An entrepreneur can be any person who builds or operates a business, taking on a greater amount of risk than someone who is an employee of a business. Often, this entrepreneurial risk takes the form of financial risk, career risk, emotional risk, or overall business risk.
Since there is so much risk of failure when it comes to being an
entrepreneur and growing a successful business, there are very specific skills
that an entrepreneur needs to be successful.
KEY TAKEAWAYS
- A
great entrepreneur must be able to effectively communicate, sell, focus,
learn, and strategize.
- An ability
to continuously learn is not just a key entrepreneurial skill, but also a
very valuable life skill.
- Growing
a business requires a sound strategy based on inherent business sense and
skills.
Communication
Every entrepreneur needs to be an effective communicator. Whether a
person is a solo entrepreneur or runs a Fortune 500 company, they 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.
They also need to master all forms of communication, including
one-on-one and in-person conversations, group conversations, written
communication, and email or online messages.
Sales
The soft skill of sales goes hand-in-hand with the communication
necessary to be successful. 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.
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.
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.
One of the main risks an entrepreneur
faces is the risk of emotional instability
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.
Ability to Learn
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.
66%
The percentage of
new businesses that fail within their first 10 years, per the Small Business
Administration.
Business Strategy
While a successful entrepreneur has, by definition, built a successful
company, the skill of business strategy is actually the fifth most important
skill that an entrepreneur needs. Often, entrepreneurs achieve success in their
businesses through their own sheer strength of will.
By employing effective communication skills, sales skills, a deep focus, and a high ability to learn, an entrepreneur can actually learn a business strategy on the fly. 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.
Source: Investopedia
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