Starting a business - especially when economic conditions are difficult and access to cash flow is tight - can be a daunting task. However, the economic downturn has also created opportunities. Many businesses that were simply not run well enough or didn't have an identifiable market need for their product has ceased trading and there are opportunities for new businesses to start, and to thrive.

To run a business successfully requires certain key skills that you - or a business partner - must have. Although this list is not exhaustive, it covers some of the key business skills that all aspiring entrepreneurs must possess.

Financial management
This includes having a good grasp of cashflow planning, credit-management and maintaining good relationships with your bank and accountant.

Networking
Everyone you meet can be a doorway to new opportunity. Always be passionate and talk about what you do, so your contacts can spread the good word for you. You never know whom they'll meet.

Product development
It is essential to make long-term plans for product development and identify the people, materials and processes required to achieve them. Business owners should always remember that they don't have to take the first offer: haggling with suppliers can lead to real cost savings.
A business can have the best products in the world, but without staff that are engaged and motivated, it will not succeed

Support
Just because you are co-founder of the company, doesn't mean you will always know more. Seek out people more experienced than you that can fill gaps you can't cover. Be open to advice and seek guidance from everyone you meet. There are a raft of websites and business books that offer invaluable advice to new companies.

People management
A business can have the best products in the world, but without staff that are engaged and motivated, it will not succeed. Treat staff with honesty and respect and learn which employees respond to encouragement and those that need a verbal bashing to get going.

Marketing skills
A sound marketing approach will help you set up and oversee sales and marketing operations, analyse markets, identify selling points for your product and following these through to market.

Sales skills
Without sales your business cannot survive and grow. You need to be able to identify potential customers and their specific needs, explain your goods and services effectively to them and convert these potential customers into clients.

Social media
Twitter, Facebook and LinkedIn are great free tools to spread your message to an interested audience, network with peers and industry contacts. They also let businesses receive feedback from customers and potential clients and learn about best marketing practices.