Today’s post is about the 9 Core Competencies of Business. The 9 Core Competencies of Business is what we teach in our Essentials of Entrepreneurship Program for Veterans and Military Spouses at Capital Business Consulting and Coaching. So, please allow me to introduce to you these concepts:
Core Competency #1: Entrepreneurial Thinking.
Entrepreneurial thinking is having the ability to see the opportunities in front of you. For example, I was listening to my father consult with a young man in Illinois regarding starting gun range and small firearms customizing store. My father explained how in light of the recent change in the laws in Illinois, the young man’s venture should be very profitable. The young man couldn’t see why the venture would be profitable stating “the farmers just let everyone practice in their fields.” My father reminded him of the new law, “permission to carry of a firearm concealed” and the fact that, historically, in states that pass this law, the purchase of firearms goes up and the need for qualified trainers increases exponentially. Needless to say, the young man, a former Army sniper, has begun his business and has been profitable in less than 3 months. However, at first, he couldn’t even see the opportunity.
Core Competency #2: Business Visioning
Business Visioning is having the ability to accurately assess your business idea and what it will take to bring your product or service to the market that would be most willing to buy it.
Core Competency #3: Business Planning
Business planning is formalizing and solidifying your concept on paper. With the business plan we create the foundation and the framework for the business.
Core Competency #4: Marketing Your Business
There is a ton of information about marketing on the Internet so; I won’t go into it “ad nauseum” here. I’ll just say that marketing is merely figuring out how you are going to let your potential customers know that you are in business.
Core Competency #5: Salesmanship
Oh, the dreaded “S” word! We’re all in the sales business. The old adage is true: “Nothing happens in the world until a sale is made.” Here at Capital Business Consulting and Coaching, we teach our customers how to “coach the sale.” No one feels “slimy” if you use our process.
Core Competency #6: Managing Your Operations
Managing your operations is essentially how you are going to produce and deliver your product or service and deliver it to your customer. Finally, ensuring that the people you need to pay have been paid. Operations can be as simple or as complex as you need them to be, however, most businesses try to streamline operations to maximize profit.
Core Competency #7: Managing Your Mindset
We train our clients on a multitude of subjects to include: time management, life management, wealth management, self- management and energy management strategies that catapult you to your personal best and your business to the top of the market.
Core Competency #8: Managing Your Team
The term “self-made millionaire” is a misnomer. There is no such a thing as a “self-made millionaire.” It always takes a team. How you choose to manage your team of independent contractors, employees and consultants is fundamental to your success.
Core Competency #9: Shifting from Business Doer to Business Owner
This is the final section where we show you that your “baby” is really an asset, an appreciating asset that with a little skill, a little money and some sweat equity, you can turn this asset into cash and execute the exit strategy, either by growing the business, selling the business or entering the entrepreneurial lifestyle.
So, there they are, the 9 Core Competencies of Business. As you can see, the concepts are super simple and we teach the actions that go along with these concepts to our clients. From the Army to the Air Force, from the USPHS to NOAA, the staff at Capital Business Consulting and Coaching wishes all of our Military Family Members a Happy, Safe and Prosperous 2013.