Use Your Knowledge and Skills to Shorten the Learning Curve

There are 2 basic aspects of skills and knowledge required in a startup. The first is the technical aspects of the business. By technical, we are referring to the knowledge and skills fundamental to the nature of  the business. For instance, the technical aspect of a bakery refers to the baking and other skills required to produce good products for sale. The other skills would be necessary to make savory buns and pastries to entice customers. If the business is to develop android apps, the technical aspect would be the programming and other skills. The other skills could be related to the aesthetic and functionality of the app.

However, good technical skills and knowledge alone would not be sufficient to make a startup viable. You could be making delicious pastries and buns for sale in the bakery but due to lack of promotion and marketing as well as mispricing, the business could be doomed to failure.

This bring us to the second aspect which is the management skills and knowledge needed to make the business profitable. There are many areas under management which includes marketing, human resource, finance, operations and so on. In the bakery example, pricing products correctly as well as promotions especially during the startup phase are key to the business success. Employing the right people for the business is critical. Ensuring adequate capital especially the cash flow during this initial period is crucial. Also, you have to ensure smooth operations with minimal disruptions to customers while trying to get things right.

Entrepreneurs experience a steep learning curve during the initial phase of their startup. Thus if an entrepreneur enters a business in which he or she had no technical and management experience at all, the learning curve is going to be especially steep. Therefore think twice about entering such a business. If you had technical experience, for instance as a baker in a bakery shop, you have a distinct advantage. Though you may have the technical skills, you probably do not have adequate management knowledge and skills needed to run a bakery successfully. However your learning curve is dwindled down to learning the management aspect of the business. With a shortened learning curve, your chances of success are much better than another entrepreneur who lacks both technical and management skills.

On the other hand, an entrepreneur may have been the manager of a bakery shop before taking the plunge to open one himself or herself. It is true that he or she may not have the baking and other skills needed to come up with savory buns and pastries. However the experience in running a bakery had provided this person with the management knowledge and skills required to make the startup a success. In  fact, he or she probably had experience in recruiting bakers and other staff needed for all aspects of the business. Still, this entrepreneur would need to experience a  learning curve to come up with a range of products to make the bakery stand out in the eyes of consumers.

Therefore think about the learning curve before you take the plunge to startup a business. Make sure that you are well equipped with the technical or management aspect of the business you are getting into. The best business to get into is the one in which you have both the technical and management knowledge and skills required to make it a success.

 

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