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The Five Pillars of Success in the Foundation of Every New Business #2

Futurpreneur | October 28, 2010

Today’s post is part two of a five-part series by guest blogger Alex Papa, a publisher, social entrepreneur and investor based in the U.K.

Every day, new businesses open their doors with the hope of turning over a profit. People of all backgrounds invest into their dreams of running a successful business and acquiring wealth. But the stark reality is that some of these businesses will close before turning a profit.

The success of an entrepreneur in new business start-ups can never be guaranteed. But certain underlying pillars can distinguish a successful business from the one destined to collapse.

Pillar Two: Strong Business Skills

To run a business successfully, you need certain business skills. You want to make sure you have at least a basic understanding of finance, marketing, planning, strategizing, and project management.  Otherwise, it may reduce your ability to manage your business effectively and efficiently.

You can easily learn these skills by taking classes, seeking out entrepreneurial organizations like CYBF and by working with an experienced business mentor. If you are considering starting a business for the first time, it’s imperative that you have the background knowledge you need to be successful.

Alex Papa is a publisher, social entrepreneur and investor. He often mentors new business owners and speaks in seminars around the world showing people how to find ideas for small businesses. He also writes about Internet Security solutions at the blog.