Good Morning, Active Duty, Veterans and Military Spouses. It’s Business Morning Monday and today’s post is about the 9 Core Competencies of Business. The 9 Core Competencies of Business is what we teach in our Essentials of Entrepreneurship Program for Veterans and Military Spouses at Capital Business Consulting and Coaching. So, please allow me to introduce to you these concepts:
Core Competency #1: Entrepreneurial Thinking
Entrepreneurial thinking is having the ability to see the opportunities in front of you. For example, I was listening to my father consult with a young man in Illinois regarding starting gun range and small firearms customizing store. My father explained how in light of the recent change in the laws in Illinois, the young man’s venture should be very profitable. The young man couldn’t see why the venture would be profitable stating “the farmers just let everyone practice in their fields.” My father reminded him of the new law, and the fact that, historically, in states that pass this law, the purchase of firearms goes up and the need for qualified trainers increases exponentially. Needless to say, the young man, a former Army sniper, has begun his business and has been profitable in less than 3 months. However, at first, he couldn’t even see the opportunity. Click HERE for another great article about "How Military Veterans Are Finding Success In Small Business" from Entrepreneur.com
Core Competency #2: Business Visioning
Business Visioning is having the ability to accurately assess and assign resources to the business idea. Essentially, you are taking what you have and figuring out what you will need to bring your product or service to the marketplace. Click here to read how Tom Spottiswood, Ret. Army, decided to find another path to success for himself when his post-military career didn't go as planned (Source: NaVOBA)
Core Competency #3: Business Planning
Business planning is formalizing and solidifying your concept on paper. With the business plan we create the foundation and the framework for the business.
Core Competency #4: Marketing Your Business
There is a lot of information regarding marketing on the Internet so; I won’t go into it “ad nauseum” here. I’ll just say that marketing is merely figuring out who wants to buy what you are selling and how you are going to let them know you are in business.
Core Competency #5: Salesmanship
Oh, the dreaded “S” word! Let’s be honest, folks, whether you know it or not, or whether you want to admit it or not, we’re all in the sales business. The old adage is true: “Nothing happens in the world until a sale is made.”
Core Competency #6: Managing Your Operations
Managing your operations is essentially how you are going to produce and deliver your product or service and deliver it to your customer. Finally, ensuring that the people you need to pay have been paid. Operations can be as simple or as complex as you need them to be, however, all businesses try to streamline operations to maximize profit.
Core Competency #7: Managing Your Mindset
What does your personal mindset have to do with running your own business? A lot! But, we’ll just say we talk about time management, life management, wealth management, self- management and energy management strategies that catapult you and your business to the top.
Core Competency #8: Managing Your Team
The term “self-made millionaire” is a misnomer. There is no such a thing as a “self-made millionaire.” It always takes a team. How you choose to manage your team of independent contractors, employees and consultants is fundamental to your success.
Core Competency #9: Shifting from Business Doer to Business Owner
This is the final section where we show you that your “baby” is really an asset, an appreciating asset that can be bought or sold like any other asset. If you do all the steps correctly you can your execute the exit strategy, either by growing the business, selling the business or entering the entrepreneurial lifestyle.
So, there they are, the 9 Core Competencies of Business. As you can see, the concepts are super simple and we teach the actions that go along with these concepts to our clients. And, by the way, my company usually has a business up and running and profitable, on average, in about 90 days unlike many of those “free” programs who see their clients touting success in 5 years or greater! We have new classes starting all the time. Happy Holidays to you and yours!
- See more at: http://deannawharwood.com/blog/9-core-competencies-business/#sthash.8lpbhAwR.dpuf
No comments:
Post a Comment