Ensuring success in your own home based business requires a broad range of technical and managerial skills relevant to the industry. To identify these skills it is better to assess yourself in comparison to what you need and what you have.The personality and the attributes you possess highlight your confidence in running the business successfully or confronting any type of possibility.Managerial and technical activities require leadership qualities. Business management envisages climbing the ladder of success while leadership sees that the ladder is leaning against the correct wall. Hence, leadership and management work in relation to one another.Benefits of leadership skills:Running your home based business requires you to be a good leader in order to lead the business to its potential and increase the revenues. Leadership not only envisions but also directs you towards accomplishing your set goals.Enforcing absolute standards of behavior, attitude, presentation and performance helps in seeing tasks through completion and fills all the loopholes in home based business.Monitoring performance:Your performance in home based business should be thoroughly monitored. Policies and procedures of running the business should be laid out beforehand clearly, because it makes the decision making tasks easier. Assessment and evaluation of your performance provides frequent encouragement and clear criteria for ongoing goals.Expertise Knowledge:Expertise knowledge of business production and process is essential to possess in order to maintain a well-informed picture. If you do not know the minute details of your business, you will not be able to market your products well because you’ll be unable to provide your clients with valuable information regarding the product.Demonstrating knowledge about your business and keeping yourself updated about the process and strategies will help you formulate new strategies and implement them for the betterment of your business.Undertaking decision:As the owner of a home based business you’ll need to take pride with your decision-making authority. However, you need to make sure that you take of decisions based on the historical data and not just your gut feelings. The destiny of your business would depend on your decision-making abilities.Conduct and evaluate research:The ongoing review and research is essential to attain a cutting edge in the business. While managing the present and ensuring excellence in service or product you can foresee the future. Conducting and research helps in evaluating your product and streamlining your policies for better growth and performance in home based business.