With the pandemic, many people have crossed over to entrepreneurship either due to job loss or as a way of growing their sources of income.

Much as entrepreneurship comes with perks such as being your own boss and a chance to grow your passion, it also has challenges. That’s why one has to be equipped with the necessary skills to excel as a business person.

Understanding the essential business concepts and required skills is a huge bonus if you are to be a successful entrepreneur.

Most importantly, business experts affirm that with the right business skills, one is equipped with the tools needed to steer their business in the right direction.

Francis Mwangi, an educator, and human resource personnel says having a background in business, be it prior experience or education, gives you confidence to pursue your goals.

He believes that whether one is just venturing into business or has the experience, having negotiation skills is important.

In a recent report by the World Economic Forum, negotiation was identified as one of the ‘top 10 skills’ needed to thrive in the future workforce.

Also, strong managerial skills were linked to organisational performance. For instance, studies have revealed that managers account for 70 percent of the variance in employee engagement, underscoring the need for companies to develop leaders who can drive team productivity and morale.

Mazen Halawi, a businessman with a food enterprise in Kigali believes that the first skill one should possess is having a background in economics.

He explains that having basic knowledge in this area is a valuable asset in any field, as it helps when it comes to understanding pricing strategies and market demand.

In addition to this, when you are knowledgeable about economics, it also acts as a tool when it comes to making decisions at your workplace, depending on the position you are holding there, he says.

According to Halawi, data analysis skills also come in handy when running a business. Using analytics in business plays a big role when it comes to generating growth, he explains.

"In today’s job market, it’s even evident that analytical skills are one of the most important skills used in many organisations to leverage data and improve services and operations. Besides, it also helps in dealing with complex business problems, which in the end helps one make informed decisions that would benefit the organisation,” he says.

Financial personnel Alphonsine Mushimiyimana, says having some basic skills in finance is very vital when running a business.

This she says doesn’t mean that one has to be knowledgeable about numbers, rather, she notes that being familiar with concepts such as cash flow and profitability can be essential with understanding your organisation’s performance.

She however adds that knowing and understanding how to read and interpret certain aspects like a balance sheet is very important for financial analytics.

Halawi says that honing your management and leadership skills is also essential. 

"This ranges from learning how to stay calm in all situations to developing your own leadership style. These skills play a big role when it comes to helping one understand how to bring their vision to life,” he adds.

In any working environment, Mwangi says effective communication plays a big role; therefore, relying on this skill is beneficial especially for coordinating efforts and accomplishing organisational goals.