Essential skills entrepreneurs will need to help South Africa reclaim top spot on the continent
President Cyril Ramaphosa sought stability by reappointing Enoch Godongwana for a second stint as Finance Minister and has named Stella Ndabeni-Abrahams the Minister of Small Business. This is a welcome move for a country where entrepreneurship offers plenty of options to kick-start economic growth.
Authors
MANCOSA
Summary
With the negotiations surrounding the Government of National Unity behind us, the hard work to rebuild our economy begins in earnest.
President Cyril Ramaphosa sought stability by reappointing Enoch Godongwana for a second stint as Finance Minister and has named Stella Ndabeni-Abrahams the Minister of Small Business. This is a welcome move for a country where entrepreneurship offers plenty of options to kick-start economic growth.
With significant moves being made at the country’s highest office, it is now up to entrepreneurs to create a robust business sector that can work with the Ndabeni-Abrahams. As a leading developer of entrepreneurship skills in South Africa, MANCOSA has identified the following skills that are needed to help South Africa reclaim its place as the continent’s largest economy.
Business management skills
The article points out that business management skills are essential for entrepreneurs to effectively plan, organise, direct, and control an organisation’s resources. These skills can build credibility, improve efficiency, manage risks, implement effective strategies, create a positive company culture, and grow a business.
Essential business management skills include:
- Leadership
- Strategic thinking
- Budget management
- Business acumen
- Communication
Communication and listening
The article points out that communication skills allow individuals to express thoughts, ideas, and feelings clearly through speaking, writing, and other forms of expression. Listening skills provide the ability to understand and retain information and respond appropriately. Both communication and listening are essential entrepreneurship skills that can make a difference in how you run your business as they help you to build trust, maintain relationships, resolve conflicts, understand needs and perspectives, and make informed decisions.
Essential communication and listening skills include:
- Written communication
- Non-verbal communication
- Stress management
- Active listening
- Emotion control
Critical and creative thinking skills
The article points out that strong critical and creative thinking skills are essential for entrepreneurs to build and expand their businesses. Critical thinking lets you objectively analyse information using the evidence to make informed decisions and solve problems. Creative thinking provides a way to look at issues from various angles, consider alternative perspectives, and develop original ideas.
Essential critical and creative thinking skills include:
- Analysis
- Brainstorming
- Visualisation
- Evaluation
- Research
Strategic thinking and planning skills
The article points out that strategic thinking and planning skills allow entrepreneurs to analyse information, adapt, manage projects, solve problems, and make informed decisions. These entrepreneurship skills are vital in helping leaders overcome challenges and ensure efficient allotment of resources and achievement of goals.
Essential strategic thinking and planning skills include:
- Analysis
- Implementation
- Flexibility
- Attention to detail
- Assertiveness
Branding, marketing, and networking kills
The article points out that branding, marketing, and networking skills are essential for scaling the business and boosting opportunities in today’s competitive business environment. These skills enable entrepreneurs to promote and sell products or services. Branding creates a unique and memorable image of a product, service, or organisation, and marketing promotes them to target consumers. Networking builds relationships and allows individuals to connect with potential customers, partners, suppliers, or colleagues.
Essential branding, marketing, and networking skills include:
- Collaboration
- Communication
- Interpersonal skills
- Creativity
- Collaboration
How MANCOSA fits in
MANCOSA has several courses that provide aspiring entrepreneurs with the necessary skills to realise their dreams of owning a business. Additionally, MANCOSA runs several business incubators where mentorship and guidance are provided to provide entrepreneurs with additional skills associated with the experience of running a business.
Being a distance learning-focused institution, MANCOSA graduates are highly sought after as they possess the transferable skills that enable success in a hybrid world. Time management is chief among these skills, as managers are not around to micromanage that aspect of a project; they rely on the ability of their employees to manage their time effectively to ensure KPIs are met. Additionally, MANCOSA graduates excel in prioritising multiple tasks at once.
Finally, aspiring entrepreneurs can enhance their soft skills through the Honoris Career Centre, which offers practical guidance on enhancing one’s journey to success.
