The literal meaning of the word entrepreneur is the one who takes an ownership of the risk to run a business. As an entrepreneur you will have to take all kinds of risks, financial risk, emotional risk, market risk. Amidst all these risks, what are the assets that can help you carry on? While every entrepreneur has a personal recipe of success, here are 7 most essential skills every successful entrepreneur possesses:
- Understanding of basic business concepts
Budgeting, reading financial statements, understanding taxation, defining 4Ps of your business, elements of brand building, optimizing business processes for maximum efficiency, how to control quality and maintain optimum inventory levels, you need not be the master of everything but you must have working knowledge of all the functional verticals of business. - Networking
From getting that first sales order to hiring the perfect candidate, networking helps everywhere. Your professional network can comprise of your current and ex-colleagues, alumni, teachers, professors and mentors, subject experts, experienced entrepreneurs and so on.
In today’s world of virtual presence, sky is the limit while building your professional network. There are tons of professional networking sites, social media platforms and groups that help you build mutually benefitting relationships. . - Ambition and growth mindset
Being bold and ambitious is the second nature of an entrepreneur. The endless line of thought to find new opportunities, developing new and better ways of getting things done, continuous improvement and transforming one success into another is what growth mindset is all about, in fact it is what building a business is all about. - Problem solving
Running a business is a journey full of ups and downs. There will be challenging problems waiting for you at every step in your journey, the success of your business depends on how creatively and efficiently you solve it.
Although the term problem solving seems vague, it actually is the methodological process involving understanding, describing and analyzing the problem, listing alternative solutions, finding and implementing optimal solution and measuring the success. - Communication
From customers to vendors and from employees to general public at large, communication builds bridges that can carry you to wonderlands. One-on-one and in-person conversations, group conversations, written communication, and email or online messages, social media engagement, an entrepreneur must have excellent hold over all forms of communication. - Accepting and acting on feedback
When you are your own boss, it is natural to get into the ‘my way or highway’ mood. It is hence, very important to not let go of the humble habit of accepting the honest feedback and acting on it for the betterment of your business. Your mentors, experienced entrepreneurs, employees, customers, vendors even your family and friends might have a feedback that can help you, while you don’t have to act on everything, it won’t hurt to listen to what they have to say with an open mind. - Ability to Learn – Unlearn – Relearn
Continuous learning is important to succeed everywhere in life let alone be entrepreneurship. As an entrepreneur, you will have to pick up new skills every now and then as the business evolves, drop the thoughts and ideas that are no longer working and polish the skills that are long forgotten. It won’t be an exaggeration to say, your ability to learn is directly linked to your ability to succeed as an entrepreneur.
Take a quick self-assessment:
Here is the chance to quickly assess your entrepreneurial skills. Take this test.
How to develop Entrepreneurial skills?
Patience, perseverance and continuous learning – is the holy trinity of entrepreneurship. It is a enduring yet exciting journey as long as you are willing to learn at every step.
In this age of information, acquiring skills is not the difficult part. The help is available, if you are willing to take advantage of it.
If you are interested in learning more about how to build and sharpen your entrepreneurial skills, our professional consultants will offer you the best learning solution based on your current learning needs.
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