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The most important skills you need to have as an entrepreneur? In today’s world, if you want to be successful in business or as a business entrepreneur, there is certainly a continuous “evolutionary” process that we must all undertake. In other words, there are entrepreneurial skills that we must each practice, learn and re-learn in order to thrive in today’s business world. As our business environment changes, we need to be able to adapt those skills to our surroundings, or be left behind.
Below are essential entrepreneurial skills for today’s business men and women whether they ever become an independent entrepreneur or not:
You won’t find this skill on many lists, because many people would not consider it a skill. We not only consider it a skill (fun doesn’t happen often without working at it!), but we consider it so fundamental to all the other skills on the list that it is our top priority. The corollary to this skill must be mastered as well … when you dislike something, stop doing it.
No one can deny that the ability to make decisions is a core skill that every business person must possess if he or she wants to be successful. Decisions on how to proceed with marketing, funding, product production (in some cases), vendor selection, and a host of other judgments need to be made. The key is to learn from mistakes.
Remove fear rather than fearing mistakes to the point that you avoid decisions. This is a skill that is very difficult for some people to master.
Don’t settle for the ordinary or the mundane, even if it means a little controversy. Don’t be afraid of ticking someone off. Make those around you think.
It’s often said that no matter what business you’re in, you’re in the people business. How true that is! Whether dealing with customers, vendors, investors, the press, or employees, well developed people skills can mean the difference between success and failure.
Car models change every year because customers want something different. This is true in all industries. Be sure to innovate on your thinking often … be creative and try new ideas.
Being able to project into the future and build a plan to accomplish your objectives is a skill that can take any entrepreneur far. Effective planning is what will guide your business and ultimately define what you’re all about. The skilled business planner knows that planning is only an effective skill when combined with action, so they don’t get bogged down in planning rather plan with flexibility in mind. Don’t exclude strong time planning and management here, as without it, little else can be planned well. Be Decisive … Just Do It! The Nike slogan is not just for sportswear. Stop sitting around talking about your “great idea. ” Get out there and pursue it. As Wayne Gretzky said, “You miss 100 percent of the shots you don’t take. ”
This includes constant email monitoring, meeting just to meet, having in-person chats when phone or Skype will work. Your time is very valuable, make the most of it.
If ever the term “last but not least” was appropriate, this is it. The skill of communication (all forms) plays a role in the execution of all of the other skills above. If you don’t have this skill, none of the other skills will be fully developed, no matter how hard you try. Ten skills you need to have as an entrepreneur:
Great entrepreneurs are tasked to discover new problems, reveal potential niche opportunities, refactor their original business process, and innovate. This is contingent on being passionate about different fields of study and business cases outside of one’s comfort zone.
Careful priority planning, defining milestones, execution, and iteration are all important. None of that would lead toward progress without the right project management and time allocation methodology that gets the work done.
Learning to decompose a problem to its core and reveal opportunities for growth. Figuring out creative solutions and identifying the low-hanging fruits. Defining the scope for an MVP and testing concepts within limited time and with a low budget.
You need high performance when it comes to solving a problem. Applying the 80/20 rule and other techniques for yielding higher results in less time. Switching between different chores and progressing effectively day-to-day.
Handling rejections, stress, burnouts, lack of focus, slow progress. Determination and eagerness to fight the same dragon every morning are instrumental when it comes to building a business from scratch.
Crisp and concise communication is paramount for each and every interaction with clients, partners, peers, clients, prospects.
Growing a network facilitates business opportunities, partnership deals, finding subcontractors or future employees. It expands the horizons of PR and conveying the right message on all fronts.
Finance management will make or break a business. Handling resources properly and carefully assessing investments compared to ROI is a solid requirement for entrepreneurs.
Building a consistent personal and business brand tailored to the right audience. Igniting brand awareness in new verticals.
Being comfortable doing outreach and creating new business opportunities. Finding the right sales channels that convert better and investing heavily in developing them. Building sales funnels and predictable revenue opportunities for growth.
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