Having a feasible business idea or selling a product or service that is class apart from other similar commodities or services in the market is not enough for an entrepreneur to succeed in a competitive market environment. While these things are indispensable for a businessperson, his /her inherent business management skills will ultimately make or break such a person in the business world and prevent him/her from lagging behind in the rat race.
The American textile industry is fortunate to have a prominent business leader in George Bardwil, whose effective business management skills are in catalyst in enhancing the dominance of his company, Bardwil Industries. Mr. Bardwil is the proprietor of this family-business, which his grandfather established in 1906. Since its inception, the company has made an indelible market on the textile industry in the United States. Currently, the company conducts its business activities via its two centers in New York and Ohio apart from having a center in New Jersey, which is also the company’s headquarters. This prominent textile company has sixty employees in its payroll who work in these three centers and specializes in the manufacture of high-quality textile materials of outstanding workmanship for American homes. Apart from being a reputed wholesaler to a number of prominent American retail companies, the company has its own online presence to conduct direct sales activities.
Mr. Bardwil advocates that an entrepreneur who wishes to exploit the opportunities present in a competitive market and establish a firm foothold for his company needs to develop the following essential business management skills:
Decision-making is one of the most essential business management skills that an entrepreneur requires in order to succeed in a competitive environment. Beginning with selecting the appropriate business model, a businessperson needs to take appropriate, smart and effective decisions in the areas of finance, marketing, prospective projects and vendor selection.
2. Coming up with unique ideas and business objectives
Entrepreneurs differ from other people because they come up with a creative business idea to exploit a shortage in the market to start their commercial venture. In many cases, this is enough to satisfy their stakeholders about the feasibility of the project. Moreover, their business objectives are realistic, time-bound for venture to grab a foothold in the market and specific.
The ability to look ahead and come up with an innovative plan to achieve the business objective sets entrepreneurs in a separate league in comparison to other people and is a perfect recipe for success. This is because such a businessperson takes into account every critical detail while formulating such a plan besides visualizing and taking effective steps to overcome the potential risks. He/she also ensures that the plan is adaptable to changing market situations.
4. Courage to take risks
While most people want what is on the other side of risk, entrepreneurs are willing to put their financial security and reputation on the line in order to take a gamble that their business venture become a lucrative venture.
George Bardwil admits that these essential business management skills take time to develop but ardent entrepreneurs do not shy away from taking the initiative.