For running a business smoothly a wide range of skills are needed for MBA Professionals. Most of the responsibilities an MBA Professional have to handle include sales and marketing, accounts, human resources and information technology. It is not necessary that an MBA holder should do all the duties but having skills will set one apart from the competition.
Marketing / Sales / Promotion Skills
Marketing is very different from sales and promotion. Marketing is about finding out the customers and leading them to purchase the product or avail the service.
Human Resource Skills
Managing the staff in an organization is a critical element in the success of the business. In the case of takeover of a business, it is more complicated as there will be existing staff. Human resource skills are essential for managing the employees in the organization.
Finance Management Skills
The main goal that needs to be achieved in any business in attaining financial success. So finance management skills are among the essential skills for achieving this goal. The first thing that needs to be understood is the monthly, quarterly or yearly financial statement of the company.
In all kind of business industries, it is essential to deal with different kind people. These people might be customers, suppliers or employees. Developing good communication skill will be good in the encounters with employees and negotiation skills will be beneficial in the case of suppliers.
Legal Issue management Skills
There are so many regulations and rules regarding starting and running a business. Along with these industrial relations and disputes may arise during different stages. There might be many legal issues associated with the business an MBA professional have to deal with. So it is essential to have legal issues management skills while in a managerial position.