Introduction to Skills Of Entrepreneur
There is always a doubt in every budding entrepreneur or professional who is willing to set up their own business. Whether they shall be able to establish their business or not.
In this article, I’ll explain 7 significant skills that every entrepreneur must have to set up his business successfully and take it to the next level.
1) Rational Thought Process:
The first and foremost thing that every businessman should have is a rational thought process. I have met and observed many successful entrepreneurs during my entrepreneurial journey.
I identified one common skill which everyone had to have that is their thought process. Their way of thinking is something different from the common persons.
If you wish to start your own venture, you should have a clear vision and self-confidence for your ideas. You have to ask yourself whether you are ready from the bottom of your heart or not. However, business is not done by heart, still, you must be ready by heart.
2) Self Confidence:
The second important thing is your self-confidence. You should believe in yourself because an entrepreneur is a leader and nobody would help you whenever you would be in trouble. Hence your self-confidence and motivation are going to play a vital role during the struggling phase of business.
If you are not confident, sooner or later you would become demoralized and finally give up. Therefore, be confident, stay motivated, and chase your dream.
3) Ability to Raise Funds:
The funds are the backbone of any business so you should know how to arrange funds at different stages of business. Probably you already have initial money to start your business but eventually, you require additional funds to expand your range of products or services.
Thus you should know what are the popular methods of fundraising and which methods should be more convenient and cost-effective for your business.
However, there are various methods such as Angel investors, venture capital, business loans, equity finance, crowdfunding, etc through which you can get financial support. You can also raise funds from the capital market at a later stage when your company became well established.
4) Ability to Manage Funds:
It is not sufficient to arrange money but at the same time, you should be capable enough to utilize those funds efficiently to generate maximum returns.
A true businessman knows how to manage even little funds to get maximum returns despite limited resources. You will have to track cash inflow and outflow intelligently so that funds shouldn’t block in the market.
5) Ability to Manage Team:
A business can’t be operated individually, so you need to build a highly efficient team to achieve organizational goals. An entrepreneur should be an expert in identifying talented, enthusiastic, and skilled professionals.
He needs to know how to manage, motivate, thrill, and inspire them to get maximum outcomes. An entrepreneur not only delegates tasks to his staff but sometimes he himself participates in those tasks so that he can build strong connections with his employees.
6) Risk-taking Ability:
An entrepreneur is never afraid of taking risks provided that business ideas should be innovative and beneficial for both consumers as well as the company. You must have heard that ‘No risk no profit’ and ‘More risk more profit’.
Hence those who don’t want to take risks in their life, such people always work for someone else and never grow in their lives.
Similarly, if you wish to take your business to the next level, you require to come out of your comfort zone and start taking a little risk, if your wish is to be an entrepreneur, you must have the risk-taking ability as well.
7) Ready to Learn from Failure:
Establishing a business isn’t a cakewalk. You need to put in lots of effort, energy, dedication, and time. In the meantime, you might fail many times but a true entrepreneur will never be hopeless, instead of getting frustrated he always tries to learn from those failures.
One probe is there “Instead of regretting failure, take lessons and move on and ensure not to repeat such mistakes in the future. Thus to be successful business people, you must know the art of learning from failure.
Above entrepreneurial characteristics are not merely a set of skills but it wouldn’t be an exaggeration if we say a prerequisite to be an entrepreneur because entrepreneurship is not limited to making profits but also it is our moral responsibility to create employment for the society.
Raj Vardhan is an entrepreneur, sales, and marketing expert. He did a BSc. from the University of Allahabad and an MBA (International Business) in 2008.
He worked with the most renowned MNCs as a Marketing Manager and has more than 10 years of experience in entrepreneurship, sales, and marketing. He loves to share his learnings and experiences through his blog ThesisBusiness.
He is also running an institute delivering valuable knowledge regarding banking, finance, entrepreneurship and job oriented and skill development programmes for small scale businesses.