As the trade industry in Canada continues to thrive, more and more people, especially the youth, are grabbing opportunities to get their foot in the door through trade programs and apprenticeships.

However, while both of these will prepare them with the necessary knowledge and skills to be successful in their chosen trade, there is one skill that can be incredibly useful as well—a skill that most people assume is irrelevant in the trade industry: entrepreneurial skills. Below are some tips on how to smartly utilize your business skills in the trade industry:

Allow yourself to be driven by personal goal.

The most successful entrepreneurs have been driven by their desire to achieve their set goals, primarily to establish a business of their own and become their own boss. While tradespeople may work for employers, they can follow the entrepreneurial attitude of defining a clear goal of being the best they can possibly be. This means that while they can draw inspiration and support from their peers, at the end of the day, they can measure the quality of their performance against their own standards, and not anyone else’s.

 Be smart about money.

Entrepreneurs succeed because they know finances like the back of their hand. They have a great way of determining assets and liabilities, and they have a remarkable ability of balancing their books—even when their own bookkeepers can’t. This is something that tradespeople can use as well since it is definitely a big boost if they can estimate costs right off the bat and they can read when cost-cutting measures are necessary and where exactly they can be applied.

Learn how to be independent.

Most entrepreneurs have a team of go-to people around them—from executive assistants to accountants, from publicists to lawyers. However, for the most part, their ideas are their own, and while they rely on said professionals, they can always manage on their own if circumstances call for it. In the trades industry, while you have your colleagues and your employers, you must learn to stand on your own two feet and tackle your projects head-on as an individual spirit.

Manage risks and failures gracefully.

Entrepreneurs know about risks and failures all too well. Apart from having a general ideal of what challenges they might come across when they start their own business, they do have to prepare a business plan that includes a market feasibility study. However, even when they clearly understand their return of investment studies, they still take risks. This is something that tradespeople can also apply as they may also face difficulties as they try to succeed in their respective fields. The trick is to learn how to cope with such things well and if they do encounter failures along the way that they learn how to get back on their feet.

Now that you know how business skills matter in the trades, are you prepared to apply your business savvy as you enter into the trades? Just keep these pointers in mind, and you will succeed in your efforts.

Sources:

http://www.tradeready.ca/2013/fittskills-refresher/the-attitude-heart-of-an-entrepreneur-spirit-of-a-leader/

http://www.brantfordexpositor.ca/2013/05/08/skills-knowledge-of-major-importance-in-trades

http://talentegg.ca/incubator/2014/03/10/5-traits-found-in-successful-skilled-trades-professionals/