Free Cash Flow Is Cash From Operations Less Cash For The Entrepreneurial Skills Set

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The Entrepreneurial Skills Set

The main reason most business owners fail (over 90%) is because most people who start a business have no idea how to build and run a successful business. They lack critical skill sets.

So why do they start a business? What makes them think they can succeed? Well, what kills most people from the start is the assumption that everyone makes. And that is a ‘fatal’ assumption.

They all assume that because they know how to ‘do’ the technical side of business, they would therefore know how to run a company that does that technical work (famous quote from business guru, Michael Gerber).

In other words, they assume that just because they can cook well, that means they can run a successful restaurant. They assume that just because they can teach well, that means they can run a successful learning center. They assume that just because they are good at cutting hair, they can run a successful hair salon.

Nothing is further from the truth. In reality, a chef who says he knows very little about marketing, branding, management and staff training.

And he probably knows even less about operations, cash flow management, accounting, etc… He goes from a great job as a chef to being totally incompetent and lost as an entrepreneur.

The worst thing is that this Chef will probably spend most of his time in the kitchen doing the operational tasks of food preparation, cooking, tasting, etc… (because that’s what he knows how to do).

As a result, they won’t be spending essential time on all the other important aspects of the business — like marketing, finance, brand development, customer service and management.

What I just described is a typical scenario that happens to most people who were once employees specializing in a specific technical skill (ie cooking, hairdressing, accounting, etc.). They start a business but find they lack the skills needed to run the business.

In short, there are six sets of entrepreneurial skills you must have in addition to technical skills to build a successful and lasting business.

These are the skills:

1) creativity and innovation,

2) organizational development,

3) management and development of people,

4) sales and marketing,

5) money management i

6) development of operations and systems.

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