The document outlines 5 essential managerial skills: proper communication skills, team management, problem solving, managing conflict, and time management. Effective communication is identified as the most important life skill. Team management requires skills like analysis, working with people, goal setting, and decision making. Managing conflict involves processes like negotiating, mediating, allowing cooling off periods, analyzing situations, stating problems to others, and using a win-win approach. Being a good manager of time is important for success in business.