14 Business Skills You Need to Master

Business skills you need to master

To succeed as an entrepreneur, you need a variety of skills. Some of these are considered soft skills, like adaptability, while others are more technical, such as understanding how to use increasingly common AI tools. Whether you’re a solopreneur or business owner backed by a team of employees, these are the specific skills our experts recommend mastering.

1. Project management skills.

Starting and running a business is a massive undertaking that can feel daunting and intimidating. Learn how to break down your objectives into a series of smaller projects and develop tasks, goals, and timelines tied to those projects. This way, both day-to-day operations and big-picture initiatives have a better chance of succeeding.

“Entrepreneurship is exhilarating, but it also comes with its share of challenges. We’ve seen time and again how mastering project management can make all the difference,” Dr. Kelly Heuer, vice president of learning at the Project Management Institute, told us. “Startups especially struggle with common hurdles like managing risks, prioritizing tasks, staying on budget and ensuring clear communication. These obstacles can feel overwhelming, but by taking a project management approach, you can transform blockers into achievable momentum.”

2. Delegation skills.

Delegation involves assigning responsibility to other people for the completion of work. Are you weak in a particular business area despite your best efforts? Then it may be smarter to delegate related tasks to a qualified employee instead of trying to do them yourself. Similarly, if you have too much on your plate, you can prioritize what must be done by you as the business owner. Then, assign the rest to your staff or an outsourcing service.

For entrepreneurs who are used to doing everything themselves or having complete control, this may be a challenging skill. Effective delegation involves achieving the correct balance between control and allowing people to contribute toward a shared goal. The key element is knowing how to make your business work, rather than your business working you.

3. Communication skills.

To be effective in business, you have to communicate well. For example, when hiring new employees, good communication skills help you find the right person. When you speak with stakeholders, suppliers or customers, proper communication skills enable you to convey expectations. Not only that, but they also help exchange information and show sensitivity when dealing with problems.

Knowing what to say and how to say it can impact whether others want to interact with you and your business. You may not think of communication as a revenue-generating activity. But, how well you communicate can greatly affect the success of your business.

“Clear communication … keeps your team aligned and working toward the same vision,” said Heuer.

4. Negotiation skills.

Almost everyone negotiates informally on a daily basis without being aware of it. Formal negotiation is a skill that can be learned through experience and practice, and it’s a vital asset in business. Business owners may need to negotiate with vendors, employees and customers over pricing, contract terms and other matters.

People who negotiate frequently tend to be more skilled at it than people who have not participated in many formal negotiations. The trick is to know how to develop a win-win approach for all parties while keeping in mind that you also want to obtain the most favorable outcome possible for yourself.

5. Strategic planning skills.

Strategic planning is an important business activity for defining your company’s strategy or direction. It’s also imperative for making decisions on allocations of resources of capital and people. Business owners who have strategic planning skills are better able to protect their company’s future performance, conceive well-defined growth plans and build a sustainable business.

6. Leadership skills.

Leadership, a critical management skill, is the ability to take charge, assemble, mobilize and motivate teams. Your leadership sets the direction for your business — and sets an example. With strong leadership, you can help your team not only work toward common goals but grow individually, fostering employee loyalty.

7. Team-building skills.

Team-building and teamwork skills are essential for business owners in today’s workplace. Colleagues working together in teams often generate better solutions and more productivity than individual employees working independently. Whether you’re creating an in-house marketing team or building a sales team, you need to know the best ways to get different types of people to collaborate harmoniously.

8. Analytical skills.

Broadly speaking, analytical thinking is the ability to assess your business’s present state objectively. Then, determine where you want to be in the future and identify what to do to close the gap between your business’s present and future growth. However, business owners also regularly need to engage their analytical skills on smaller scales for day-to-day decision-making. There’s an argument to be made for relying on your gut instincts. But, almost all decisions you make for your company should entail collecting and evaluating relevant data. You can’t do that without analytical skills.

9. Sales and marketing skills.

Establishing successful sales and marketing methods and policies — from pricing models to advertising strategies to sales practices — is essential for growing your business. While you can hire leaders who specialize in these areas, you need to bring a certain level of expertise to the table, too. Understand effective selling techniques and keep up with the latest marketing channels. This way, you can ensure your company is focused on profitable revenue streams.

10. General management skills.

Management involves leading a group of one or more people for the purpose of coordinating activities that will accomplish a goal. In a business, management encompasses the deployment and direction of human, financial and technological resources. Many companies have specific leaders for each of these areas, such as chief HR officers, chief financial officers and chief technology officers. But as the company owner, it’s your responsibility to make sure everything is operating as it should. Plus, the fewer employees you have, the more you’ll have to manage the day-to-day of your business. Of course, if you run a one-person business, all management is up to you.

11. Adaptability skills.

The only constant in business is change. Business owners must be quick on their feet, flexible and willing to embrace the unexpected.

“Adaptive decision-making isn’t about always having the right answer but knowing how to respond to new information and pivot when needed,” said Stephen Greet, the co-founder and CEO of BeamJobs. “Entrepreneurs often feel they need to stick to their original plans, but in my experience, the most successful ones constantly evaluate and iterate.”

Greet said business owners need to be skilled at “recognizing when to push forward and when to rethink your approach without being paralyzed by fear of change.” Our guide to the benefits of being adaptable explains more about why this trait is so important in business and includes tips for improving your adaptability skills.

12. Financial management skills.

Financial management skills are required for business owners to fully grasp the differences between income and expenditure and the risks of their investments. Timely budgeting and reporting of financial performance are crucial. But, you can’t adequately accomplish either task if you don’t understand how to interpret financial statements for cash flow, profit and loss, and other metrics. While you can hire a bookkeeper or accountant to manage your books, you should have a clear picture of your business’s financial health at all times.

13. Time management skills.

Time management is a set of related common-sense skills that help you use your time in the most effective and productive ways. Learning this skill will empower you to achieve more and spend your time wisely. You need to know how to manage your time efficiently. This way, you can focus on the activities most likely to deliver value to your business.

“Learning to prioritize what truly matters — especially when everything feels urgent — helps you focus energy and resources where it counts,” Heuer said.

14. Artificial intelligence skills.

Whatever your feelings on artificial intelligence (AI), there’s no denying it’s radically — and rapidly — changing the business world. The companies that survive will be the ones run by business owners, leadership teams and employees who understand how to harness the power of this technology to improve operations. Entrepreneurs should understand the basics of how generative AI tools like ChatGPT work. They should also take the time to identify and implement the AI-powered processes and programs that can transform their company.

The best ways to learn business skills 

Not every business owner has an MBA degree, and they don’t necessarily need one. Entrepreneurs can have varied educational backgrounds. However, they must recognize they may need to grow their skill set in nontraditional ways and keep up with an ever-evolving business landscape.

“The marketplace is going to change fast in the coming years, and the demand for individuals prepared to take on future jobs will only increase,” said Justina Nixon-Saintil, chief impact officer at IBM. “The growth of AI agents, the future use of quantum computing and the increase in cyber threats will make this transformation pervasive. These innovations and challenges will continue to drive the need for new skills, making lifelong learning essential for people who want to remain competitive.”

The professionals we spoke with recommended these methods and tools for learning business skills.

Training and certifications

Regardless of whether you have a college degree, you can complete training and certification programs to boost your skills in the workplace. You can get certified in different leadership ethos, public speaking and even high-speed typing. Consider areas that are less obvious to your business but may encourage you to think differently. Such areas can include diversity, peer mediation and sustainable design.

There is also a bevy of technical certifications available related to the specific skills highlighted above. For example, the Project Management Institute “offers certifications like the Certified Associate in Project Management, which is perfect for those new to project management,” said Heuer.

Digital courses

Online learning is a great opportunity for anyone to learn at the time and place that is most convenient for them; most courses are also flexible about the time frame in which they are completed. Depending on the type of course or platform you choose, you can listen to prerecorded lectures while commuting to the office. Or, you can watch your classes during lunch and log your online discussion questions before you sit down to dinner.

The breadth of digital courses available has increased greatly in recent years. Not only can you find classes on traditional subjects, but you can also take classes for specific skills like Adobe software, management or website maintenance. Nixon-Saintil pointed out IBM’s SkillsBuild platform and valuable courses like “Introduction to Artificial Intelligence” — educational resources that are available for free.

Hands-on experience

Sometimes, the best way to learn is to just do. There is a lot to be said for gaining expertise through trial and error, making mistakes, and learning from failure.

“Entrepreneurship is ultimately a hands-on learning experience. Some of the most valuable skills are gained through experimentation — trying new approaches, learning from mistakes and iterating as you go,” said Katie Hotasa, a professional certified coach and owner of KMH Leadership.

In growing her own business, Hotasa realized she had to just dive in and “let go of perfectionism because it was holding me back.” She now encourages fellow business owners to do the same.

“Process isn’t born from perfection; it comes from taking the leap. Confidence comes through doing, so just start,” she said.

Business mentor

An experienced business mentor can share their years of wisdom with you and offer meaningful consulting. They can provide a fresh perspective on any new challenge you face — whether it’s how to make an acquisition or foster a better workplace culture. Then, they can guide you toward the right approach to solving it. If you have specific skills you want to improve, like communication or strategic thinking, they can help you with that as well.

Finding a mentor in your company’s sector is helpful. But, the most important thing is to find someone who excels in the skills you wish to learn — regardless of their industry. Together, you can figure out how to strengthen that skill set and apply it to your business. A business mentor or coach can also help you gain experience in specific scenarios.

“Nothing beats learning by doing. For example, one entrepreneur I worked with improved their negotiation skills by regularly role-playing with a mentor — far more impactful than simply reading books on the topic,” said Greet.

A business mentor is also a new connection who can open doors to many more connections. They can expand your network and help you find consultants or employees to fill the skill gaps in your workplace.

Peer support

Experienced business mentors or coaches aren’t the only people you can learn new skills from.

“Surrounding yourself with a supportive community or network of peers is invaluable,” said Hotasa. “They offer fresh perspectives and shared experiences that can guide you through tough moments.”

Like a business mentor, network peers can also help you connect with others who can share their skills with you. Or, they can help you find staffing to cover your knowledge gaps.

“Community building can be just as valuable as any tool or course,” said Heuer, whose Project Management Institute boasts a “global network of professionals” who are “eager to share ideas and insights.”

Podcasts/TED Talks

Although less traditional, podcasts and TED Talks are rich with life lessons and soft skills you can pick up through your headphones. TED Talks cover a variety of subjects, allowing you to bounce from business strategy to positive psychology to meditation and back again. Listening to a variety of speakers will encourage you to think about things from a new point of view.

Did you encounter any topics or speakers through TED Talks that you particularly enjoy and want to learn more about? Then you can likely find podcasts that dive deeper into those subjects and feature even more speakers or seek out a course on the subject. [Check out the best business podcasts.]

As you consider which skill-building path to take, Heuer urged keeping in mind that while “there’s no one-size-fits-all approach to learning … there are great resources that can help each learner and make it easier overall.”

“At the end of the day,” she added, “what matters most is committing to the journey. Whether it’s through structured learning, mentorship or simply learning by doing, staying curious and open to growth will always serve business owners well.”