What creates success in business? Three essential skills

As a business and enterprise coach, I am frequently asked about the kinds of skills and qualities I think new business owners need to develop. Now, everyone is different, and we all come with a unique skill set. But there are three skills I believe to be universal if you are going to flourish as a freelancer, self-employed professional or solopreneur.

Obviously, you need to be excellent at what you do. Whether it is accountancy or juggling, gardening or storytelling, I am assuming that you have the capability, passion and skill to offer a great product or service to your clients.

Beyond that, these are the three skills I believe make the biggest difference.

1. Project management

Any endeavour that takes more than a few minutes is basically a project. Whether it is moving house, building a website or setting up a new product line, basic task and self-management skills are essential if you want to navigate your way through in one piece.

Project management skills are invaluable for anyone starting a business. They are not rocket science, but they can completely transform the way you approach your work and achieve your goals.

Crucial to this skill set is the ability to break goals down into tangible, bite-sized tasks. The smaller the better.

You also need to be able to estimate effort. One task might take five minutes, while another could take a week or more. Learning to gauge this accurately helps you plan your time and resources more effectively.

Lastly, you need to identify the critical path. This is the order in which things have to happen for a project to work. For example, you cannot put the icing on a cake if you have not baked it. Project management helps you understand what needs to happen and when, to keep your business moving forward.

2. Flexibility

General Helmut von Moltke famously said, "No battle plan ever survives contact with the enemy." As a small business owner, learning to be flexible is absolutely essential.

We constantly need to course-correct in light of new information, adjusting our plans and approach through trial and error. There is no real shortcut, only becoming comfortable with the idea of "failing fast".

That means trying new things, learning what works and adapting your strategy accordingly. A rigid "my way or the highway" mindset can narrow your perspective and limit your opportunities. It may even prevent you from spotting a simpler, faster or more effective solution.

3. Create a transition plan

Diving into a freelance career with no backup resources or Plan B can be a recipe for disaster. I learned this one the hard way myself. Things almost always take longer than you expect, and unexpected obstacles have a habit of appearing.

It is difficult to think clearly or respond effectively to challenges if you are worried about paying the bills. A transition plan helps you understand how much income you need to keep yourself fed, housed and financially secure while you build your dream business.

Building long-term success

Having worked with hundreds of aspiring business owners, mumpreneurs and freelancers, I know these tools make a world of difference. The skills themselves are simple and accessible, a minute to learn and a lifetime to master.

I've always believed that running your own business is one of the greatest forms of personal development there is.