Essential skills to start your own business
At the outset, micro, small, and medium-sized enterprises (MSMEs) go through four stages: pre-establishment, establishment, initial operations, and growth. This guide zeroes in on the initial phase, namely pre-establishment, given its pivotal role in launching any new business venture.
This guide introduces a variety of methodologies and tools that significantly contribute to business success, offering a step-by-step approach to the establishment phase. This includes evaluating the business owner’s personal traits, shaping the business concept to represent an investment opportunity that addresses a problem or fulfils a need within a community, and constructing the business model to grasp how to generate value and profit. Subsequently, the guide delves into assessing the feasibility of the investment in a manner that helps mitigate risks and optimize resource allocation, which positively impacts the economy and society. This assessment is vital for determining whether to proceed with or halt the investment. Finally, there is the business plan, outlining a roadmap for the business, defining its vision, objectives, strategies, operations, and financial projections. This plan can be presented to investors or financial institutions, or used as a guiding document for the project team.
Available exclusively in Arabic, you can access this informational guide from the “Downloads” section.
The steps involved in implementing each of the aforementioned methodologies and tools may involve overlapping and recurring elements. These intersections serve to refine and define various aspects of the business, striking a balance between strategic vision and practical execution. They also facilitate a comprehensive understanding of the business, aiding in effective planning and decision-making, while also mitigating risks, enhancing business success rates, and fostering communication and cohesion among project team members to achieve business objectives efficiently.
Lastly, the guide encompasses practical steps pertinent to micro, small, and medium-sized business owners from a legal standpoint, such as obtaining business licenses, selecting suitable locations, and seeking legal counsel when necessary.
As part of our access to information service and in efforts to contribute to capacity-building, several training packages have been developed for training and capacity building service providers targeting micro, small, and medium-sized business owners and their teams. These packages are designed to incorporate theoretical concepts alongside practical exercises and case studies, addressing most questions and concerns that business owners and entrepreneurs may encounter in a scientific, interactive, and streamlined manner.
Should you wish to acquire the complete training package focusing on entrepreneurial mindset and the essential skills for launching your own business, please feel free to contact us.
