Entrepreneurial Skills Required by Successful Business People
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 11 essential entrepreneurial skills for today’s businessmen 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.
Avoid fear of failure
Remove fear rather than fearing mistakes to the point that you avoid or delay decisions. This is a skill that is very difficult for some people to master.
Be disruptive and change the playing field
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.
Innovate and iterate
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.”
Don’t believe you know as much as you think
Find an experienced entrepreneur-like mentor to help and guide you and don’t be afraid to ask for help. Listen to feedback from your mentor and others. Sure, you’ll get some bad inputs, but learn to filter.
Avoid the time killers
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.
Of course, there are other important entrepreneurial skills you will need, but these are the key ones in our opinion.