If you dream of running your own business, you may be curious exactly what skills you need for success. Maybe you have a particular passion, or maybe you like the idea of being an entrepreneur. Regardless of what sparked the desire, you need well-rounded knowledge to create a thriving company. Many small businesses struggle and fail in the initial years. Part of the reason that happens is the owners are unfamiliar with best practices, such as analyzing cash flow and staying on top of necessary permits and fees. The work that goes on behind the scenes is vital to its success. It is easy to be distracted by your customer-facing work, but the foundation of your success will be built on sound management practices.