10 Skills Every Entrepreneur Should Have

10 Skills Every Entrepreneur Should Have

December 1, 2017
Startup Talky

10 skills every entrepreneur should have

Skills Every Entrepreneur Should Have Entrepreneurship is considered as one of the major factors of production. An entrepreneur’s ability is gauged by how well they make decisions, creativity and how well they are good in the
management of risks and resources. If you are you an entrepreneur and you are not sure about
what it takes to boom your business, here are Skills Every Entrepreneur Should Have-

Money management skills

An ultimate goal of doing business is to make a profit (money).How do you expect to manage a
business if you don’t have the skills to manage money? Budgeting for the business will also be a
big challenge to any business which is not well handled will result in a loss.

Resource mobilization

The moment an entrepreneur knows how to manage money; the next question should be how
he can source for more to pump the business to a greater profit. Have the capacity to identify
the sources of funding. This also involves a convincing voice to sell out the business and attract
more funding.

Stress management skills

Stress can kill entrepreneurs if not well handled and managed. There will always be a time
when all options that you try will hit the wall. Frustration occurs in the process of trying to fix
this. Don’t let stress put you down, instead, turn them into an opportunity to grow. Apply
useful tactics for business growth.

Networking skills

Before venturing into any business, you must set goals for it. Create the right linkages and fish
out resourceful people to acquire business ideas. Out of the entrepreneurs, you spend time
with, define your role model and work towards achieving that. Learn more from successful ones
and ask them how they manage. Share as many challenges as possible to get solutions to the
problems affecting the business.

Management skills

Managing people takes different dimensions. Use different parameters to gauge people’s
capabilities. Identify their weakness and work on them. Productivity can only be achieved by
having an effective team on board. Motivate and build them every day. Treat employees with
equality as it brings respect. Timely feedbacks about the business will be experienced.

Customer relation

In a real sense, business without customer is like dead wood. In business engagements, we
either sell services or products. Make sure the ideas you employ, the decision you make and
services offered meet customer needs. Do a lot of research where necessary to get a viable
solution. Sell the skills acquired into the business so as to attract more customers.

Capacity building skills

Limited skills can affect the growth of a business. Enhance the team performance by training
them in key areas. Identify the gaps in each and every team member and plan for capacity
building sessions. This will give them the strength to handle complicated issues as commitment
levels go high. As an entrepreneur, this will form a basis to handle employee misconduct issues.

Learning ability

The market demands changes and affects business every now and then. Don’t assume you
know every detail about your business. A business if strategized well moves very fast. Emerging
trends should be monitored and applied with immediate effect to avoid business disruption.
Get skills and focus more on what level you want to take the business.

Identify strength and weakness

Nobody is perfect in this world. It is crucial to identify what you are good at (strengths). Identify
weaknesses so they don’t overpower the strengths. This will help in making an informed
decision about your business.

Problem solving

In this world, there is no entrepreneurship that will succeed perpendicularly. Problems do arise
but we should apply different tactics to handle them. Before winning a battle, failures are
guaranteed. Have the skills to predict risks and come up with risk management plans.

Conclusion

Entrepreneurship is a very risky undertaking. Challenges are there but you should not allow
them to pin you down or intimidate you. People are not born with any skill but have the
potential to learn them. These are the 10 Skills Every Entrepreneur Should Have

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