While many small business owners have abundant passion, they often lack practical business skills. This gap can lead to the premature demise of their business. About 20 percent of new businesses don’t survive their first year, roughly half don’t last five years and about 65 percent don’t last 10 years, according to data from the U.S. Bureau of Labor Statistics. Want to keep your business out of those statistics? Then you need to honestly assess the skills you already have — and identify which ones you must learn or seek out in the people you hire.
Business.com spoke with learning and development experts, leadership coaches and other professionals to find out the must-have skills for success and longevity in today’s business world. Plus, we’re providing tips on the best way to learn these skills so you can keep your professional development and your business thriving.
Business skills you need to master
Succeeding as an entrepreneur requires a wide-ranging skill set. Some of these are soft skills, such as adaptability and communication, while others are more technical, such as financial literacy or the ability to leverage the AI tools that are now commonplace in business operations. Whether you’re a solopreneur or leading a growing team, here are the 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 others for completing 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 used to doing everything themselves or having complete control, this may be a challenging skill to develop. 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 your business’s success.
“Clear communication … keeps your team aligned and working toward the same vision,” said Heuer.
According to
Springboard for Business’s 2024 State of the Workforce Skills Gap report, data analysis, project management, strategic/critical thinking, problem-solving and decision-making are the most in-demand skills.
4. Negotiation skills
Almost everyone negotiates informally every day without realizing 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 haven’t participated in many formal negotiations. The trick is knowing 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 about allocating capital and people. Business owners with strategic planning skills are better able to protect their company’s future performance, develop 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 also 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 objectively assess your business’s current state. Then, you determine where you want to be in the future and identify what you need to do to close the gap between your business’s current and future growth. However, business owners also regularly need to engage their analytical skills on a smaller scale 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. Staying current on effective selling techniques and the latest marketing channels ensures your company remains focused on profitable revenue streams rather than chasing trends that don’t move the needle.
10. General management skills
Management involves leading a group of one or more people to coordinate activities that 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 expenses, as well as 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.
Use the guides below to learn essential finance terms, get expert advice for financial management and find out our top recommendations for the best accounting software.
13. Time management skills
Time management is a set of related, common-sense skills that help you use your time most effectively and productively. 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 — reshaping how businesses operate. According to McKinsey’s The State of AI in 2025 report, 88 percent of organizations say they are regularly “using AI in at least one business function,” underscoring that AI has become a core operational consideration for businesses of all kinds. The companies that thrive will be those run by owners, leadership teams and employees who know how to harness this technology to streamline and strengthen their operations.
Entrepreneurs should understand the fundamentals of how generative AI tools like ChatGPT, Google Gemini and Microsoft Copilot work not just as productivity shortcuts, but as strategic business assets. From analyzing customer data to drafting marketing content and forecasting demand, AI-powered tools can create meaningful efficiencies across nearly every business function. The key is identifying where these tools deliver the most value for your specific operation and building the internal knowledge to use them responsibly and effectively.
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 consulted recommended the following methods and tools for developing 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.
Business.com's roundup of the
best business certifications is a great place to start, but you or your team leaders may also want to consider the specific opportunities below.
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 for completion. 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 range of digital courses available has expanded significantly in recent years. Beyond traditional subjects, you can now find specialized classes covering everything from Adobe software and management techniques to website maintenance and data analytics. 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 a less traditional learning method, 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 new perspectives.
Did you encounter any topics or speakers through TED Talks that you particularly enjoyed 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.”
