Page 23 - UPthEM_Program_Final_December 2020

The promotion and distribution of our products and services, as well as telling the story behind
them is what marketing and branding skills are for. By developing our marketing skill, we ensure
that our company, and our products will be visible for our potential customers. Having enough
customers, who will buy our products and services will provide us with enough revenue.
Although the development of marketing strategies is more often associated with large companies,
small businesses should not underestimate this process. On the contrary, developing a marketing
strategy can help them significantly develop their business, and its preparation does not necessarily
have to be a difficult and complex process. These simple steps can be taken for the development
of a marketing strategy

− Performing a situation analysis – this will help us determine our current business situation,
products, competitors, etc., and will allow us to identify the strengths, weaknesses,
opportunities, and threats of the company;
− Discovering our target audience – simply identifying our potential customers, who will be
buying our products, and researching them, so we know exactly who we’re selling to;

− Listing our marketing goals – we need to define indicators through which we will be able
to measure the success of the marketing strategy (increased sales, increased conversion
rate, etc.);

− Marketing tactics – here we need to determine the actions we’ll undertake in order to reach
the goals we’ve set;

− Setting a budget – determining how much are we ready to spend to reach our goals.

Technical skills
For a long time, the skills of MS Office Suite and writing e-mails have been a must. With the
everyday changing digital world entrepreneurs need to have efficient technological skills so they
can use the large availability of software programs. Nowadays there are software programs for
financial analysis, planning, marketing, managing projects, tacking sales and revenue and many
more that can be of great help for beginning and managing a new business.

Human resources management

We’re envisaging human resources management as a hard skill and it refers to the part of hiring
people. The other half of this definition relates to the management of employees and requires the
possession of soft skill.

Successful entrepreneurs realize that people are a key component to the success of their
organizations. Hiring new employees goes through announcing and writing job ads, conducting
interviews and selecting the most suitable candidates.

Hard skills are important, but business and sector specific technical skills alone are not enough for
a successful entrepreneurship. Softs skills are critical to business performance and they need to be

Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.