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5 Soft Skills Every Entrepreneur Needs to Succeed

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There are countless components that go into building a successful company, but soft skills act as the fundamental building blocks of a functioning business. Hard skills are considered to be job-specific, whereas soft skills are interpersonal skills, like listening and communication. 

Nearly 93% of employers said that soft skills are an “essential” or “very important” factor in hiring decisions. With the right blend of hard and soft skills, an entrepreneur is capable of great things.

Here are five soft skills that can help entrepreneurs scale their growth and lead successful ventures:

1. Confidence

A successful company starts from individual confidence. In order to motivate and inspire others, an entrepreneur must find reassurance in themselves. Other businesses and consumers will believe in your company if you consistently believe in yourself. 

Being confident also means becoming comfortable with being uncomfortable— taking risks will expand your business and place you above competitors. As an entrepreneur, and leader, it’s crucial that you not only possess confidence, but exhibit it throughout every step of your business ventures.

2.Self-Awareness

It is vital that an entrepreneur have a clear insight into their personality, especially their strengths, weaknesses, thoughts,and emotions. 

When an entrepreneur is self-aware, it can lead them to beneficial partnerships and agreements. Without good self-awareness, leaders become easily persuaded and spineless. Self-awareness also includes control. Becoming overly emotional, for example, can lead to detrimental impulsive decision making. 

“Self awareness is the ability to take an honest look at your life without any attachment to it being right or wrong, good or bad.” – Debbie Ford

3. Collaboration

From the day we begin talking, the ability to work well with others is pivotal to any project. As an entrepreneur, it is important to recognize and understand your own responsibilities. To do this, you must identify your business culture and have tools on hand to manage mutually dependent relationships. 

Active listening inspires collaboration within teams and creates learning opportunities. Without open collaboration or sharing and discussing information, the success of your business is  limited.

4. Time Management

Time is the greatest equalizer. No matter who you are or what you do, we all have the exact same amount of time in the day. Successful management of that time separates the great entrepreneurs from the bad ones. 

Entrepreneurs have many responsibilities; they are often jumping between tasks, hopping on calls, and attending events. They also tend to make every decision within the business.

It is crucial for business owners to find an organization system that works for their company and their goals. Creating a long term road map of company ambitions is an excellent way to distinguish high versus low priority initiatives. Entrepreneurs should create prioritization systems that employees can follow each month, ensuring business targets are met.

“Once you have mastered time, you will understand how true it is that most people overestimate what they can accomplish in a year – and underestimate what they can achieve in a decade!” – Tony Robbins

5. Resilience

Throughout your entrepreneurial journey, unexpected hurdles and setbacks are inevitable. The process of starting a business will not be perfect. What matters most is how you progress when the outlook seems bleak. Your ability to stay tough and weather the storm speaks volumes to your leadership— and will lead to a huge payout at the end of the day. 

Maintaining entrepreneurial resilience throughout rocky times will empower your employees while simultaneously building your credibility. Resilience will also inform potential clients and customers that you are willing to fight through thick and thin.

Soft skills are the backbone of every successful entrepreneur. While hard skills like financing and marketing are crucial to conducting business, soft skills provide the essential groundwork. Developing these soft skills will come with time, mindfulness, and an eagerness to grow. Take the initiative to prioritize these skills in yourself. Once you’ve done that, you can then cultivate those same qualities in your business.

Do you think soft skills tend to be more important than hard skills in today’s business world? Share your thoughts with us below!

Kevin MacCauley is the CEO and founder of Upper Hand, the leader in cloud-based sports management software that help sports professionals escape the administrative vortex and focus more on training athletes. As a former Little League coach, Kevin’s impeccable leadership stems from his undeniable love for sports, coaching and technology, which he has leveraged to transform Upper Hand into an industry trailblazer. Its award-winning software has undergone tremendous growth as it continues to reinvent the sports business industry and grow athlete participation worldwide. For more information, please visit www.getupperhand.com.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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