From finance, to marketing, from design, to banking, from insurance to asset management and beyond, there’s a profession and set of skills that is comfortable within these sectors. Listed are different industries and functions, all diverse and many disparate in nature. This one profession permeates so many professional industries due to what value is added and that value is business analysis.
If an organization wishes to embark upon some form of business transformation, then business analysts are usually included. This is mainly due to their uncanny ability to act as a conduit pivoting between business and technology teams, providing clarity and cohesion, and promoting change with all stakeholders they deal with.
What if the skills and traits developed as a business analyst could be used to drastically improve your entrepreneurial skills? Well, a high-quality business analyst regardless of industry or rank will showcase primary skills, which typically include:
- Stakeholder management
- Strategic thinking
- High-quality documentation of complex requirements
- Outstanding communication skills
- Exemplary presentation skills
- Organizational prowess
- Emotional intelligence
- Critical thinking
There are some more but by now it’s likely you get the picture. How many of these skills are relevant in the vast, boundaryless world of entrepreneurship?
All of them!
None of the skills mentioned would be dismissed and all would (and should) be embraced by seasoned and successful entrepreneurs as well as people looking to break into the immense and limitless world of entrepreneurship.
Business and Technology
By now it’s obvious to everyone how much technology has transformed our personal and professional lives. Gone are the days where a business did not have to be savvy with digital solutions. Terms like “disruptors” and “innovators” are more than mere buzzwords, they are permanent states for so many companies who pride themselves on providing an alternative to more traditional solutions.
The point is, there are so many professions that have changed due to technological innovations and so many entrepreneurs that owe their livelihoods to technological insight and the utilization of technology to provide goods and services to a specific clientele.
There are so many budding entrepreneurs or “wantrepreurs” who are drawn to the perceived glamor of “freedom” and “MRR” and “lifestyle” but, if truth be told, don’t know where to start! This is sadly the reality for most people who know they want to work for themselves, or want to grab their lives by the horns, but don’t know where to begin. What if acquiring the fundamentals of business analysis could set you on your way? Could the skills acquired as a business analyst lay the foundation for entrepreneurship?
The Case for Business Analysis
The term “business analysis” is broad and in all honesty a tiny bit confusing, but once you become familiar with the term and profession you quickly see that the skills business analysts have and the value, they tend to add is unique and needed in any business change project.
More and more businesses are aware of what business analysts bring to the table and are nowhere near as confused as they once were. But it’s still a source of confusion for so many. This, however, should certainly deter you from investigating the profession further. If you need convincing of how influential business analysts are these days, according to data from LinkedIn, business analysts make up at least 13% of professionals within consulting and asset management, around 11% in banking and around 6% in insurance.
So, within some of the wealthiest industries we see the dependency on business analysis as a skill. Why is this?
The Basics of Business Analysis
You can read about the basics of business analysis here as there’s a fair amount to discuss. Even if you don’t plan on working as a business analyst, having a core understanding of the fundamentals will serve you existing entrepreneurial skills very well or your aspiring pursuits even better. The skills mentioned above are an abbreviated list and none are out of place within the world of entrepreneurship.
There is an argument that you will learn these skills simply by trial and error, or the simple outcome of acting. Yes, this is probably true. Nevertheless, why would you stagger your own progress when you could pick up the skills in a concise, measured and specific way? We are living in a time of “streamlined workflows” and “productivity hacks” etc., so why would you draw out something you will learn organically over five years something you could pick up in five weeks?
Moreover, accelerating your learning, understanding and application of business analysis will enable you to operate more candidly as an entrepreneur since you will become an agent and promoter of business change. As an entrepreneur you are fixated on identifying problems and solving them with your solution. This is exactly what business analysis is.
Courses, Reading Materials and Learning Tools
A concentrated effort into learning skills can go a very long way and the effort will compound over time. You see, just being aware of new, relevant, and actionable skills will open your skillset, decision making, critical thinking and emotional intelligence up in ways you never thought of. Analyst Exchange publishes reading materials accessible for everyone on core business analysis skills and reading through materials like this will go a long way in a relatively simple manner.
The point is skill refinement and up-skilling are core aspects of running a business. The adage of “never stop learning” is very true and having a business analysis skill set, whether you’re a novice or expert will certainly provide your entrepreneurial career a boost due to what business analysis is.
The Core Competencies of a Business Analyst
As you can see in the diagram has three main skill groups:
- Personal qualities
- Business knowledge
- Professional techniques
It is true that many professions require these broad skills. But it is only when you read the skills below you start to grasp the value business analysts provide. Moreover, assimilating these skills within your existing or aspiring entrepreneurial career will undoubtedly benefit you.
Conclusion
There is no single blueprint or roadmap to becoming an entrepreneur. You ask 100 successful business owners, and they will give you 100 unique stories. There are however some fundamentals that will be consistent with many, and these are the commonalities you should try and apply if you wish to pursue this route in your career and life.
Business analysis as a skillset and profession is almost “entrepreneurship in box” in the sense that within organizations you are expected to act autonomously, manage many stakeholders, drive and be an advocate considerable business change and provide “disruptive” value. These characteristics are synonyms with being an entrepreneur and this link is somewhat understated.
Moreover, save yourself a lot of pain and time and acquire business analysis skills that will boost your successful or aspiring entrepreneur career today!
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