Skill or expertise is a crucial factor in business on which the success or failure of a business depends to a large extent.
It only through skills that some management are so successful than others and they pay huge salaries to the efficient managers who possess excellent skills.
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Apart from the complete knowledge of the business in which one wants to engage oneself, professional qualifications and experience in the line, one needs the following personnel skill to be successful in business.
Running or managing an establishment involves the use of know-how and skills which is both a science and an art in itself.
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The purpose of a manager is to achieve certain objectives and he has to deal with new, challenging situations every day.
Several types of skills are required by an entrepreneur or a manager. He should possess skills to motivate his workers and get work from them, the should possess the skill to lead them and guide them, he should possess skill to curb strikes, to remove their grievances and what not.
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He should have skills to supervise and co-ordinate among his various units.
Broadly the skill required of an efficient manager or an entrepreneur can be divided into the following major categories:
Technical skills which enable him to perform a job of mechanical nature efficiently and economically. These can be learnt from technical and professional institutes in the country.
Human relations skills which will help in dealing with different people in and out of his establishment, and keep them satisfied and to make them work in the best interests of the management.
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Conceptual skill which is required to see and foresee the future prospects and problems and to deal with them imaginatively and effectively.
This would also include his ability to establish goals, define tasks, search for alternatives, develop plans, think rationally and reasonably and evaluate situations.
In nut shell, without these skills an entrepreneur or business has no future.