Are You A New Entrepreneur? 5 Essential Skills for Success
Key talents top business people possess, and new entrepreneurs should strive to master.
Anyone can be an entrepreneur with enough passion for their project, but what does it take to become a successful one? We’ve analyzed the long lists of skills that top business publications and professionals claim to be vital among those with the entrepreneurial spirit.
Being a new entrepreneur is not easy. Between the level of organization, time-management, and dedication needed to launch your business, it’s safe to say that becoming a successful entrepreneur is reserved for those with a robust and unique set of skills (and no, we’re not talking about bow hunting skills or computer hacking skills).
Of the skills we’ve seen listed, we noticed a lot of overlap. It’s cluttered and is an overwhelming amount of considerations for the entrepreneur who already has a lot on their mind.
This is why we’ve created a short list of five skills that every new entrepreneur should practice, to achieve success with any new business.
1. General Preparedness – For Anything
Effective entrepreneurs not only have a business plan, but they are also highly competent at planning in general. An ambitious entrepreneur might have a collection of forecasts, roadmaps and strategies laid out for everything from business and financial growth, to recruiting and hiring priorities, succession planning, marketing initiatives and new market penetration, potential risks and challenges, product development, strategic moves, exit strategies, and plan B’s and C’s for each if the originals don’t go as planned. Possessing a knack for efficient planning means that new business owners will be able to steer the business in the direction they want it to go, predict potential issues, and not be surprised by the outcome.
Successful entrepreneurs operate their business with a comprehensive plan but remain adaptable, flexible, and perform well under pressure.
2. Ability to Make Connections & Communicate Effectively
Communicating well in person, writing, and over social networks is an important talent that every entrepreneur needs in their back pocket. Communication plays an important role when delegating tasks and overseeing projects. Without clear instructions and expectations, some information could get lost in translation between you and your team, clients, or stakeholders. Aside from delivering your elevator pitch and being able to talk the talk, it’s also essential to align yourself with the right people who help you walk the walk. Making connections and – dare we say – networking with other entrepreneurs, mentors, and top talent requires initiative, warmth, and an outgoing nature, but networking is an aptitude that can be developed over time.
Successful entrepreneurs align themselves with the right people, can build and nurture relationships, and can persuade others to buy into their business.
3. Practice Self-Discipline
Having a passion for your business and industry is a great start for new entrepreneurs, but when you’re working for someone else, you have people to report to and deadlines to meet. When you’re working for yourself, you are the manager, receptionist, sales team, marketer, bookkeeper, customer service and human resources rep, and producer of most – if not all – work. So, as a new entrepreneur, you have to be disciplined enough to manage time, money, and your workload efficiently. You may have more flexibility with your schedule, but without the ability to manage everything from deadlines to stress, it could be challenging to achieve the success you want.
Successful entrepreneurs are dedicated, productive, well-organized, and know how to achieve a healthy work-life balance.
4. Ability to Collaborate
Some of the most successful entrepreneurs receive support from a team of likeminded people who understand the values, goals, and mission of your new business. The ability to detach from a task or project and collaborate with a team of people you can rely on is an undervalued ability that is respected but can be challenging to develop. Asking for help and including others in making important decisions will set your team up for success. Collaboration starts with sourcing, hiring, training, and managing a productive and talented team and continues with including, trusting, and empowering them to share and execute great ideas.
Successful entrepreneurs don’t go it alone. They operate under an inclusive umbrella, building a team behind them to bounce ideas off, weigh decisions, and develop internal processes.
5. Practice Authenticity
Many successful companies are adjusting their communication strategies to be more genuine, relatable, and transparent; an approach that is in line with current audience expectations. Being authentic throughout every meeting, conversation, pitch, or presentation will resonate with everyone from your team to your clients and stakeholders. Confidence is an asset when you’re a new entrepreneur, but being able to support that confidence by being authentic can arguably become a more valuable skill.
Successful entrepreneurs are genuine across every business touchpoint, from press releases and advertising to proposals and social media platforms.
Becoming a successful entrepreneur takes a lot of effort, but honing these five skills can ensure you are grooming yourself to reach the next level of growth for you and your business. While these proficiencies may not always come naturally, it is possible to teach yourself, and every investment in self-improvement tends to pay off both personally and professionally, so it’s worth the effort to try.
Do you agree with this list? Let us know what abilities you believe to be most important for new entrepreneurs to achieve success with their new business.