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ENTREPRENEURIAL SKILLS

By 1st August 2019 No Comments

Entrepreneurial Skills

Entrepreneurship is the process of designing, launching and running a new business while entrepreneurs are those who start and build successful businesses. True entrepreneurs are distinguished by certain qualities do you have the mind-set that’s typical of successful entrepreneurs? We all know the business world of today is competitive, thus as an entrepreneur who plans to succeed; it is mandatory you possess the needed skills required to give your business an edge over its competitors.

The key qualities needed by a business starter involve traits such as being creative, ability to keep going in the face of hardship and possession of good social skills needed to build great teams.                                                                                                                         It is essential that anyone interested in starting a business and those handling major job roles related to developing businesses should learn the specific skills that underpin the key qualities needed by entrepreneurs. While there is no one “right” set of characteristics for being a successful entrepreneur, certain traits and practical skills could help one succeed.

The question is what skills do you need to build a great business? To become a successful entrepreneur you might need to consider developing more strength in the following skills:-

 

  1. PERSONAL CHARACTERISTICS (you need to re-examine your personal characteristics, belief and values)
  • OPTIMISM: – Are you optimistic or pessimistic in nature? To be able to get through tough times as an entrepreneur, you have to be optimistic.
  • VISION: – Successful entrepreneurs must have a clear vision and should be able to communicate that vision to team members and work with them to make the vision a reality.
  • RISK TOLERANCE: – Be willing and ready to take risks and make decisions.
  • PERSEVERANCE: – True entrepreneurs never think of quitting, they keep persisting until they get their desired results.
  • RESILIENCE: Are you resilient? Can you easily pull yourself together and strategize when things don’t go as planned?

 

  1. INTERPERSONAL SKILLS (develop on the skills that enable you build good and lasting relationships)
  • LEADERSHIP AND MOTIVATION: – You must be able to lead and motivate others to follow you and deliver your vision.
  • COMMUNICATION SKILLS: – You should be able to clearly articulate your ideas and visions, to investors, potential clients, team mates etc.
  • PERSONAL RELATIONS: – As an entrepreneur you should be able to lead and work effectively with your team mates.
  • LISTENING SKILLS: – Make sure you are skilled at active/ empathetic listening.
  • NEGOTIATON: – Not only do you need to negotiate keen prices, you also need to be able to resolve differences between people in a positive, mutually beneficial way.
  • ETHICS: – Do you deal with people based on respect, fairness, and truthfulness? You may find it hard to build a happy committed team, if you deal with staff, customers or business partners in a shabby way.

 

  1. CRITICAL AND CREATIVE THINKING SKILLS (this enables you develop new ideas and make good decisions.)
  • CREATIVE THINKING: – You need to be able to think deeply and come up with creative ideas as an aspiring entrepreneur.
  • RECOGNIZING OPPORTUNITIES: – Successful entrepreneurs are good at ceasing the moment, they recognize opportunities when they present themselves and take advantage.
  • PROBLEM SOLVING: – You should be able to come up with sound solutions to the problems you are facing.

 

  1. PRACTICAL SKILLS (this is needed to produce quality goods and services.)
  • GOAL SETTING: – You need to be able to set goals, create a plan to achieve them and then carry out the plan.
  • PLANNING AND ORGANIZING: – Entrepreneurs need the skills necessary to achieve set goals.
  • DECISION MAKING: – How good are you at making decisions? Are you confident in the decisions you make?
  • BUSINESS KNOWLEDGE: Do you have a good general knowledge of the main functional areas of a business (sales, marketing, finance, and operations), and are you able to operate or manage others in these areas with a reasonable degree of competence?

Running a business is not meant for everyone; however you can succeed without some of the listed skills above but remember the more entrepreneurial skills you lack, they more likely you are to fail as a business owner.

 

 

 

Source: – Alison Doyle “Mind tools management training and leadership training” updated November 25, 2018

 

 

 

 

 

 

 

 

 

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