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Starting a business can be an exciting and rewarding venture, but it also requires a certain set of skills to be successful. For undergraduate students looking to create and sustain a business, there are key skills that should be developed to ensure success. Let's take a look at some of these important skills:
Effective communication is essential in business. Whether it's pitching your business idea to investors, negotiating with suppliers, or communicating with customers, strong communication skills are crucial. According to a study by Harvard University, 85% of success in business can be attributed to communication skills.
| Statistic | Percentage |
|---|---|
| Success in business attributed to communication skills | 85% |
Understanding basic financial concepts such as budgeting, cash flow, and financial statements is essential for any business owner. Without a solid grasp of financial literacy, it can be difficult to make informed decisions that will benefit your business in the long run.
| Statistic | Percentage |
|---|---|
| Small businesses that fail due to poor financial management | 82% |
Running a business comes with its fair share of challenges. Being able to think critically and come up with creative solutions to problems is a valuable skill for any entrepreneur. According to a survey by Forbes, 97% of business leaders believe that problem-solving skills are essential for success.
| Statistic | Percentage |
|---|---|
| Business leaders who believe problem-solving skills are essential for success | 97% |
Developing these key skills during your undergraduate programme will not only prepare you for the challenges of starting and sustaining a business, but also set you up for success in the future. Remember, success in business is not just about having a great idea – it's about having the skills to bring that idea to life.