Cash Flow Management
If you want to keep enough cash on hand to keep your company running, you will need to constantly review your bank statements and pay close attention to your company bills. A single mistake may put an end a profitable business due to a small deficiency causing a series of problems in the company’s finances.
Fatigue Resulting from Constantly Making New Decision
This fatigue is a real problem that begins when many decisions are made in a certain period of time. Even small decisions, like choosing which clothes to wear or what to eat for breakfast. You may have learned some concepts like SWOT analysis, which help you make better and more informed decisions, but it does not teach you how to act when faced with hundreds of small decisions you have to make everyday. Delegating, relaxation, and decision management techniques can help you maintain your health.
Actual Consumer Behavior
As entrepreneurs, we pretend that we can always predict consumer behavior. We do market research, commit to making big surveys and paying people to try and evaluate our products. Business institutions teach you how to do all of these things and how to “predict” consumer behavior, including price preferences and buying habits. Unfortunately, real consumers seldom act on these “predictions” at least not very accurately. Changes in reactions can and will eventually appear. And when it does appear, you need to know how to deal with them without panic and start over.
Time Management
You may have learned all kinds of things that you will need to do in business. What you do not know is that there is never enough time to do many of these things. As an entrepreneur, you will be constantly faced with more tasks than you or your team can handle. Instead of knowing who will do what and when, you will need to know what you can do without and how quickly you can get your tasks done without sacrificing quality.