10 Skills Every Entrepreneur Must Have
Dear prospective entrepreneur,
Have you ever wondered what the most successful entrepreneurs in the world did to attain where they are? Why are some entrepreneurs so competent and skilled with what they do? It took hard work, a healthy mindset, skills-set and so much more to get to where they are today.
If you want to become a successful entrepreneur, following the steps of those who have gone ahead of you is a good place to start. Below are 10 skills every entrepreneur must have. These skills are timeless and are not peculiar to any industry. Let’s dive in!
1. Curiosity: This is a major law of growth whether you are an entrepreneur or not. The ability to always ask the big question “Why” is a huge skill you need to develop. Entrepreneurs are always discovering problems, and profering innovative solutions to them. This is because they are not only passionate about what they do but also because they have a high level of curiosity. You must be able to question the status quo to become a successful entrepreneur.
2. Problem Solving: To become a successful entrepreneur, you must learn the art of problem-solving. This is the ability to address problems efficiently using critical thinking, creative thinking, decision-making skills. You must understand your business deeply and holistically to be able to solve problems that will translate to positive results for you and your entire team.
3. Time Management Skills: This is a top priority skill that every entrepreneur needs to have. Imagine you have all the brilliant ideas that are ready to hit the market phenomenally but you have no specific time for execution? That means making plans that will never come to reality. Most successful people are excellent at time management. This is an entrepreneurial skill you must have to be productive.
4. Communication: It is important to develop the skill of communicating crisply and concisely. Effective communication is key when dealing with your clients, peers, partners, and prospects.
5. People Management: This is a top priority entrepreneur skill you must have. There are two components of People Management, ‘People and Management’. People means you have to be inspiring, encouraging, and leading while management involves hiring, firing, training, disciplining, evaluating, and directing is part of your job description as an entrepreneur. You must learn how to respond to employees, clients and peers in different situations effectively. This will make or break your business.
6. Efficiency: As an entrepreneur, efficiency is an entrepreneurial skill you must have. The ability to execute tasks effectively at the right time is key. You must prioritize your tasks and determine what to invest your energy into heavily and outsource. Applying the 80/20 rule will yield you better results in a shorter period.
7. Financial Management: To become a successful entrepreneur, this is a skill you need to master. Many SMEs in Nigeria have failed as a result of ineffective financial management, ultimately leading to their demise. Being able to manage your resources and assess your Return on Investment (ROI) is key for entrepreneurs.
8. Networking: As you grow and expand, networking becomes an inevitable skill for you as an entrepreneur. You need to make new friends and build a network of entrepreneurs and friends both online and offline. This will bring new business opportunities you can take advantage of and will be a critical part of your business marketing strategy.
9. Sales: Let’s face it, making profit is the major goal of any business. As an entrepreneur, you must be a salesman at heart. You must have the right orientation about sales and also be able to look for opportunities that will convert to sales. Building sales funnels and investing in profitable opportunities are entrepreneurial skills you would need to have.
10. Managing Failures: You must understand how to deal with the ups and downs that come with starting up a business. This is a fundamental skill. There is no single entrepreneur that hasn’t dealt with failure. Nearly every successful person has failed many times before winning. No matter how well you’ve planned or how great a team you’ve built, you will encounter twists and turns that will be challenging and you will need to overcome. It is important to plan for the unexpected. You could budget for expenses that would arise and prepare yourself mentally to stand against all odds.
Have you got some questions or suggestions on SMEs in Nigeria? Drop them right away in the comment section below.
