Updated November 2026: this post has been refreshed with current information for readers in Nigeria. It is general information, not professional business advice.
In 2015 business coach Tale Alimi shared five skills she believes every business owner should develop, inspired by a habit of using long flights as a 'mini retreat' to reflect on what was and was not working in her business. Her advice has aged well. This updated version keeps her core ideas and adds practical steps for Nigerian entrepreneurs running businesses today, when customers are online, costs are rising and competition is a click away.
1. Listening
Listening goes beyond hearing words; it means understanding what customers, staff and partners actually need, including what they communicate non-verbally. As a small business owner you have an advantage big companies spend heavily to buy: you can talk to customers directly.
- Ask every few weeks: what almost stopped you from buying? What would make you buy again?
- Read reviews and WhatsApp messages for repeated complaints and requests.
- Turn the most common request into your next product, service or improvement.
2. Learning
Alimi pointed out that investor Warren Buffett credits much of his success to continuous learning. What you do not know might be what is holding your business back. Create your own personal learning curriculum the way school once gave you one.
- List the skills your business needs this year, such as bookkeeping, digital marketing, negotiation or hiring.
- Use free and low-cost online courses, books, podcasts and local business events.
- Block regular time in your calendar for learning, and apply one idea each week.
3. Networking
'Your network determines your net worth' is only true if you use your network deliberately. Building a good network starts with clarity: what are you trying to achieve, and who do you need to meet to get there?
- Identify the types of people who can move your business forward: suppliers, mentors, potential partners, investors, customers.
- Join industry associations, trade groups and online communities where those people are active.
- Give before you ask. Share referrals, introductions and useful information.
- Follow up. A contact you never speak to again is not part of your network.
4. Selling
Sales is the lifeblood of every business. Without it, nothing else matters. Many founders are uncomfortable selling, but selling is simply helping the right customer understand why your product solves their problem.
- Know your ideal customer and the specific problem you solve for them.
- Prepare a clear, short explanation of your offer and its price.
- Ask for the sale and ask for referrals from satisfied customers.
- Use online channels: a Google Business Profile, social media and a simple website make it easier for customers to find and trust you. See our online presence guide in the related links.
5. Managing money
Many profitable-looking businesses fail because of poor cash flow. Every owner should understand basic numbers.
- Separate business and personal accounts from day one.
- Track income and expenses weekly, not just at year end.
- Know your gross margin: what you keep after the direct cost of each sale.
- Keep a cash buffer for slow months and unexpected costs like price increases.
- Register your business with the Corporate Affairs Commission (CAC) and keep records; they make loans, grants and big contracts easier to access.
Take your own mini retreat
Alimi's habit of using travel time to reflect is worth copying. Every quarter, set aside a few quiet hours away from daily operations. Ask: What is working? What is not? What should I stop, start and continue? Write down three priorities for the next 90 days and review them at your next retreat.
Frequently asked questions
What is the most important skill for a small business owner?
It depends on your business, but selling and cash flow management are often the difference between surviving and closing.
How can I learn business skills cheaply in Nigeria?
Use free online courses, business podcasts, library books, mentorship programmes and events run by banks, hubs and associations.
Do I need to register my business with CAC?
Registration is required to operate as a company and helps with banking, contracts, grants and credibility.