16 Skills You Need to be an Entrepreneur

Written by Kevin S. Bemel

Thursday, 28 March 2013 03:30

Last week I blogged on how to overcome the fear of failure. Step one is to get a list of the skills you need to be successful.

Here is my list:

Persistence. No one said it better than Teddy Roosevelt – “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan 'Press On' has solved and always will solve the problems of the human race.” While you need not be an expert in most of the others, at this skill you must excel.
Honest. Also required. Do you always speak truthfully? Do you feel compelled to fudge when your ego is at stake? Can you assess matters without pretense? Will you listen to biting criticism and act on it when it is true?
Balance between obstinacy and patience. Patience is a virtue except when action is needed. Can you focus your persistence on the right one at the right time? Good advisors will help.
Problem solver. Whatever you think your business is or will be, almost for sure it will turn out differently. Its success will hinge on whether when you encounter problems you take them as challenges to overcome or insurmountable walls.
Goal setter. When the going gets tough perhaps the only thing that will see you through is irresistible goals.
Plan and Implement Tasks. Step by step you reach your goals by completing the necessary tasks. You need to create a plan and navigate through the inevitable changes.
Time management. As an entrepreneur, you will always have more to do than time to do things. You will be able to take more action toward being successful if you manage your time well.
Delegator. Successful entrepreneurs know what they do well and surround themselves with people who do the other things better than they do. Can you give up the authority that is necessary for a coworker to meet a responsibility?
Manager. Each person you deal with is unique so you will need as many management styles as you have people to manage.
Understand numbers. You do not need to be an accountant, but you have to understand what your financial people tell you and develop an awareness for when what they say does not make sense. Also, you need to be able to speak coherently to suppliers, employees, investors, and bankers.
Know your product/service inside out. Michael Hyatt calls this Wow. Be an expert in the service you offer. Have a product quality second to none and be able to explain why.
Compelling storyteller. Previously called being effective at sales and marketing, the advent of social media requires that you have a narrative that motivates clients, customers, employees, and investors. Do you write and speak well? Are you adept at presenting ideas in multiple ways so as to engage the greatest number of people?
Skillful using social media. No matter how captivating your story, if no one hears it your business will go nowhere. Social media is the tool to spread the word. While it has a low cost of entry, it can have long learning curve.
Can you talk to just one more person? When you do not know the answer to a question will you seek out people until you really understand an issue? Will you speak with one more prospect if that is what it takes to meet your goal?
Good communicator. Related to being a good manager, lasting relationships are built on a foundation of solid communication.
Negotiator. Roger Dawson says everything you want in life is owned or controlled by someone else. Negotiation is the means to get what you need.

When I started my first business I was competent in about a quarter of these. Classes, working with others, listening to recorded programs, and other means dramatically increased and improved my skills.

Question – What other skills do you think are essential to entrepreneurial success?

You can leave a comment on this question or ask another question below ↓

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