Starting and growing a business isn’t easy. You may have the drive and the idea, but having a few essential skills can make all the difference.
As a founder of an MSME (Micro, Small, and Medium Enterprise) or a startup, you're wearing multiple hats.
You’re the salesperson, the marketer, and sometimes even the accountant!
But beyond the core operational tasks, there are key skills that help a founder navigate the ups and downs of running a business.
Let’s dive into the top seven skills every MSME and startup founder in India should master.
1. Financial Literacy: Understanding Your Numbers
You don’t need to be a CA, but…
You should know the basics of your finances.
Understanding cash flow, profit margins, and break-even points is essential. Knowing what these terms mean, and more importantly, what they mean for your business, is important for survival and growth.
- Why It’s Important: When you understand your finances, you can make smarter decisions—knowing when to reinvest, when to hold back, and where to cut costs.
- Quick Tip: Don’t shy away from using accounting software. An AI-powered tool like Suvit can help you track cash flow, handle GST reconciliation, and simplify financial reporting.
2. Marketing Skills: Mastering the Art of Selling Your Vision
Even the best product needs marketing!
Having an amazing product or service won’t mean much if no one knows about it. As a founder, you need to know how to communicate your brand’s value.
Whether it’s traditional advertising, digital marketing, or word-of-mouth, make sure your target audience knows who you are and what you stand for.
- Why It’s Important: Effective marketing is the bridge between your business and your customers. Understanding this can help you cut costs and reach a wider audience.
- Quick Tip: Use social media to your advantage. Platforms like Instagram and LinkedIn are great for spreading awareness, especially for MSMEs and startups on a budget.
3. Time Management: Prioritizing What Matters Most
It’s all about working smarter, not harder.
Founders often juggle multiple tasks, from managing employees to attending client meetings. Without solid time management skills, it’s easy to get overwhelmed or miss important deadlines.
Knowing what to prioritize will allow you to work efficiently and stay on track.
- Why It’s Important: With proper time management, you can maximize productivity without burning out. It lets you concentrate on things that have a big impact.
- Quick Tip: Try using productivity tools like Asana, Trello, or Google Calendar to stay organized and on top of your responsibilities.
4. Leadership and People Management: Building a Cohesive Team
As strong as your team is, so is your business.
Good founders know how to lead and inspire. This doesn’t mean giving orders but supporting, motivating, and empowering your team.
Strong leadership skills can make your employees feel valued, which translates to better work output and a positive work environment.
- Why It’s Important: Motivated employees are more productive and engaged. Good leadership also reduces employee turnover, which is important for any growing MSME or startup.
- Quick Tip: Provide regular feedback and be open to hearing your team’s ideas. This builds trust and helps you learn from different perspectives.
5. Adaptability: Navigating Change with Confidence
Change is the only constant.
In the business world, things can change fast—new trends, shifts in customer behavior, or sudden economic downturns. Founders who adapt quickly can seize new opportunities or pivot their business if necessary.
- Why It’s Important: Being adaptable means you’re ready to face challenges and take advantage of unexpected opportunities. It’s about staying resilient and flexible.
- Quick Tip: Stay informed by following industry news and trends. Networking with other entrepreneurs can also provide insights into shifting markets and business strategies.
6. Customer-Centric Mindset: Putting Your Customer First
Happy customers are repeat customers.
Founders must understand what their customers want and how to fulfill those needs. This isn’t just about delivering a good product or service; it’s about creating an experience that builds trust and loyalty.
- Why It’s Important: A customer-centric approach drives growth through positive reviews, referrals, and repeat business. It also gives you a competitive edge.
- Quick Tip: Use customer feedback to improve. Encourage reviews and be open to criticism—it’s one of the best ways to learn and grow.
7. Problem-Solving Skills: Turning Obstacles into Opportunities
Challenges are just opportunities in disguise.
Whether it’s a technical issue, a missed deadline, or a dip in sales, problems will come up. Founders with strong problem-solving skills can assess situations, identify the root causes, and find effective solutions.
- Why It’s Important: Quick and efficient problem-solving can keep your business running smoothly, reduce costs, and minimize the impact of setbacks.
- Quick Tip: When facing a problem, break it down. Prioritize the cause over the symptoms. Brainstorm with your team and consider different solutions before taking action.
Why Skills Matter More Than Ever for Indian MSME and Startup Founders
Running a business in India, especially as an MSME or startup, comes with its own set of challenges. The competitive landscape, ever-evolving customer expectations, and regulatory requirements all need you to be on top of your game.
These seven skills are essential to navigate these waters effectively and ensure sustainable growth.
The best part? You don't have to become an expert at once.
With continuous learning and practice, you can develop these skills over time.
Just remember, being a founder means you’re always learning, always evolving. So, don’t hesitate to ask for help, invest in resources, or use tools that simplify complex tasks.
Little Tech Don’t Hurt Anyone!
Managing all these aspects can get overwhelming, especially as your business grows. This is where Suvit can be a game-changer.
Suvit is an AI-powered accounting tool that helps MSME and startup founders automate manual tasks, manage GST reconciliation, and handle financial reporting.
It’s like having an extra pair of hands (or two!) dedicated to your financial needs, so you can focus on what matters—growing your business.
So, why not give Suvit a try? Let it handle the number-crunching, while you hone your skills and take your business to the next level!
