Honing your skills and targeting your market are keys to success

Unfortunately, this week marks the end of the current series of Business 2000.

Unfortunately, this week marks the end of the current series of Business 2000.

Before you get too upset - or excited at the prospect of the end of the school year - it is worth looking at what we have learned over the past academic year.

The last thing which those of you who are studying for your exams want is another test about what you know, however.

So here at Business 2000, we have decided to make things a little bit easier for you.

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Far from asking you to stretch your already overworked brains, let's recap some of the key themes and topics that have emerged this year.

One of the most important things for anybody considering setting up their own business is the ability to secure funding.

As the lifeblood of any business, there is little doubt that cashflow can mean the difference between the success or demise of a fledgling enterprise.

During a series looking at what it takes to get a business up and running, we learned about the importance of a good business plan in this regard.

We heard from those who make decisions on such matters about how the "3 Cs" - character, cashflow, and collateral - all play an important role in creating a successful business strategy.

The traditional "bricks and mortar" premises are no longer essential for a start-up company, we also discovered.

But while the internet offers real opportunities to avoid many of the costs associated with operating a premises, the fact that it is 24/7 brings with it other key considerations in terms of staffing and technical support.

The ability to market your product - and yourself - is also hugely important.

By developing good networking skills, individuals can build strong relationships with potential clients and business partners, something that can ultimately prove vital to the long-term success of a business.

By branding both themselves and their businesses, prospective entrepreneurs can increase their impact. In turn, this can help reduce the costs associated with attracting and retaining staff, by allowing them to build a clear image of the aims and ethos of those they work for.

The development of good corporate social responsibility policies, while seen by some a smokescreen for questionable practices, can also contribute in this regard.

Another major theme of Business 2000 this year has been the importance placed by the Government on lifelong learning and the transferability of skills.

In an ever-changing global marketplace, the ability to apply to other sectors the lessons learned in one career could prove vital.

To this end, we looked at the specific skills needed to work in a variety of careers. As it turned out, many of these are equally relevant in other areas of the business world. In the media, for example, the ability to "think outside the box" is crucial, in what is a hugely deadline-driven business.

But a career in the media requires strong interpersonal skills too -- which are also hugely important in the financial sector.Similarly, the ability to meet deadlines is important in the manufacturing process.

But personal integrity and the ability to own up to your mistakes can also be important here; otherwise, the whole production process can be compromised. Likewise, a career in sales or marketing requires the capacity to build up the trust of your client.

But running your own business can take many different forms. As we have seen this year, some people set up as alternative therapists, specifically catering to the needs of stressed-out individuals in the busy modern world.

Some choose to leave Ireland in order to work abroad, despite the positive impact of the Celtic Tiger on the Irish economy as a whole. Others become "ethnic entrepreneurs" by coming here to live and work, and overcoming some of the challenges this can present, while some people also seek to change the world we live in by setting up their own charity.

This year, we also looked at how individuals and businesses can improve and redefine their own performance. We learned that leaders are not necessarily born, but can be made.

We also examined the importance of teamwork and the need for companies to monitor the workings of the media.

Of course, this is just a taste of the many issues that we have examined this year. Covering the full range of the analysis provided by the many interviewees who contributed to Business2000 this year is beyond the scope of this one article. But as you prepare to spend the summer months away from the concerns of the school curriculum, fear not. If you find yourself deprived of your latest fix of this column, help is at hand. By accessing the fully archived articles from this column on the Business 2000 website, www.business2000.ie, you can constantly refresh your knowledge, if you feel the urge, or at least engage in some gentle bed-time reading, should you so wish.