Back to Basics

[vkendrick]

Back to Basics

Several years ago in the United Kingdom leaders from business, education, and government joined together to determine the “key skills” necessary for success in business and post graduate education. They came up with 4 key skills as the foundation for future success. These skills are the ability to work with numbers (basic finance and accounting), problem solving, working well with others, and improving one’s own learning and performance. In fact they started programs in the secondary school system to make sure these skills are being taught to all students. Many organizations also began teaching these skills and offering competency testing for the skills.


Compare these skills with what is typically thought to be necessary for success in business in the United States . These skills often include decision making, organization, delegation, negotiation, finance, project management, and communication. Several other experts including Kirk Cheyfetz, author of “Thinking Inside The Box” believe you must also add goal setting and customer service. One major difference is that we do not require our secondary or post secondary students to learn these skills.


The U.S. and U.K. skill sets do not really differ that much. Many of the skills in the U.S. version can be lumped into the category or working well with others (i.e. negotiation, delegation, communication, and project management). Both see the need for basic finance and accounting as well as problem solving. The big difference surfaces in the need to continuously improve one’s learning and performance. We do not often enough encourage the small business owner or entrepreneur to have life long learning as one of their goals. In fact Michael Gerber, Paul Lemburg and many other business experts encourage the business owner to hire the appropriate talent for the skill set needed. Their premise is we can not be experts in all areas of business and therefore we should focus on our strengths.

One caution is that the business owner needs to know enough of each basic skill to make decisions in the best interest of the business and avoid the pitfall of being taken advantage of. It is important to understand your costs, revenues and profits. Equally important is your ability to communicate effectively with both customers and employees. Finally you must be able to respond quickly to resolve problems that arise in your business. Whether you decide to learn the skills necessary for success or surround yourself with people who have the expertise you may lack, always keep your goals focused on success.

[jbliler]

There is a good amount of truth in this statement - I would like to mention the difference between business knowledge acquired through the educational system and real life experience - both have their place... I have seen those fresh out of college and try to build a career simply by textbook education and it does not work.

I think a good balance between real life experience and education will make a well educated and intelligent business person...

Thoughts?

[David Sandusky]

The first thing that came to mind when I saw your title "Back to Basic" was project management and customer service so I was glad to see the post!

Project management skills are an area of improvement required for the next generation of leaders and may be the heart of the ongoing education you refer to. It requires all the disciplines including delegation you mentioned. Boomers with these skills have an opportunity to mentor as they redefine retirement. You are in demand, Valerie!

Customer service is the easiest way for people and companies to separate themselves from the pack. Genuine internal and external service experience will attract great employees, vendors and clients/customers!

Communication is the most difficult and requires the most self-awareness first and good decisions on being on the right teams, etc.

[vkendrick]

I agree with the statement that students especially need a balance of educational tools and real world learning. I have thought for years that there is a need in our colleges and universities for a course to be taught by local experienced business leaders that gives the students a real view of life in the business world and gives them some basics skill practice with communicating with bosses, co-workers, and customers. Too often we take a student right from their graduation from the university or trade school, put them in an office environment and expect them to succeed. I'm sure we have all experienced the situation of going to our dentist office for a check up, find a new hygenist, just out of school, and she acts completely unprofessional. This scenario plays out in all industries.

[David Sandusky]

Originally Posted by vkendrick

I have thought for years that there is a need in our colleges and universities for a course to be taught by local experienced business leaders that gives the students a real view of life in the business world and gives them some basics skill practice with communicating with bosses, co-workers, and customers.

I agree 100%. Students can also take control by working in their chosen field while in school and bring examples to class. Challenge the text and bring their own theory. I did this and even though it took me five years to graduate, my career catapulted quicker. The best thing that ever happened to me out of college was the mentor relationship I had with a regular speaker and guest prof. in a business course. He had a business and shared his real challenges and experiences. Only a few of us reached out to him and we benefited greatly.

Participate in your local schools, professionals; and students, seek them out.

[BarJon]

I too agree. The experience is what I hire even when just out of school. At least demonstrating real experience and application.

[thubten]

Originally Posted by vkendrick

Back to Basics

Michael Gerber, Paul Lemberg and many other business experts encourage the business owner to hire the appropriate talent for the skill set needed. Their premise is we can not be experts in all areas of business and therefore we should focus on our strengths.

If the business owner learns nothing but how to hire the technician and be the entrepreneur, working ON the business rather than IN the business, s/he is 90% of the way there.

I'm sure that Paul is surprised and honored to be lumped in with Mr. Gerber on this one. I think that Paul Lemberg and Michael Gerber are both great.

[David Sandusky]

So true, Thubten! Unfortunately, the hardest thing for most entrepreneurs to do is trust others with this their baby as well as identify their strengths and weaknesses so to delegate effectively.

I did a lot of executive searches where the business owner was almost there - knowing (or being forced by VCs) to build a real executive team only to chicken out at the end when the clear top candidates were in final due diligence. That is when our job got tough - keeping the visionary in the visionary role for real and trusting others to run the company.

It is easy for entrepreneurs to say they need to surround themselves with great people - the successful do it over and over again!