Can You Even Call Yourself An Entrepreneur Without These Skills?
The journey of being an entrepreneur can be really challenging sometimes and you might feel you need some jaw-dropping skills to make it in the entrepreneurial world. From raising money from savvy investors, attracting a savvy management team and pulling together a savvy board of directors,mistakes are definitely made. What started up as a business ends up with the owner having a full time job. But that doesn’t mean you have to shut down your business, your dream.
Must have skills as an entrepreneur
You know why those big companies are so ‘big’ because they have found ways to differentiate themselves from the others. You must have heard it all comes down to that one big idea, it sure does.
Now that’s not the only thing that matters but it definitely gives a major boost to your success. Be innovative, think outside the box.
Don’t just stick to one rulebook. Be passionate about different fields of study and outside your comfort zone.
Magic happens outside your comfort zone.Anonymous
Once you get outside your comfort zone, you start getting creative on your own. Creativity and curiosity go hand in hand. It doesn’t matter what kind of business you’re in. Being creative would set you apart from thousands of other businesses. I know it’s all the more difficult to start and manage a business, now we have to be creative too. Sadly, it’s the truth. As an entrepreneur, you have to learn how to improve your skills round the clock, else your business would be boring and no one would want to buy from you.
This, in my opinion is the one most important skills that every entrepreneur should have. If you won’t expand your social circle, how would people even know about your business. You need to know how to communicate effectively to all stakeholders and potential stakeholders that touch the business.
And the other companies or your customers are not the only ones you have to communicate with, you need to know how to communicate with your employees to. You know how they say, happy employees,happy business. Okay, I kinda made it up but still. You have to communicate with your employees in a way that they feel they are a crucial part of your business.
You also need to master all forms of communication, including one-on-one and in-person conversations, group conversations, written communication, and email or online messages.
3. Correct mindset
The right mindset is a paradigm through which you approach building of the systems. In order to generate a successful business plan, you need to have a right mindset. In every type of company, the business development is “lead generation, lead conversion, client fulfilment.”
In other words, the core development of any business depends on 3 things:
1. How many people you attract to your door?
2. How do you convert a bigger percentage of those people to become customers?
3. And how do you convert the largest percentage of those customers to become clients?
Because once you’re able to convert those ‘people’ to become your ‘clients’, you’re in the right direction.
A business has 3 key components, people involved in the business, the product and the system. But in reality, the system is what makes a business successful.
You know how these millionaires or billionaires are different from businesses that fail, it’s their system. Their system allows the consumer to have control. They give their customers all the control because they know they are because of their customers.
We think that the business owner is the one with the remote control in the hand but it’s actually the consumers. You aren’t selling the product in your business, you are selling the control. If you can give exactly what the consumer wants the very first time, and replicate it faithfully, he/she will continue to buy from you
4. Time Management
“Time management” is the process of organizing and planning how to divide your time between specific activities. Good time management allows you to work smarter than harder so that you get more amount of work done in much lesser time aka smart work. Gone are the days when hard work used to pay off. Now you have to work hard and act smart.
Remember,doing a business with time management is the most difficult thing, at least according to me. You know when we are trying to build a business, we start treating it like our baby. And by doing so,we forget that we cannot give 24 hours a day to it because it’ll eventually burn us out. We started a business with a hope that it’ll make our lives easier and the not other way round. Yes, the starting years are going to be tough definitely but you have to learn how to manage your time or it’ll take the life out of you.
Careful priority planning, defining milestones, execution, and iteration are all important.
5. Money Management
It’s a skill that you cannot ignore as an entrepreneur. Money is the top reason we all even have businesses in the first place. You have to handle the resources very carefully and properly assessing investments compared to ROI is a major requirement for every entrepreneur. You must be able to answer these questions:
- Do you know where your money is going each month?
- Do you spend less than you earn?
- Are your expenses more than your profit, thereby leading to no profit at all?
And once you’ve managed money, you would want to raise it right. You would want your business to grow substantially. Because better the money, better the business.
By working on these 5 skills, you’ll ace your entrepreneurial skills. I know there are so so many small business owners trying to make it, but Steve Jobs was one of them too, Mark Zuckerberg was one of them too. So you could be one of them too. Just don’t give up. Giving up is for quitters and you ain’t one. Hone your skills and who knows, you might become a billionaire business owner one day!
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