The business world is changing, and that means we need to adapt. But we don’t just want to react to a changing world; we want to shape it and be out in front, leading the pack. Here are few competencies you’ll need to develop if you want to adapt, thrive, and distinguish yourself in this new world.
There’s always a question which an entrepreneur has “How do I know if I have what it takes?”. Though there are many business skills that a successful entrepreneur will have, but do you actually have the skills?
Let’s have a look at the essential skills needed by every successful entrepreneur and try to pin down what makes them great.
1. Managing money
Very simply, if you can’t manage money, you can’t manage a business. Do you know where your money goes each month? Do you live off less than you earn? If the answer to these questions is no, you’ll struggle to manage a business budget as well.
2. Skills to raise money
Once you can manage money, can you get more? In order to get investment, you need to not only understand where to get money, but how to convincingly make a case that your business is a good risk as well.
3. Skill to relieve stress
Stress is no laughing matter. If you allow yourself to get frustrated and upset by setbacks, you’ll struggle as an entrepreneur. Learning how to use stress to your benefit is essential.
4. To be productive
This is a big topic, because there’s no one right way to be productive that works for everyone. Learn about your peak energy times, your routines, and the productivity tools that work for you in order to create your own plan for success.
5. Make entrepreneur friends
According to entrepreneur Jim Rohn, “You are the average of the five people you spend the most time with.” So who do you want to be? Improve your odds of success by finding entrepreneur friends who will be able to understand your struggles and give you much needed insight.
6. Identify strengths and weaknesses
As a business owner, you don’t need to be perfect at everything. You do, however, have to understand where you’re strong and where you’re weak. Assessing this will inform everything from the business decisions you make, to the partners you bring on, and to the employees you hire.
7. Hire effective people
Speaking of hiring, this is easily one of the most important skills any entrepreneur could have. Having great people on your team will give you access to new strengths, while also building a company culture that people want to be a part of. Hiring the right people is essential to get where you want to go.
8. Manage staff
Once you have the right people, you need to manage them well. Early on in your business’s growth, you’ll be everyone’s manager, so it pays to be effective. If you don’t already know how to manage, take the time to learn how to motivate, encourage, and develop your staff.
9. Excellent Communication
To be an effective entrepreneur it’s vital that you hold fabulous communication skills. These are used across the board to boost the business in one way or another. The ability to communicate yours and your business’ worth is vital, as is interacting with customers and suppliers to negotiate. Again, it’s also important to be a good communicator if you have staff. They need clear direction and so if you’re not articulating yourself well then there’s a good chance it will affect workplace productivity. Social media is used widely by entrepreneurs these days too and the best of them know just how to adopt the right tone to get themselves noticed.
If you’re going to take the world of business by storm, then you’re inevitably going to have to lead at some point. Entrepreneurs should be good leaders, with the ability to communicate ideas and light a fire in the belly of those whom they’re leading. It’s about inspiring people to get the job done right and enjoy it whilst they’re about it. Good leadership skills are not something that everyone possesses and this is another skill that sets a great entrepreneur apart from the rest.
11. Risk taking
Taking risks that may seem slightly mad to the rest of us is a sure sign of the entrepreneurial spirit. Whilst many of us would feel some trepidation at gaining the responsibility of a large sum of funding, for example, the entrepreneur jumps in and starts buzzing with ideas on how she can turn it into even more cash.
Entrepreneurs often have to be everything to a business, especially early on in their careers. This means that they will often have to take on a range of jobs which they may or may not already be skilled in. Entrepreneurs are flexible and ready and willing to learn new skills fast so that they don’t get stuck at a certain point which then inhibits growth. From business planning to sales and negotiation and much more, there’s always something new for them to master.
13. Connect via social networking
Social networks represent a key part of any business’s marketing strategy. Not only will you need to understand each platform, you’ll want to arm yourself with the best strategies for getting your startup and personal brand noticed on each one.
14. Customer focus
To be clear, without customers, you have no business. Make sure all of your pitches, products, and services are focused on actual customer needs. If you don’t know what these are, research and ask questions so that you’re able to give great customer service.
15. The ability to spot new trends
Business moves fast, so you’ve got to have the ability to see changes coming in your industry. Make it a point to keep up to date on new startups and the advances in technology that could be poised to disrupt your field.
16. Deal with failure
No business venture is a straight line to success; knowing how to deal with ups and downs is essential. Remember that every successful person out there failed dozens of times before getting a win. Failure isn’t the end – it’s just a data point on the way to success.
17. Desire to improve your world
In the end, the best and most enduring motivation is to make a positive change in the world. When you focus your business and your success on that top priority, you’ll find yourself ready to weather any storm to meet the goal.
Don’t let this list intimidate or discourage you. Being an entrepreneur is a big task, but all of these skills can be learned. If you notice one you’re lacking in, go get it! Your eventual success depends on it.