet attainable. This way, you can make steady progress and maintain a healthy work-life balance.

3. Eliminate Distractions

Identify what typically distracts you and take steps to minimize these interruptions. This may seem like a simple task, but it requires self-awareness and discipline.

Start by creating a conducive work environment that minimizes distractions. Clear your workspace of unnecessary items and keep it organized.

Consider using noise-canceling headphones or playing instrumental music to block out background noise.

4. Use Time Management Tools

There’s a myriad of time management tools available that can help you stay organized and efficient.

Whether it’s a digital calendar, a task management app, or a time tracking tool, finding the right tools for your needs can make a world of difference.

Experiment with different options and see which ones resonate with you.

Some tools even offer features like setting reminders, creating recurring tasks, and generating reports to help you monitor your progress and identify areas for improvement.

5. Take breaks

While it may seem counterintuitive, taking breaks is actually imperative for time management.

Working non-stop without giving yourself time to rest and recharge can lead to burnout, decreased productivity, and even health issues.

Taking short breaks throughout your workday allows you to refresh your mind and maintain focus.

Use these breaks to engage in activities that help you relax and recharge, such as going for a walk, practicing deep breathing exercises, or even enjoying a cup of tea or coffee.

Additionally, consider incorporating longer breaks into your schedule, such as a lunch break or a designated time for self-care activities.

These breaks not only help you maintain productivity but also contribute to your overall well-being.

10. Innovation and Creativity

Innovation and creativity are the backbones of entrepreneurial success, driving the development of new products, services, and business processes.

This requires thinking outside the box, challenging conventional wisdom, and being open to new ideas. A fresh perspective can often lead to breakthroughs and competitive advantages in the market.

To foster innovation and creativity, entrepreneurs can implement several strategies:

Tips to become more Innovative and Creative in your work:

1. Foster a Creative Environment

Your workspace should be conducive to creativity. Surround yourself with inspiring and visually stimulating elements, such as artwork, books, and plants.

Create a space that allows for freedom of thought and encourages brainstorming sessions. Consider incorporating flexible seating arrangements or designated areas for collaborative work.

2. Encourage Diverse Perspectives

Embrace diversity in your team and seek out different viewpoints. When people from various backgrounds come together, they bring experiences and perspectives that can lead to fresh ideas.

Encourage open communication and create a culture where everyone feels comfortable expressing their thoughts and opinions.

Actively seek input from employees at all levels and consider implementing cross-functional teams to promote collaboration and diversity of thought.

3. Don’t be afraid to take risks

Failure is often seen as a negative outcome, but for entrepreneurs, it can be a learning experience.

The fear of failure can stifle creativity and innovation, preventing you from exploring new ideas and opportunities.

Realize that failure is not the end, but rather a stepping stone towards growth and success.

4. Promote a Culture of Experimentation

Encourage your team to experiment and try new approaches. Provide them with the resources and support needed to explore different solutions and test out hypotheses.

Create an environment where failure is not seen as a setback but rather as part of the iterative process of innovation.

Also Check Out: Popular Types of Businesses in the Philippines

11. Adaptability and Resilience

All great entrepreneurs possess a strong sense of adaptability and resilience.

No matter what industry you belong to, being able to quickly adjust to new circumstances and bounce back from setbacks is crucial for long-term success.

Adaptability involves adjusting strategies and operations in response to market changes, while resilience is about enduring challenges and recovering from setbacks.

These skills are crucial for long-term success and growth.

Tips to become more Adaptive and Resilient:

1. Understand that change is normal

Rather than resisting change, embrace it as an opportunity for growth.

Stay informed about industry trends, technological advancements, and shifts in consumer behavior. Be open to adapting your strategies and business models accordingly.

2. Maintain a Growth Mindset

Cultivate a mindset that sees challenges as opportunities for learning and improvement.

Believe that your abilities can be developed through dedication and hard work.

Embracing a growth mindset allows you to approach challenges with willingness to learn from them.

3. Seek Continuous Learning

Never stop learning and seeking new knowledge. The business landscape is constantly evolving, and staying ahead requires continuous education.

Invest in your personal and professional development by attending workshops, conferences, or enrolling in courses relevant to your industry.

Additionally, read books on topics that interest you and follow thought leaders in your field. Continuous learning not only expands your knowledge but also keeps you inspired and innovative.

4. Build a support system

A support system is crucial for entrepreneurs to navigate the challenges and uncertainties of the business world.

Surrounding yourself with like-minded individuals who understand your journey can provide guidance, encouragement, and a valuable network.

5. Prioritize mental health

The constant pressure and demands of running a business can take a toll on your well-being, so it’s essential to take steps to maintain your mental and emotional resilience.

If you find yourself feeling overwhelmed or stressed, take the time to prioritize your mental health.

Engage in activities that help you relax and destress, such as practicing mindfulness or meditation, engaging in regular exercise, or even seeking therapy or counseling if needed.

Remember that your well-being is just as important as your business success.

12. Technical Skills

In the digital age, having a grasp of relevant technical skills can give entrepreneurs a significant advantage.

Whether it’s understanding basic coding, being proficient in digital marketing tools, or using data analysis software, technical skills can lead to more efficient operations and innovative solutions.

Tips to improve your Technical Skills:

1. Identify Key Skills

Ask yourself what technical skills are most relevant to your industry and business goals. Identify the areas where you need to improve and prioritize acquiring those skills.

Conduct research, attend workshops, or enroll in courses to gain proficiency in these key areas.

2. Stay Updated on Emerging Technologies

Technology is constantly evolving, and staying up-to-date with the latest advancements is crucial for entrepreneurs.

Follow industry blogs and publications, participate in webinars or conferences, and engage with experts in your field to stay informed about emerging technologies that could benefit your business.

3. Seek professional help

No matter how hardworking and knowledgeable you may be, there will always be areas where you could benefit from professional help.

Don’t hesitate to seek out experts in specific technical fields to assist you with complex tasks or provide guidance on implementing new technologies.

Hiring consultants or collaborating with outside specialists can save you time and guarantee that your business is utilizing the most up-to-date and efficient tools and strategies.

13. Negotiation

Negotiation is necessary for securing deals, forming partnerships, and resolving conflicts.

Effective negotiation involves understanding your goals, the needs of the other party, and finding a mutually beneficial solution.

An entrepreneur with strong negotiation skills can save money, create advantageous partnerships, and secure favorable contracts.

Tips to improve your Negotiation skills:

1. Always prepare

Don’t go into a negotiation unprepared. Take the time to research the other party, understand their needs and interests, and identify your own priorities.

Anticipate potential objections or challenges that may arise during the negotiation process. Having a clear understanding of your goals and a well-thought-out plan will give you a strong foundation for successful negotiations.

2. Listen to the other party

To better understand the needs and interests of the other party, it is essential to read between the lines and listen during negotiations.

Give them the opportunity to express their perspective, concerns, and desired outcomes.

3. Be confident

Believe in your own abilities and the value that you bring to the table because confidence allows you to navigate the negotiation process with assertiveness and clarity.

It also helps you to remain composed and focused, even in challenging situations. When you exude confidence, the other party is more likely to perceive you as a credible and trustworthy partner.

4. Seek win-win solutions

The goal of negotiation should not be to overpower or outmaneuver the other party, but rather to find a mutually beneficial solution.

Strive for a win-win outcome where both parties feel satisfied with the agreement. This approach builds trust and fosters long-term relationships that can lead to future collaborations and partnerships.

Look for creative solutions that address the needs and interests of both parties, even if it means making concessions or exploring alternative options.

By prioritizing this mindset, you demonstrate your commitment to fairness and collaboration, which can strengthen your reputation as a reliable and trustworthy entrepreneur.

6. Stay calm and remain professional

Negotiations are tough, and emotions can run high. However, stay calm and maintain a professional demeanor throughout the negotiation process.

Avoid getting defensive or reactive when faced with challenging situations or opposing viewpoints.

Instead, take a step back, breathe, and respond thoughtfully. Keeping your emotions in check allows you to think clearly and make rational decisions that benefit both parties involved.

7. Remember the bigger picture

It’s easy to get caught up in minor details or small disagreements during negotiations.

If this happens, stay focused on the long-term goals of your business and how the negotiation fits into your broader strategy.

This perspective helps you prioritize your efforts and make strategic decisions that align with your business goals. Moreover, learn when to walk away.

14. Project Management

This skill is important for entrepreneurs to effectively plan, execute, and oversee projects within their businesses.

When you apply project management principles and techniques, projects are completed on time, within budget, and with the desired outcomes.

Tips to improve in Project Management:

1. Start small

Start by practicing project management skills on small-scale projects within your business to familiarize yourself with the principles and techniques without overwhelming yourself.

By starting small, you can gradually build your project management skills and gain confidence in your ability to successfully manage larger projects in the future.

2. Develop your process

Outline the steps and strategies that work best for you and your business. This could include creating a project charter, setting clear objectives, breaking down tasks into manageable milestones, assigning responsibilities, and establishing a timeline.

By developing your own process, you can ensure that projects are executed in a consistent and organized manner.

It also allows you to tailor the approach to fit the specific needs of each project, maximizing efficiency and productivity.

It’s also recommended to document your process so that it can be easily replicated and improved upon in the future.

3. Familiarize yourself with your resources

Great leaders know how to maximize the resources available to them, and this holds true for project management as well.

Take the time to familiarize yourself with the resources at your disposal, whether it’s technology, equipment, or personnel.

Understand their capabilities and limitations so that you can allocate them effectively throughout the project.

4. Practice

At the end of the day, successful project management comes down to practice. The more you practice, the more you will refine your skills and become better at managing projects.

Look for opportunities within your business to take on new projects or initiatives, even if they are outside of your comfort zone.

This will allow you to gain hands-on experience and learn from both successes and failures.

About MJ de Castro

MJ de Castro is the lead personal finance columnist at Grit PH.

MJ started her career as a writer for her local government’s City Information Office. Later on, she became a news anchor on PTV Davao del Norte.

Wanting to break free from the shackles of her 9-to-5 career to live by the beach, she pursued remote work. Over the years, she has developed a wide specialization on health, financial literacy, entrepreneurship, branding, and travel.

Now, she juggles writing professionally, her business centering on women’s menstrual health, and surfing.

Education: Ateneo de Davao University (AB Mass Communication)
Focus: Personal Finance, Personal Development, Entrepreneurship, & Marketing

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