23 answers
Alfredo
Student
Hayward, California
1
Question
Updated
6205 views
As an entrepreneur, what are some key skills to build or have when creating a business?
#entrepreneur #business #personal-development
23 answers
Smruti Ranjan Mohapatra
Business Manager
12
Answers
Bhubaneswar, Odisha, India
Updated
Smruti Ranjan’s Answer
An entrepreneur, as you probably know, is someone who starts their own business, especially when they see an opportunity and seize it.
This means that in order to enter this universe you need to be willing to take on challenges and master quite a few skills, such as thinking beyond and being driven.
Moreover, you need to be prepared to overcome obstacles and face difficulties head-on. A lot of people who are starting out in their entrepreneurial careers look at the trajectories of the world’s greatest entrepreneurs and think it’s something unattainable.
Several people wish to start their own business, but often feel unsure and end up not even taking the first step.
When trying to outline your own path, it is common to have concerns or feel anxious.
One of the first questions you may ask yourself is: “Do I have the required entrepreneurial skills to succeed?”
Although there isn’t a definitive and fixed model, after all, people have different styles and personalities, certain characteristics are predominant among those who are successful. The following skills are required:
1. Passion for what you do
2. Ethics
3. Resiliency
4. Proactivity
5. Creativity
6. Leadership
7. Patience
8. Ambition
9. Self-confidence
10. Persuasiveness
This means that in order to enter this universe you need to be willing to take on challenges and master quite a few skills, such as thinking beyond and being driven.
Moreover, you need to be prepared to overcome obstacles and face difficulties head-on. A lot of people who are starting out in their entrepreneurial careers look at the trajectories of the world’s greatest entrepreneurs and think it’s something unattainable.
Several people wish to start their own business, but often feel unsure and end up not even taking the first step.
When trying to outline your own path, it is common to have concerns or feel anxious.
One of the first questions you may ask yourself is: “Do I have the required entrepreneurial skills to succeed?”
Although there isn’t a definitive and fixed model, after all, people have different styles and personalities, certain characteristics are predominant among those who are successful. The following skills are required:
1. Passion for what you do
2. Ethics
3. Resiliency
4. Proactivity
5. Creativity
6. Leadership
7. Patience
8. Ambition
9. Self-confidence
10. Persuasiveness
Doc Frick
Career Coach and Mentor
1348
Answers
California, CA
Updated
Doc’s Answer
Alfredo while there is no magic formula for beings a successful entrepreneur, I think those who have succeed have mastered a set of skills that have contributed to their success: effective communicator; being able to sell both themselves and their idea or product; eagerness to learn and be flexible; strong focus; and a solid business plan.
EFFECTIVE COMMUNICATOR – Every entrepreneur needs to be an effective communicator. Whether your a solo entrepreneur or running a Fortune 500 company, you'll need to understand how to communicate effectively to all stakeholders and potential stakeholders that touch the business. It is imperative for an entrepreneur to be able to communicate with employees, investors, customers, creditors, peers, and mentors. If an entrepreneur cannot communicate the value of their company, it’s unlikely the company will be successful in my opinion.
SALESMEN – If an entrepreneur is able to communicate effectively, they are better equipped to sell their ideas and physical products. In the beginning, it's natural for entrepreneurs to be the first salespeople at their respective companies. Those sales skills are necessary to demonstrate value for all stakeholders inside and outside the company. As an entrepreneur, this person needs to be able to sell anything and everything. An entrepreneur needs to sell the business idea to potential investors, the product or service to customers, and themselves to employees.
FLEXIBILITY – The ability to learn is one of the most important skills to have in life, let alone in entrepreneurship. If someone is building a business, however, the ability to learn is required for success. The ups and downs an entrepreneur goes through are unavoidable. An entrepreneur needs a high ability to learn—and a desire to learn. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur. Failure can help expand one's knowledge and understanding of business.
FOCUS – The path to successful entrepreneurship is riddled with ups and downs. There are the highs of successes and the despairs of setbacks. A successful entrepreneur needs to be able to focus so they can stay the course when the going gets tough. This skill can also be thought of as thinking with the end in mind. No matter what struggles an entrepreneur goes through, a successful entrepreneur has the focus necessary to keep an unwavering eye on the end goal and can push himself to achieve it.
BUSINESS PLAN – While a successful entrepreneur has the ability to build a successful company, the skill of business strategy is actually the fifth most important skill that an entrepreneur needs. Some of the skills needed to be a successful entrepreneur are likely to be innate or natural. Others can be hones through training and education in business and management. A masters in business administration (MBA) is a common route. MBA coursework involves a broad spectrum of business-related topics including accounting, statistics, economics, communications, management, and entrepreneurship. MBA programs not only prepare students to work for financial institutions, but they also prepare them for management positions or as founders of startup companies.When structuring and growing a business, however, it's important that the structure and growth strategy is based on sound business sense and skills. A successful entrepreneur needs to have a solid strategy to take their business from good to great.
Alfredo if you think you have what it takes to be a successful entrepreneur, keep in mind that even great ideas and solid management teams can fail due to the whims of the market, stiff competition: if at first, you don't succeed, try again.
EFFECTIVE COMMUNICATOR – Every entrepreneur needs to be an effective communicator. Whether your a solo entrepreneur or running a Fortune 500 company, you'll need to understand how to communicate effectively to all stakeholders and potential stakeholders that touch the business. It is imperative for an entrepreneur to be able to communicate with employees, investors, customers, creditors, peers, and mentors. If an entrepreneur cannot communicate the value of their company, it’s unlikely the company will be successful in my opinion.
SALESMEN – If an entrepreneur is able to communicate effectively, they are better equipped to sell their ideas and physical products. In the beginning, it's natural for entrepreneurs to be the first salespeople at their respective companies. Those sales skills are necessary to demonstrate value for all stakeholders inside and outside the company. As an entrepreneur, this person needs to be able to sell anything and everything. An entrepreneur needs to sell the business idea to potential investors, the product or service to customers, and themselves to employees.
FLEXIBILITY – The ability to learn is one of the most important skills to have in life, let alone in entrepreneurship. If someone is building a business, however, the ability to learn is required for success. The ups and downs an entrepreneur goes through are unavoidable. An entrepreneur needs a high ability to learn—and a desire to learn. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur. Failure can help expand one's knowledge and understanding of business.
FOCUS – The path to successful entrepreneurship is riddled with ups and downs. There are the highs of successes and the despairs of setbacks. A successful entrepreneur needs to be able to focus so they can stay the course when the going gets tough. This skill can also be thought of as thinking with the end in mind. No matter what struggles an entrepreneur goes through, a successful entrepreneur has the focus necessary to keep an unwavering eye on the end goal and can push himself to achieve it.
BUSINESS PLAN – While a successful entrepreneur has the ability to build a successful company, the skill of business strategy is actually the fifth most important skill that an entrepreneur needs. Some of the skills needed to be a successful entrepreneur are likely to be innate or natural. Others can be hones through training and education in business and management. A masters in business administration (MBA) is a common route. MBA coursework involves a broad spectrum of business-related topics including accounting, statistics, economics, communications, management, and entrepreneurship. MBA programs not only prepare students to work for financial institutions, but they also prepare them for management positions or as founders of startup companies.When structuring and growing a business, however, it's important that the structure and growth strategy is based on sound business sense and skills. A successful entrepreneur needs to have a solid strategy to take their business from good to great.
Alfredo if you think you have what it takes to be a successful entrepreneur, keep in mind that even great ideas and solid management teams can fail due to the whims of the market, stiff competition: if at first, you don't succeed, try again.
Thank You Jon. Our generation has the ability and the responsibility to make our ever-more connected world a more hopeful, stable and peaceful place.
Doc Frick
Jon Buschlen (SEO)
Online Marketing, SEO, Life Coach (not really, just try to help :) )
2
Answers
Atlanta, Georgia
Updated
Jon’s Answer
A lot of great nuggets in the answers from others on this page :)
I think you're off to a great start - asking others for advice/insight/wisdom ... We/you don't know everything and there are always blind spots in the path we take.
I think many successful entrepreneurs will tell you - "Get ready to fail", Ha, I know, not ideal, but failing is learning and always a step to better things, as long as you actually learn and never give up.
Never think too small, or even too big: What I mean is, don't think that small beginnings are bad. All beginnings bring knowledge and allow you to adjust. Have you ever tried to steer a bike while standing still? What about while you're moving forward? Yes, much easier when there's movement - don't be afraid to start! You don't need perfection before you actually "flip the switch" and start the biz... go for it!
I think "Big thinking" is awesome, but I've found myself try to get things PERFECT before I launched a project/business/idea - STOP IT! Start the journey and make adjustments. Don't focus on the big bucks quite yet, you'll get there - it takes time.
Don't overthink it! Don't over think it! You'd be surprised at the opportunities that come from starting, maybe nothing related to what you thought you were going after.
I know this is basic info, but seriously, people forget the basics when they want to make it in the world - don't forget the basics.
Take nuggets from multiple sources and build your vision/path forward - it's your path and might not resemble the path of anyone on the board exactly.
Good luck on your journey :)
I think you're off to a great start - asking others for advice/insight/wisdom ... We/you don't know everything and there are always blind spots in the path we take.
I think many successful entrepreneurs will tell you - "Get ready to fail", Ha, I know, not ideal, but failing is learning and always a step to better things, as long as you actually learn and never give up.
Never think too small, or even too big: What I mean is, don't think that small beginnings are bad. All beginnings bring knowledge and allow you to adjust. Have you ever tried to steer a bike while standing still? What about while you're moving forward? Yes, much easier when there's movement - don't be afraid to start! You don't need perfection before you actually "flip the switch" and start the biz... go for it!
I think "Big thinking" is awesome, but I've found myself try to get things PERFECT before I launched a project/business/idea - STOP IT! Start the journey and make adjustments. Don't focus on the big bucks quite yet, you'll get there - it takes time.
Don't overthink it! Don't over think it! You'd be surprised at the opportunities that come from starting, maybe nothing related to what you thought you were going after.
I know this is basic info, but seriously, people forget the basics when they want to make it in the world - don't forget the basics.
Take nuggets from multiple sources and build your vision/path forward - it's your path and might not resemble the path of anyone on the board exactly.
Good luck on your journey :)
Ryan Curry
Techreative | Vetrepreneur | Culturategist
84
Answers
Los Angeles, California
Updated
Ryan’s Answer
Hey Alfredo,
Trust in yourself. You will constantly doubt yourself and be doubted by others. It's ok to listen to them and sometimes necessary but your power of discernment and instinct will carry you far. This involves developing the ability to evaluate information and situations effectively and to make decisions based on intuition and experience.
Entrepreneurship involves taking risks, making decisions, and being able to pivot quickly when things aren't working out. Having strong discernment skills can help an entrepreneur identify potential problems early on and make necessary adjustments while trusting their instincts can help them take calculated risks and seize opportunities that others may overlook.
Discernment skills can be honed through practice and experience and may involve seeking out diverse perspectives and challenging assumptions. Similarly, developing strong instincts may require actively seeking out new experiences, listening to your intuition, and trusting your gut even in uncertain situations.
By cultivating these skills, entrepreneurs can become more adaptable, innovative, and effective in navigating the challenges and opportunities that arise when creating and growing a business.
Trust in yourself. You will constantly doubt yourself and be doubted by others. It's ok to listen to them and sometimes necessary but your power of discernment and instinct will carry you far. This involves developing the ability to evaluate information and situations effectively and to make decisions based on intuition and experience.
Entrepreneurship involves taking risks, making decisions, and being able to pivot quickly when things aren't working out. Having strong discernment skills can help an entrepreneur identify potential problems early on and make necessary adjustments while trusting their instincts can help them take calculated risks and seize opportunities that others may overlook.
Discernment skills can be honed through practice and experience and may involve seeking out diverse perspectives and challenging assumptions. Similarly, developing strong instincts may require actively seeking out new experiences, listening to your intuition, and trusting your gut even in uncertain situations.
By cultivating these skills, entrepreneurs can become more adaptable, innovative, and effective in navigating the challenges and opportunities that arise when creating and growing a business.
Stephanie Thurmond
accountant
3
Answers
Orlando, Florida
Updated
Stephanie’s Answer
I would recommend all entrepreneurs learn to embrace the unknown. All sorts of problems will find its way to you from accounting to marketing to people leading. The key is to be open to the uncomfortable so you can rally towards problems instead of run away. Of course you aren't expected to know everything but having problem solving skills and knowing how to find someone who knows will go a long way!
Amit Friedlander
Corporate Strategy
7
Answers
Highland Park, New Jersey
Updated
Amit’s Answer
The great inventor Thomas Edison is known for saying, "Invention is 1% inspiration and 99% perspiration." Most businesses fail, and in order to maximizing your chances of success, it helps to be tenacious, to never give us. Or at least, not to give up unless your chances of success suddenly get a lot lower, or you realize that maybe your idea wasn't such a good one.
In terms of specific skills, if your business will require certain specific skills, it'll be very helpful (and help save money) if you have those skills yourself. For example, if you want to buy properties to rent out, it could be helpful to be skilled in construction or home repair. Or if you want to create an app, it'll help if you know how to do that, even if it isn't totally mandatory.
In terms of specific skills, if your business will require certain specific skills, it'll be very helpful (and help save money) if you have those skills yourself. For example, if you want to buy properties to rent out, it could be helpful to be skilled in construction or home repair. Or if you want to create an app, it'll help if you know how to do that, even if it isn't totally mandatory.
Nick Norman
Marketing, Communications & Engagement
2
Answers
Oakland, California
Updated
Nick’s Answer
Looking back across my career, I'd say that the ability to 'build a profitable network' is a must-have skill for anyone aiming to thrive in their field.
Here's the thing, there are a lot of entrepreneurs out there with a lot of great business concepts. I live in San Francisco so I see lots of innovation happening. I also know lots of awesome ideas that didn't make it off the launching pad. But why?
Well, I can't speak for every business that didn't make it. However, I've talked to a ton of stakeholders, CEOs, thought leaders, and startup founders... most have told me that it's about your network. In other words, do you know the right people that can help advance your idea from conception to launch to being a full-fledged and thriving company? That's the key.
Having the right people in your circle with an understanding of how to nurture those relationships is a skill that I consider a must-have. That could also mean keeping certain connections on the shelf, until it's the right time to deploy them in your plan. Either way, it takes important people in strategic places to gain traction and to take off.
Here's the thing, there are a lot of entrepreneurs out there with a lot of great business concepts. I live in San Francisco so I see lots of innovation happening. I also know lots of awesome ideas that didn't make it off the launching pad. But why?
Well, I can't speak for every business that didn't make it. However, I've talked to a ton of stakeholders, CEOs, thought leaders, and startup founders... most have told me that it's about your network. In other words, do you know the right people that can help advance your idea from conception to launch to being a full-fledged and thriving company? That's the key.
Having the right people in your circle with an understanding of how to nurture those relationships is a skill that I consider a must-have. That could also mean keeping certain connections on the shelf, until it's the right time to deploy them in your plan. Either way, it takes important people in strategic places to gain traction and to take off.
Jacobo Crespo
Sales
6
Answers
Sacramento, California
Updated
Jacobo’s Answer
I did cofounded a company in the medical device industry. It took us five years to go from prototype to product. There were so many things we were not aware of and that we ended up facing as we were progressing in our journey. Just to give you an example in the medical device industry, you need a product that it's certified by the FDA or that has the CE Mark if you are selling it in Europe. You have to make sure that your product is fixing a need that exists in the market. You need to come up with a product or a service that does something better. faster, cheaper than the existing alternatives in the market. You can come up with something that is not invented yet but for the most part a lot of things are invented already so that might be challenging.
Going back to my own example ,...we needed clinical trials to prove that our product was more efficient than the alternatives in the market. We need at clinical trials to prove the quality of the device as a medical device. We needed sales as well in order to be attractive for a venture capitalist because they want to see a company that already has a product not a prototype that it's already selling and that has recurrent sales.
Good luck!
Jacobo
Going back to my own example ,...we needed clinical trials to prove that our product was more efficient than the alternatives in the market. We need at clinical trials to prove the quality of the device as a medical device. We needed sales as well in order to be attractive for a venture capitalist because they want to see a company that already has a product not a prototype that it's already selling and that has recurrent sales.
Good luck!
Jacobo
Vidya R
Program Management
9
Answers
San Mateo, California
Updated
Vidya’s Answer
A few things I'd consider-
1. Financial knowledge: Know how to work the books, how to break-even, among others. Learn to read financial reports of other companies. This is not all that difficult as it's made out to be. There are several online courses to teach you just this!
2. Be sure of your Unique Selling Point- Why should anyone give you business over another similar company? It's important to know why someone would choose your venture over another.
3. Know your competitors- Not just the names and the products but really know their strategy and plans. What does it mean to compete with them? How can you differentiate from them?
4. Have back-up funds- Don't expect to be profitable from get go. Plan for several scenarios- how would you handle no sales month, how would you handle breakdown in any of your systems etc.
5. Get a Mentor- anyone who can sound board your ideas and connect you to the right resources, for instance.
1. Financial knowledge: Know how to work the books, how to break-even, among others. Learn to read financial reports of other companies. This is not all that difficult as it's made out to be. There are several online courses to teach you just this!
2. Be sure of your Unique Selling Point- Why should anyone give you business over another similar company? It's important to know why someone would choose your venture over another.
3. Know your competitors- Not just the names and the products but really know their strategy and plans. What does it mean to compete with them? How can you differentiate from them?
4. Have back-up funds- Don't expect to be profitable from get go. Plan for several scenarios- how would you handle no sales month, how would you handle breakdown in any of your systems etc.
5. Get a Mentor- anyone who can sound board your ideas and connect you to the right resources, for instance.
Marini Jones, M.B.A.
Medicare Pharmacy Supervisor
24
Answers
Updated
Marini’s Answer
You have received some great advise thus far, but here are a few things that I think are important.
Learn how to prepare a business plan and a marketing plan. You want to outline the steps needed to start and maintain your business as well as identifying and reaching customers.
Conduct market research to determine the need of your desired business and/or product. It's important to know who your customer is, what they need or looking for and how to best fulfill their needs.
Time management is a big deal to ensure you stay on track and meet deadlines. You will not have a boss or manager, so you will need to make sure you're accountable to yourself.
Effective communication to attract customers and clients. Effective communication leads to great customer service, which leads to recurring customers.
Basic accounting / bookkeeping to make sure your financials are track appropriately. You can always hire an accountant or bookkeeper, but it's imperative for you to understand what they are tracking and doing on your behalf.
Learn, learn, learn. There are free resources online to help you with your business. Here are two I recommend: www.score.org and www.sba.gov
I hope this helps.
Learn how to prepare a business plan and a marketing plan. You want to outline the steps needed to start and maintain your business as well as identifying and reaching customers.
Conduct market research to determine the need of your desired business and/or product. It's important to know who your customer is, what they need or looking for and how to best fulfill their needs.
Time management is a big deal to ensure you stay on track and meet deadlines. You will not have a boss or manager, so you will need to make sure you're accountable to yourself.
Effective communication to attract customers and clients. Effective communication leads to great customer service, which leads to recurring customers.
Basic accounting / bookkeeping to make sure your financials are track appropriately. You can always hire an accountant or bookkeeper, but it's imperative for you to understand what they are tracking and doing on your behalf.
Learn, learn, learn. There are free resources online to help you with your business. Here are two I recommend: www.score.org and www.sba.gov
I hope this helps.
Gene Simpson
Insurance Executive
12
Answers
Walnut Creek, California
Updated
Gene’s Answer
Hi Alfredo,
While I'm not an entrepreneur, I've met many and here are the common attributes they've all had:
Passion - Excited, enthusiastic and committed to what they're trying to do.
Creativity - Ability see thing in a different way, or connect things in ways not always obvious to others.
Persistence - Not letting setbacks or obstacles derail them. They'll keep looking at the challenge from different perspectives to find a path forward that makes sense.
Communication - You'll need to sell or gain buy in from others, either for financial support or to purchase your product/idea, so effective communication skills are critical.
Problem Solver - Identifying and solving for an unfulfilled need, or solving the need much better than the competition.
If you find you have these attributes and have clarity around an industry/business that appeals to you, then start capturing your plans on paper and talk to those around you to expand your network and get the support you need to get your idea off the ground.
Best of luck!
Gene
While I'm not an entrepreneur, I've met many and here are the common attributes they've all had:
Passion - Excited, enthusiastic and committed to what they're trying to do.
Creativity - Ability see thing in a different way, or connect things in ways not always obvious to others.
Persistence - Not letting setbacks or obstacles derail them. They'll keep looking at the challenge from different perspectives to find a path forward that makes sense.
Communication - You'll need to sell or gain buy in from others, either for financial support or to purchase your product/idea, so effective communication skills are critical.
Problem Solver - Identifying and solving for an unfulfilled need, or solving the need much better than the competition.
If you find you have these attributes and have clarity around an industry/business that appeals to you, then start capturing your plans on paper and talk to those around you to expand your network and get the support you need to get your idea off the ground.
Best of luck!
Gene
Isabel Calabig
10
Answers
Seattle, Washington
Updated
Isabel’s Answer
Hello Alfredo!
A lot of people have shared some great advice! I'd say the 3 key things to have to become a successful entrepreneur are:
1. Patience - It takes time to build a business. Understand that you will not see results overnight! It'll take some time to be able to accurately track your progress.
2. A Network - Make connections! Talk with other entrepreneurs and learn from each other. Also, understand the competition and the trends. For example, everyone had to learn how to navigate the online world and e-commerce once COVID-19 hit. Many businesses had to up their digital marketing game and advertising strategies. Stay updated!
3. A Plan - Make a solid plan. Figure out your customer's problems and understand their needs. Be reasonable with your goals and BE SPECIFIC and make your goals measurable. If the plan doesn't work, make a new one! A lot of businesses take some trial-and-error. It's ok to start fresh with a different plan!
Hope this helps!
A lot of people have shared some great advice! I'd say the 3 key things to have to become a successful entrepreneur are:
1. Patience - It takes time to build a business. Understand that you will not see results overnight! It'll take some time to be able to accurately track your progress.
2. A Network - Make connections! Talk with other entrepreneurs and learn from each other. Also, understand the competition and the trends. For example, everyone had to learn how to navigate the online world and e-commerce once COVID-19 hit. Many businesses had to up their digital marketing game and advertising strategies. Stay updated!
3. A Plan - Make a solid plan. Figure out your customer's problems and understand their needs. Be reasonable with your goals and BE SPECIFIC and make your goals measurable. If the plan doesn't work, make a new one! A lot of businesses take some trial-and-error. It's ok to start fresh with a different plan!
Hope this helps!
dave friedman
35
Answers
Updated
dave’s Answer
I would say that Time Management is KEY as you would be the only one setting your own schedule which is GREAT!
you will also need to have good communication and organizational skills and of course marketing too
go for it and good luck
you will also need to have good communication and organizational skills and of course marketing too
go for it and good luck
Pedro Serra Andrade
Board member
8
Answers
Porto, Portugal
Updated
Pedro’s Answer
Hi,
In addition to the soft-skills, you need to have the following hard skills. You can find many free courses on the web.
. Business model design
. Customer development
. Startup team building
. Entrepreneurial finance
. Agile development
. Marketing
I wish you all the best
In addition to the soft-skills, you need to have the following hard skills. You can find many free courses on the web.
. Business model design
. Customer development
. Startup team building
. Entrepreneurial finance
. Agile development
. Marketing
I wish you all the best
Richelle Chandler
Safety
8
Answers
Piscataway Township, New Jersey
Updated
Richelle’s Answer
I am not an entrepreneur, however, I feel you need to have passion - it will take a lot of your time; have a mentor that you can shadow and ask questions, and accountability.
Sharhonda B
Internal Audit
33
Answers
Dallas, Texas
Updated
Sharhonda’s Answer
Hi Alfredo!
I agreed with John’s answer and would add time management. You will be the go to for everything, at least initially, so knowing how to manage competing priorities will be important.
Good luck!
I agreed with John’s answer and would add time management. You will be the go to for everything, at least initially, so knowing how to manage competing priorities will be important.
Good luck!
Andrea Schwark
Director of Business Transformation
8
Answers
New York, New York
Updated
Andrea’s Answer
Make sure you take business courses. Your passion and business endeavor may be in another area but that will only be half the job. Knowing how to run a business is the other half.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
3682
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hey there, Alfredo!
Embarking on the entrepreneurial journey calls for a toolbox filled with a variety of key skills. These skills span across numerous areas such as leadership, communication, problem-solving, adaptability, and financial management. By nurturing and refining these skills, you can significantly boost your ability to steer through the hurdles and intricacies of launching and operating a business.
1. Leadership Skills:
Being a leader is a top-tier skill for entrepreneurs. As the powerhouse of a business, entrepreneurs need to inspire and encourage their team, set clear targets, make hard choices, and offer guidance. Stellar leadership means being able to share an exciting vision for the business, delegate tasks effectively, and cultivate a positive workplace environment.
2. Communication Skills:
Robust communication skills are a must for entrepreneurs to express their ideas effectively, establish relationships with stakeholders, negotiate agreements, and promote their offerings. Entrepreneurs should be able to express their vision in a clear and concise manner, both verbally and in writing. Also, active listening skills are pivotal for understanding customer needs, accepting feedback, and resolving conflicts.
3. Problem-Solving Skills:
Entrepreneurs often encounter numerous hurdles on their path. The ability to pinpoint problems, critically analyze situations, and devise innovative solutions is a key to success. Problem-solving skills involve creative thinking, resourcefulness, and swift adaptation to changing scenarios. Entrepreneurs should also be comfortable with taking calculated risks and learning from setbacks.
4. Adaptability:
With the business landscape in a constant state of flux, entrepreneurs need to be flexible to stay ahead. This involves being receptive to novel ideas and technologies, welcoming change, and constantly learning and improving. Adaptable entrepreneurs are more likely to spot emerging trends or market shifts and tweak their strategies accordingly.
5. Financial Management Skills:
Managing finances is a critical part of running a business. Entrepreneurs should have a firm grasp of financial concepts like budgeting, forecasting, cash flow management, and financial analysis. Effective financial management ensures the business stays viable and profitable in the long term.
6. Networking and Relationship-Building Skills:
Cultivating a strong network of contacts is vital for entrepreneurs to garner support, access resources, and create opportunities for their business. Successful networking involves building relationships with potential customers, suppliers, investors, mentors, and industry colleagues. Entrepreneurs should be able to build rapport, maintain professional connections, and utilize their network for growth and success.
7. Time Management and Organization:
Entrepreneurs often find themselves juggling multiple tasks and responsibilities at once. Solid time management skills are crucial for prioritizing tasks, setting deadlines, and staying organized. Entrepreneurs should be able to effectively manage their time to boost productivity and prevent burnout.
8. Resilience and Perseverance:
Launching and operating a business can be tough and stressful. Entrepreneurs need resilience and perseverance to overcome obstacles, handle rejection, and stay motivated during challenging times. A positive mindset, persistence, and learning from failures are key traits for entrepreneurial success.
In a nutshell, being an entrepreneur demands a diverse skill set that includes leadership, communication, problem-solving, adaptability, financial management, networking, time management, and resilience. Cultivating these skills can significantly boost an entrepreneur's ability to navigate the complexities of launching and operating a business.
Top 3 Authoritative Reference Publications or Domain Names Used:
1. Harvard Business Review - hbr.org
2. Entrepreneur - entrepreneur.com
3. Small Business Administration - sba.gov
Embarking on the entrepreneurial journey calls for a toolbox filled with a variety of key skills. These skills span across numerous areas such as leadership, communication, problem-solving, adaptability, and financial management. By nurturing and refining these skills, you can significantly boost your ability to steer through the hurdles and intricacies of launching and operating a business.
1. Leadership Skills:
Being a leader is a top-tier skill for entrepreneurs. As the powerhouse of a business, entrepreneurs need to inspire and encourage their team, set clear targets, make hard choices, and offer guidance. Stellar leadership means being able to share an exciting vision for the business, delegate tasks effectively, and cultivate a positive workplace environment.
2. Communication Skills:
Robust communication skills are a must for entrepreneurs to express their ideas effectively, establish relationships with stakeholders, negotiate agreements, and promote their offerings. Entrepreneurs should be able to express their vision in a clear and concise manner, both verbally and in writing. Also, active listening skills are pivotal for understanding customer needs, accepting feedback, and resolving conflicts.
3. Problem-Solving Skills:
Entrepreneurs often encounter numerous hurdles on their path. The ability to pinpoint problems, critically analyze situations, and devise innovative solutions is a key to success. Problem-solving skills involve creative thinking, resourcefulness, and swift adaptation to changing scenarios. Entrepreneurs should also be comfortable with taking calculated risks and learning from setbacks.
4. Adaptability:
With the business landscape in a constant state of flux, entrepreneurs need to be flexible to stay ahead. This involves being receptive to novel ideas and technologies, welcoming change, and constantly learning and improving. Adaptable entrepreneurs are more likely to spot emerging trends or market shifts and tweak their strategies accordingly.
5. Financial Management Skills:
Managing finances is a critical part of running a business. Entrepreneurs should have a firm grasp of financial concepts like budgeting, forecasting, cash flow management, and financial analysis. Effective financial management ensures the business stays viable and profitable in the long term.
6. Networking and Relationship-Building Skills:
Cultivating a strong network of contacts is vital for entrepreneurs to garner support, access resources, and create opportunities for their business. Successful networking involves building relationships with potential customers, suppliers, investors, mentors, and industry colleagues. Entrepreneurs should be able to build rapport, maintain professional connections, and utilize their network for growth and success.
7. Time Management and Organization:
Entrepreneurs often find themselves juggling multiple tasks and responsibilities at once. Solid time management skills are crucial for prioritizing tasks, setting deadlines, and staying organized. Entrepreneurs should be able to effectively manage their time to boost productivity and prevent burnout.
8. Resilience and Perseverance:
Launching and operating a business can be tough and stressful. Entrepreneurs need resilience and perseverance to overcome obstacles, handle rejection, and stay motivated during challenging times. A positive mindset, persistence, and learning from failures are key traits for entrepreneurial success.
In a nutshell, being an entrepreneur demands a diverse skill set that includes leadership, communication, problem-solving, adaptability, financial management, networking, time management, and resilience. Cultivating these skills can significantly boost an entrepreneur's ability to navigate the complexities of launching and operating a business.
Top 3 Authoritative Reference Publications or Domain Names Used:
1. Harvard Business Review - hbr.org
2. Entrepreneur - entrepreneur.com
3. Small Business Administration - sba.gov
Nathan Pilco
Sales Director
2
Answers
New York, New York
Updated
Nathan’s Answer
Diving into the world of entrepreneurship is exciting!
**1. ** Boldness and Curiosity: Be daring! Don’t fear failure; it’s a stepping stone. Stay curious, explore new ideas, and be willing to take risks.
**2. ** Action-Oriented Mindset: Don’t just dream – do! Start small, learn, and adjust. Action fuels progress.
**3. ** Iterate and Innovate: Your first idea might not be perfect – and that’s okay! Keep refining and improving. The best businesses constantly evolve.
**4. ** Optimism and Problem-Solving: Believe in your ability to find solutions. Optimism breeds creativity. Every challenge is an opportunity to innovate.
**5. ** Resilience: Expect setbacks, but view them as temporary. Bounce back, learn, and adapt.
**6. ** Adaptability: Markets change. Be ready to pivot your business model. Stay ahead by embracing change.
Remember, ‘good enough’ often opens doors for growth. Don’t wait for perfection; take action now. Stay positive, stay creative, and always see challenges as exciting puzzles waiting to be solved. Your journey as an entrepreneur is about continuous learning, adapting, and, most importantly, enjoying the ride!
**1. ** Boldness and Curiosity: Be daring! Don’t fear failure; it’s a stepping stone. Stay curious, explore new ideas, and be willing to take risks.
**2. ** Action-Oriented Mindset: Don’t just dream – do! Start small, learn, and adjust. Action fuels progress.
**3. ** Iterate and Innovate: Your first idea might not be perfect – and that’s okay! Keep refining and improving. The best businesses constantly evolve.
**4. ** Optimism and Problem-Solving: Believe in your ability to find solutions. Optimism breeds creativity. Every challenge is an opportunity to innovate.
**5. ** Resilience: Expect setbacks, but view them as temporary. Bounce back, learn, and adapt.
**6. ** Adaptability: Markets change. Be ready to pivot your business model. Stay ahead by embracing change.
Remember, ‘good enough’ often opens doors for growth. Don’t wait for perfection; take action now. Stay positive, stay creative, and always see challenges as exciting puzzles waiting to be solved. Your journey as an entrepreneur is about continuous learning, adapting, and, most importantly, enjoying the ride!
Rebecca Tang
Banking
1509
Answers
Hong Kong
Updated
Rebecca’s Answer
I am glad to hear that you would like to be an entrepreneur. I would suggest the below :
1. Identify a few industries you would like to establish the business
2. You may need to find out which one you have interest and analyze the industries, e.g. the competition of the industry, how to entry the business, any substitute or alternatives, etc.
3. You may shortlist 1-2 industries. I would suggest you take the relevant subjects as your major in the college.
4. Upon the graduation from the college, you can work in the industry first to understand their business model and earn the funding for you to start up the business. At the same time, you can take MBA to learn about the management skills and how to run the business.
5. You can start the business. Suggest you can start online or small scale first.
Hope this helps! Good Luck!
1. Identify a few industries you would like to establish the business
2. You may need to find out which one you have interest and analyze the industries, e.g. the competition of the industry, how to entry the business, any substitute or alternatives, etc.
3. You may shortlist 1-2 industries. I would suggest you take the relevant subjects as your major in the college.
4. Upon the graduation from the college, you can work in the industry first to understand their business model and earn the funding for you to start up the business. At the same time, you can take MBA to learn about the management skills and how to run the business.
5. You can start the business. Suggest you can start online or small scale first.
Hope this helps! Good Luck!
Dhimant Korant
IT Product Manager
50
Answers
Frisco, Texas
Updated
Dhimant’s Answer
To build or set up a business, you'll need the following skill sets, which will empower and motivate you:
1. New Venture Strategy: This is your roadmap to success, guiding you through each step of your business journey.
2. Strong Leadership Skills: These include team management, listening skills, decision-making skills, communication skills, presentation skills, interaction skills, and people management skills. Being a good listener is crucial, as it allows you to understand your team's needs and concerns.
3. Entrepreneurial Finance Skills: Understanding the financial aspects of your business is key. This will help you manage your resources effectively and ensure your business's financial health.
4. Market Research Skills: Knowing your market inside and out will help you stay competitive. It will allow you to understand your customers' needs and tailor your products or services to meet them.
Remember, these skills are not just requirements, but tools that will help you thrive in your entrepreneurial journey.
1. New Venture Strategy: This is your roadmap to success, guiding you through each step of your business journey.
2. Strong Leadership Skills: These include team management, listening skills, decision-making skills, communication skills, presentation skills, interaction skills, and people management skills. Being a good listener is crucial, as it allows you to understand your team's needs and concerns.
3. Entrepreneurial Finance Skills: Understanding the financial aspects of your business is key. This will help you manage your resources effectively and ensure your business's financial health.
4. Market Research Skills: Knowing your market inside and out will help you stay competitive. It will allow you to understand your customers' needs and tailor your products or services to meet them.
Remember, these skills are not just requirements, but tools that will help you thrive in your entrepreneurial journey.
Scott Aughtmon
Marketer
2
Answers
Boise, Idaho
Updated
Scott’s Answer
As an entrepreneur, you need to have several skills. Here are some of the key ones:
1. YOU NEED TO UNDERSTAND HOW TO PICK THE BEST MARKET.
In other words, you need to know how to pick the best group of people for your product or service. Don't try to sell to everyone. That's too difficult and costly. Instead, pick a group that would most need the solution you're planning to offer. One way to pick a market could be to pick one that you relate to or are a part of.
2, ONCE YOU PICK AN MARKET, YOU NEED TO KNOW HOW TO UNDERSTAND THEIR PAIN POINTS, FEARS, GOALS, AND DREAMS.
This will enable you to be able to better help and serve this market. It will also help you to better show how your market how your solution can help them. IMPORTANT: Don't skip this. The entrepreneur who best understands their market will usually be the most successful.
3. YOU NEED TO KNOW HOW TO USE MARKETING TO REACH THAT MARKET.
Marketing is really about bringing together the right market with the right product or service for them. Marketing can include the typical things you normally think of (like advertising, commercials, etc.), but it also includes things like customer service (if you take good care of your customers, they will market your business via word of mouth).
Effective marketing is all about being able to:
- Get the attention and interest of enough of your market
- Knowing how to then attract them to your business/product/solution
- Understanding how to educate them on their problem, your solution, etc.
- Showing how your business/product/solution is different, unique, or better than the other options
- Getting them to take action (sign-up for more info or a demo, purchasing, etc.)
You need to know how to market, because if the market you've chosen doesn't know about your solution, you can never succeed or ultimately help them.
4. YOU NEED TO KNOW AND UNDERSTAND HOW TO USE LEAD GENERATION AND LEAD NURTURE.
There's only a small amount of any market that is ready to buy right now, today. But there are a larger amount of people who will purchase from some business the solution you're offering. That means you need to learn how to get people to "raise their hands" and, in a sense, identify who they are so that you can follow up with them.
Then you want to continue to help them, provide information to them, answer questions, etc., so that you're in front of them when they're ready to buy in the future.
One basic way to do this is to offer them some sort of free and valuable information that can help them. They would then sign-up by email to get access to the info (think free reports, videos, training, etc.). You can then automatically and manually follow-up with them, so that they begin to know, like, and trust you/your business. (Their are email marketing services to help you do this.)
Why is this important? If you do this correctly, then when they're ready to buy later on, you or your business be on their mind and they'll most likely choose what you're selling.
5. YOU NEED TO KNOW AND UNDERSTAND SALES.
If you learn how to market effectively, then sometimes - in some cases - you might not need to do much or any direct selling. But many times, even if you do market effectively, you will still need to know and use effective sales methods to get certain people in your market to buy.
What is sales? It's the ability to understand a person's needs, desires, or goals and then explain, show, or convince them that your solution is the right one for them.
6. YOU NEED TO MASTER THE SKILL OF CUSTOMER SERVICE.
Once you have a customer, you need to know how to take care of them, make sure that they're satisfied with their purchase, and relieve their pain or achieve their goals. If you do this well, they'll come back again and again and tell others about your business. If you don't, they won't come back. And some will warn others to not purchase from you.
7. YOU NEED TO LEARN HOW TO MASTER THE SKILL OF MAKING BACK END OFFERS.
Getting a customer to buy from you once is great and needed. But the businesses that succeed at the highest levels are the ones who understand how to get customers to buy from them again and again. They know how to continually offer more and different solutions to their customers. That enables their business to continue to grow and serve more and more new customers.
1. YOU NEED TO UNDERSTAND HOW TO PICK THE BEST MARKET.
In other words, you need to know how to pick the best group of people for your product or service. Don't try to sell to everyone. That's too difficult and costly. Instead, pick a group that would most need the solution you're planning to offer. One way to pick a market could be to pick one that you relate to or are a part of.
2, ONCE YOU PICK AN MARKET, YOU NEED TO KNOW HOW TO UNDERSTAND THEIR PAIN POINTS, FEARS, GOALS, AND DREAMS.
This will enable you to be able to better help and serve this market. It will also help you to better show how your market how your solution can help them. IMPORTANT: Don't skip this. The entrepreneur who best understands their market will usually be the most successful.
3. YOU NEED TO KNOW HOW TO USE MARKETING TO REACH THAT MARKET.
Marketing is really about bringing together the right market with the right product or service for them. Marketing can include the typical things you normally think of (like advertising, commercials, etc.), but it also includes things like customer service (if you take good care of your customers, they will market your business via word of mouth).
Effective marketing is all about being able to:
- Get the attention and interest of enough of your market
- Knowing how to then attract them to your business/product/solution
- Understanding how to educate them on their problem, your solution, etc.
- Showing how your business/product/solution is different, unique, or better than the other options
- Getting them to take action (sign-up for more info or a demo, purchasing, etc.)
You need to know how to market, because if the market you've chosen doesn't know about your solution, you can never succeed or ultimately help them.
4. YOU NEED TO KNOW AND UNDERSTAND HOW TO USE LEAD GENERATION AND LEAD NURTURE.
There's only a small amount of any market that is ready to buy right now, today. But there are a larger amount of people who will purchase from some business the solution you're offering. That means you need to learn how to get people to "raise their hands" and, in a sense, identify who they are so that you can follow up with them.
Then you want to continue to help them, provide information to them, answer questions, etc., so that you're in front of them when they're ready to buy in the future.
One basic way to do this is to offer them some sort of free and valuable information that can help them. They would then sign-up by email to get access to the info (think free reports, videos, training, etc.). You can then automatically and manually follow-up with them, so that they begin to know, like, and trust you/your business. (Their are email marketing services to help you do this.)
Why is this important? If you do this correctly, then when they're ready to buy later on, you or your business be on their mind and they'll most likely choose what you're selling.
5. YOU NEED TO KNOW AND UNDERSTAND SALES.
If you learn how to market effectively, then sometimes - in some cases - you might not need to do much or any direct selling. But many times, even if you do market effectively, you will still need to know and use effective sales methods to get certain people in your market to buy.
What is sales? It's the ability to understand a person's needs, desires, or goals and then explain, show, or convince them that your solution is the right one for them.
6. YOU NEED TO MASTER THE SKILL OF CUSTOMER SERVICE.
Once you have a customer, you need to know how to take care of them, make sure that they're satisfied with their purchase, and relieve their pain or achieve their goals. If you do this well, they'll come back again and again and tell others about your business. If you don't, they won't come back. And some will warn others to not purchase from you.
7. YOU NEED TO LEARN HOW TO MASTER THE SKILL OF MAKING BACK END OFFERS.
Getting a customer to buy from you once is great and needed. But the businesses that succeed at the highest levels are the ones who understand how to get customers to buy from them again and again. They know how to continually offer more and different solutions to their customers. That enables their business to continue to grow and serve more and more new customers.
Adrian Santos
Marine Security Guard
151
Answers
Lome, Maritime Region, Togo
Updated
Adrian’s Answer
Creating a successful business requires a combination of different skills. Here are some key skills that are important for entrepreneurs to have:
Leadership: The ability to inspire and motivate a team of employees is crucial for building a successful business. Strong leadership skills can help you guide your team towards achieving the company's goals.
Communication: Effective communication is important in every aspect of business, from pitching your idea to investors, to communicating with customers, to managing employees. Being able to clearly convey your ideas and expectations is essential for building trust and credibility.
Financial management: Understanding financial statements, budgeting, forecasting, and managing cash flow are all important skills for running a successful business. You should be able to make informed financial decisions that help your business grow and remain profitable.
Marketing: A strong marketing strategy can help you reach new customers and build brand awareness. You should be able to develop a marketing plan that is tailored to your target audience and that effectively communicates the value of your products or services.
Problem-solving: Running a business involves encountering a variety of challenges, from managing cash flow to dealing with difficult employees or customers. The ability to think critically and creatively to solve problems is essential for success.
Adaptability: The business world is constantly changing, and successful entrepreneurs must be able to adapt to new trends and technologies. Being flexible and open to change can help you stay ahead of the curve and remain competitive.
Leadership: The ability to inspire and motivate a team of employees is crucial for building a successful business. Strong leadership skills can help you guide your team towards achieving the company's goals.
Communication: Effective communication is important in every aspect of business, from pitching your idea to investors, to communicating with customers, to managing employees. Being able to clearly convey your ideas and expectations is essential for building trust and credibility.
Financial management: Understanding financial statements, budgeting, forecasting, and managing cash flow are all important skills for running a successful business. You should be able to make informed financial decisions that help your business grow and remain profitable.
Marketing: A strong marketing strategy can help you reach new customers and build brand awareness. You should be able to develop a marketing plan that is tailored to your target audience and that effectively communicates the value of your products or services.
Problem-solving: Running a business involves encountering a variety of challenges, from managing cash flow to dealing with difficult employees or customers. The ability to think critically and creatively to solve problems is essential for success.
Adaptability: The business world is constantly changing, and successful entrepreneurs must be able to adapt to new trends and technologies. Being flexible and open to change can help you stay ahead of the curve and remain competitive.
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