Telecommunications is the exchange of information over long distances through electronics means. It started in 1837 with the invention of the telegraph and drastically expanded with the discovery of the telephone, radio, television, and the internet among other technological devices. The telecommunications industry has a wide coverage that includes switching, wireless, cabling, transmission, optical communications, media, and IP networks. The telecommunications entrepreneur exploits the opportunities available in the telecommunications industry.
“There are numerous skills that are indispensable to a successful telecommunications entrepreneur,” said Issa Asad, a telecom and technology entrepreneur. Issa Asad is the Chief Executive Officer of Q Link Wireless, LLC, a prepaid and discount telecom provider. Read on to learn the 6 skills Issa Asad believes every telecommunications entrepreneur should know.
An Interest in Innovation
First, telecommunications entrepreneurs must have an interest in innovation. Another reason for the significance of innovation among telecommunications entrepreneurs is that theirs can be a challenging environment. In addition, one should be in a position to translate the innovation into practical action. Furthermore, one should have the skills to identify, commercialize, and protect enterprising ideas and innovations.
Financial Know-How
Second, a telecommunications entrepreneur should have financial skills. This include a decent understanding of your capital, profit margins, cash flow, and funding. While hiring an accountant is a possible option, a basic understanding of finance will help you make rational decisions concerning current and future business prospects and development. This is because it will help you penetrate your accounting system and learn about the average client revenue and direct and indirect expenses.
Knowledge of Telecom Rules and Regulations
Third, a telecommunications entrepreneur should be conversant with the rules and regulations governing the industry. This is because it is one of the highly regulated industries due to consumer vulnerability and issues of national security. For example, the Telecommunications Act of 1996 that was signed by President Bill Clinton, led to deregulation of the converging broadcasting and telecommunications markets.
Similarly, article 7 of the European Union Electronics Communications Framework Directive is the major EU regulatory mechanism governing the telecommunications entrepreneurs in the EU. The greatest advantage with understanding such laws and regulations are that one avoids withdrawal of license and saves time and cost that is lost during lawsuits. In addition, it guards the business reputation and loss of credibility.
A Successful Marketing Strategy
Fourth, a telecommunications entrepreneur must have a successful marketing strategy. This should include unique branding, an aggressive advertising campaign, making use of promotions, and giving discounts. Telecommunications companies market their products to business customers, consumers, government, and other clients.
For example, one can utilize the phone, internet, and video to reach consumers. This helps in increasing revenue and retaining customer loyalty. One can reach the business clients using the consultative selling techniques. Furthermore, one must invest in the development of new products and services in order to retain and expand the market base.
Be Flexible
Fifth, a telecommunications entrepreneur should learn to cope up with the ever-changing field of technology. This is because, every year, some technologies become obsolete and a new set of others are developed. Being conversant with the news and the latest technology will mean that one becomes knowledgeable on the same. If need be, attending various refresher courses on the latest trends in technology is advisable. Moreover, being updated with the latest technology increases chances of business survival and growth.
Identify With a Telecom Niche
Lastly, a telecommunications entrepreneur should identify a niche. The greatest advantage of specialization is that it leads to expert skills, increase chances of innovation, and leads to better product and services. In particular, most clients specify that they want the services of an expert in a particular filed rather than a service provider who has general knowledge.
The communications technology industry is expanding at a fast rate. By implication, more telecommunications entrepreneurs will be required to sustain the market growth. Overall, a telecom entrepreneur should be innovative, have a keen eye latest technology, be conversant with laws and other industry regulations, and must have an effective marketing strategy.