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7 Skills That Will Make You a Successful Entrepreneur

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Entrepreneurship is all about fitting into various roles and standing as a potential leader to roll in a successful business. What it requires to become an entrepreneur is assessed differently by different people across the globe. Some consider passion as the primary quality, while others take selflessness as a measure. Regardless of this, entrepreneurship is a result of the innate desire to make a change for the better. This desire, when characterized with certain crucial skills, will bring a successful entrepreneur to life.

There are about 400 million entrepreneurs in the world and to stand out from the crowd, here is a list of key skills that an entrepreneur should possess:

1. Thinking outside of the box

Entrepreneurship signifies a creative approach towards work. Successful entrepreneurs think outside of the box and are adept at finding possibilities and value in places where others have lost hope.

In simple words, they begin their journey from where the world stops thinking. Almost anyone can start a business, but turning the tables and creating something out of nothing; that’s how an entrepreneurs mind works.

2. Excellent communication skills

A major part of your business journey will involve communicating and interacting with more and more people. Be it your investors, customers, or your employees, what and how you convey your message to them plays a great role in determining your success as an entrepreneur.

In addition, communication skills also include your potential as a listener. The more you are skilled to listen to others, the better you become at communicating your thoughts and ideas to the crowd. This exchange of ideas and thoughts, in turn, helps to step-up the ladder of success.

“Wise men speak because they have something to say; Fools because they have to say something.” – Plato

3. Power to flip failure into success

Leading a business isn’t a cake walk, and the ups and downs are its never-ending parts. A crucial skill for an entrepreneur is to be prepared to stay calm in failures and take those times as opportunities to become better. They should learn to carve their mindsets to bring the best out of the worst.

4. Leadership qualities

Running a business is not just about monitoring the sales and profits, but it is more about leading a diversely skilled workforce to put their abilities to best use. True entrepreneurs possess exceptional leadership qualities and know how to lead by example. They are self-driven and act as sources of motivation and inspiration for others.

This way they help in building a potential team by guiding them throughout their projects. Further empathy, passion, the ability to support their co-workers and a desire to keep learning are some of the entrepreneurial leadership qualities that one should possess to become a successful leader.   

5. Potential to change hats – ‘multitask’

Entrepreneurs are their own bosses, and being your own boss implies handling multiple tasks single-handedly. From the pettiest issue to something serious, everything has to be looked at by an entrepreneur.

The key skill of a successful entrepreneur is changing hats swiftly and transitioning from one role to the other without making a big deal of it. You may also call this as ‘organizational skill’- a skill that entrepreneurs should possess to manage and organize multiple tasks without being overwhelmed to streamline business operations.  

6. Money-management skills

How you manage your financial ins and outs matters a great deal in your success as an entrepreneur. According to recent studies, 29% of startups that failed stated ‘out of cash’ as their reason for it.

Entrepreneurs need to be well-versed in knowing how much, when, where, and why they are spending money. Keeping an accurate analysis of all your expenses is another crucial skill entrepreneurs should be adept at.

“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” – Will Rogers

7. Ability to take calculated risks

One of the many qualities that contribute to running a successful venture is the ability to take calculated risks. Whether it is making a new investment or seeking a loan, entrepreneurs need to assess if their next step would bring a change for better or turn into a huge loss for their business.

Successful entrepreneurs understand that taking risks is a part and parcel of their life. Hence, they know that in what circumstances taking chances will be beneficial to them.

If reading out all those skills made you resonate with your personality, then tighten up your shoe-lace to run the entrepreneurial race with the world.

Richard Branson, founder of Virgin Group once said: “No two successful entrepreneurs are the same.” Hence, there’s a lot more to explore to set your future as a entrepreneur.

You need to find your way towards success, but the seven skills mentioned above are what you can use as the base or foundation to proceed further.

Which one of the above skills resonates most with you to succeed as an entrepreneur?

Angela White is an ed-tech enthusiast with a passion for writing for the consumer market in the areas of product research and marketing using quizzes and surveys. Having a knack for writing and an editorial mindset, she is an expert researcher at a brand that’s known for creating delightfully smart tools such as ProProfs Quiz Maker.

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Entrepreneurs

What if Elon Musk Ran Your Business? 4 Lessons From the Real Life Iron Man

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The story of Iron man and Elon Musk starts when Robert Downey Jr. visited SpaceX headquarters miles away from the setting of the first Iron Man movie back in 2007. The actor was inspired to base his character on Elon Musk’s personality. Ashlee Vance writes in Elon’s biographyboth Musk and Stark were the type of men, according to Downey, who ‘had seized an idea to live by and something to dedicate themselves to’ and were not going to waste a moment.” (more…)

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5 Ways to Prepare for Your Entrepreneurial Journey

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There are many ways to get ready for entrepreneurship regardless of whether you’re ready or not. The migration to the unknown will take you through many places, emotions, and people. Your journey will be both easy and difficult, but hopefully in between, you prepare yourself with an expectation of helping people by solving problems. The quest that you are about to enter will be one to remember if you are willing to adapt quickly and not give up.

Arranging for this huge change in your life should be one of the most memorable expeditions that you will ever experience. Looking into the future and being able to lay out a road map for your entrepreneurial journey will definitely be beneficial. Though there will be challenges every step of the way, being prepared will help you achieve your goals more efficiently.

To help you get started, here are 5 ways to plan an entrepreneurial expedition:

1. Form Ideas By Visualizing And Writing Them Down

Before beginning your entrepreneurial quest, brainstorm to come up with many amazing ideas even if you never act upon each of them. It’s always a good thing to write them down on paper, computer or via a mobile device app such as Google Docs. An abundance of suggestions about your processes is better than none or even a few objectives that can possibly help in some way.

The key is to breakdown those ideas to come up with better solutions to move forward in your voyage. See what’s more in line with your mission and values to be effective for your core audience, products or services that you may want to create. Whether you categorize those ideas or check them off one by one, coming up with different concepts will be a great start to your journey.

“Creativity is contagious – pass it on.” – Albert Einstein

2. Begin A Pattern Of Consistency By Quitting Bad Habits

Repetitive actions can present their challenges but if there’s a way to make progress and eliminate bad habits that aren’t hindering your itinerary then keep doing them. Have you ever noticed that negative thoughts, lack of confidence, and no exercise regimen could negate persistence of not only your entrepreneurial journey but other goals as well?

Get your mojo or swagger back by committing to a life of constant and everlasting consistency by stopping eating bad foods, wasting your time with hours of playing video games, watching television and other things that will stall your progress. When you get rid of actions that are slowing down aspects of your life, you’ll begin to pursuing things to help you lay the groundwork for success.

3. Be Disciplined While Listening More

Another way to prepare for your entrepreneurial journey is by being in control of yourself while paying more attention to everything else. It’s quite common to focus on things outside of your realm and instantly become something other than what you see fit. Difficulties can arise if your focal point isn’t there and somehow an opportunity pass right by you.

Mentorship even from a distance from someone that you don’t know can be a key element as you learn the importance of your mission. Listening to podcasts and watching YouTube videos of someone that has validated your idea is a great starting point as well. Mimicking them on some level can help you understand different phases that are ahead and how to deal with them.

“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” – Henry Ford

4. Work Effortlessly And Prioritize Your Time

You will have to work extremely hard with an emphasis on actual time value before pursuing your pilgrimage. We often hear about the results of hard work and it sounds cliche but when many other things are happening outside of your control, finding a way to manage your time can become difficult.

Most people will start off alone with zero help in terms of having a partner and putting in 100% effort. You will likely wear multiple hats as the visionary, programmer, marketer, content creator and so on. You may have to function with only 3 or 4 hours of sleep or even none at times while being respectful and cognitive of the time of others as well.

5. Persist Like There’s No Tomorrow While Planning For The Future

What’s in you? Nobody knows the answer to that question but you and the determination for reaching your destination as an entrepreneur. Whatever the answer is, you should be driven with an undaunted passion to pursue your expedition. Go after your dreams with a tenacity that you didn’t know was within your soul and keep pushing no matter what.

Be mindful that your strong pursuit can be done all while determining the proper destination of where you want to eventually end up. Never lose your focus admist numerous distractions that will happen. The emphasis comes from experience along with talking to other entrepreneurs who had similar occurrences at multiple stages of the process.

Put in the work early with the mindset of expecting obstacles and pushing forward pass them.  It will be tedious and preparing for a grind will make your entrepreneurial journey more understandable through tough times. You will be a lot wiser and better after all of the hard work whether it’s considered a failure or success.

Which one of the above 5 ways to prepare for your entrepreneurial journey resonated most with you and why? Share your thoughts below!

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7 Things You Need to Do to Grow as an Entrepreneur

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Startups are on the rise and youngsters are keen to launch their own business instead of a nine-to-five job. As simple as it sounds, opening a business needs patience and the right planning. Moreover, the profits gained can help you meet your financial obligations and realize other dreams.

Young entrepreneurs must learn the skills of investing money within the right channels as most startups fail because of a shortage of funds. Every entrepreneur has a chance to innovate, create new jobs and have an influence on society. It’s our responsibility to continually grow and push forward, usually beyond our comfort zones.

Here are the seven must-learn tips to grow as an entrepreneur:

1. Read Books and Articles

For many new entrepreneurs, your first mentors are usually found in the pages of books and blogs. Much often learned from the writings of others, and fortunately these days, people are sharing their experiences. A survey found that 88% of the world’s wealthiest people read for a minimum of 30 minutes daily. By comparison, only 2% of the overall population reads this much daily.

Read chapters in books, and articles to get new ideas and skills. Some ideas might not be directly relevant to what you’re doing these days however, it could come helpful a year or so down the road.

My advice is to search out those leaders and writers who resonate with you. You’ll understand when you’ve hit on something when you find yourself returning to a book for answers and inspiration time and time again.

“Books give a soul to the universe, wings to the mind, flight to the imagination, and life to everything.” – Plato

2. Perform SWOT Analysis

Business students and old-school marketers should be very aware of mapping out SWOT Analysis charts (Strengths, Weaknesses, Opportunities, Threats). If you’ve never made a SWOT chart, write out the strengths, weaknesses, opportunities, and threats in four quadrants on a piece of paper.

In reality, you’ll jot down a couple of notes on the back of a cocktail napkin, however despite the simplicity, if done right, a SWOT will shed light on crucial areas that require improvement. Most significantly, don’t shy away from the truth. Dissecting your weaknesses isn’t fun however, no good comes from avoiding the fact.

3. Be Willing to Take Risks

It’s impossible to become an entrepreneur if you don’t take risks. Doesn’t matter how many times you’ve fallen. See how many times you stand-up. Being an Entrepreneur isn’t that easy; it’s an up-and-down game like a business. Be willing to come up with new plans even when old strategies are working. It’s through such risks that your business will grow. You’ll learn and meet new partners or investors. Even so, the risks must be calculated. Doing the analysis and making consultations is vital in this case.

4. Open Your Eyes Wide

Many opportunities are arising in the business world every day. For instance, many companies are willing to come up with a mobile solution for a startup without charging immoderate prices. This info can only be discovered if you’re keen.

Before dismissing adverts from websites and mainstream media, conclude if they’re relevant to your business. Also, follow the events happening in the stock market and international business summits. You’ll find the opportunities which will take your business to a new level.

Becoming successful as an entrepreneur is possible if you learn, take risks, evolve, innovate, and stay motivated. You must be realistic regarding your abilities and watch the events that unfold in your world.

5. Lead the Way for Your Team

Young entrepreneurs need to encourage employees and provide help at every juncture. For any young entrepreneur who aspires to be a leader it’s necessary to be:

  • Honest
  • Ambitious
  • Courage and Risk Taking
  • Dedicated
  • A Team-player
  • An effective listener
  • An effective communicator
  • Able to inspire confidence
  • Positive

An entrepreneur who has all the attributes of a leader leads the employees to productivity. It’s essential that the team respects a leader. The hunger and aspirations of the leader to strive for success inspire the employees to put in that extra effort to be successful.

“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

6. Learn How to Keep Initial Success at Bay

Do not enjoy the shrubs of initial success for too long. Return to the drawing board and draw the future course of action. To move on to the next phase:

  • Utilize local and online channels to make hype for the services
  • Start expanding by hiring employees to enhance productivity
  • Cater to a good segment of the audience by providing various services
  • Re-invest the profitable revenue into new business efforts

Never let the initial success get to your head. The online platform is an ever-changing arena. Analyze what’s working and what new tactics can be utilized to strengthen the market base.

7. Find and Keep Business Partners

You will always go far if you have people to carry your hand during hardship in business. They’ll share ideas that have made them successful and provides you funds whenever necessary. Demonstrating that you are organized, capable, and serious is vital when nurturing such relationships. Keeping records, creating financial contributions to society, and attending forums are some of the choices worth trying.

Being an entrepreneur isn’t as easy as it looks. You’ll face many up-and-downs, risks, financial crisis, and many more. Be ready to face these problems if you want to be an entrepreneur. Entrepreneurship isn’t about making money, it’s about innovating new things and represent new concepts and ideas to the world.

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Transitioning From Employee to Entrepreneur? Try Intrapreneurship First

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Studies show that 15 million Americans are self-employed full-time and that an estimated 27 million Americans will transition from the traditional workforce to full-time entrepreneurship by 2020. Additionally, it is asserted that entrepreneurs are 125% more successful if they have previously been employed in the industry in which they presently do business. This is all great news on many levels.

Chances are, if you are reading this article, you are considering transitioning from employee to entrepreneur, or perhaps you have already made the shift. I get it. I am one of the millions who has made the switch – trading stability and comfort for passion and freedom. However, if you are a potential full-time entrepreneur, there are many things to consider before making the leap.

How will I support myself and my family in the initial stages of development? What do I do if I fail? How do I maintain the drive needed to make a business successful? How will my business harness the creativity and innovation required to thrive in the marketplace? These are all valid questions and should be considered deeply.

If only there were a training ground to test your management capabilities, gain knowledge, think innovatively and be solution-focused. But, wait, there is. Your current employment can offer these opportunities and more – through intrapreneurship.

By definition, an intrapreneur is an employee of a company who has adopted an entrepreneurial mindset. Intrapreneurs are highly motivated self-starters and innovative, solution-driven thought leaders, who work within an organization. Because of this definition, acting in an intrapreneurial capacity in your current place of employment makes a great deal of sense when considering the move to self-employment. You can use your current employment status as a testing ground for where you want to be.

Here are four reasons why intrapreneurship can work for you:

1. See a problem. Solve a problem

All businesses should be designed to fulfill a need. Just as your own business should be able to justify its existence in the marketplace, initiatives within an organization should do the same. Closely examine processes and products in your place of employment. Determine what could be executed more productively. Alternatively, design a new initiative to creatively meet and exceed customer expectations. Acting in this manner will prepare you for building the structure and mission of your own business.

2. Creatively capitalize on skills and talents gained outside your employer

In many instances, we separate business from personal, and there are many good reasons for this approach. However, there are notable skills and talents used in your personal life that are transferable to the workplace. For example, if you engage in team sports, use your team building skills and charisma to involve your colleagues in projects.

If you love to read fiction books, integrate the creativity of the stories to bend the thinking of traditional methods of operation. The possibilities are many. Business owners rely on all life experiences, directly or tangentially related, for the benefit of their enterprises.

3. Intrapreneurship is for all employment levels

If you think intrapreneurship is only for c-suite executives, think again. Intrapreneurship is for the mailroom to the boardroom. As noted in the definition, intrapreneurship is about being a self-starter. You do not need permission from anyone to be highly motivated. Just as all parts of our bodies have a function, so do all positions in an organization. Even if you feel your position has no purpose in your organization, make one. We all have to start somewhere in our entrepreneurial journeys, so start right now, where you are.

4. Experiencing failure is inevitable. Move forward anyway.

All of us will experience failure at some point and multiple times as well. Failure will happen regardless if you remain employed or set out on our own. Be bold enough to move forward with establishing your voice and your place anyway. Business and life are about forward movement. Decide now what next step you will take if you fail. There is always a path forward. Get used to the possibility of your ideas being rejected and your designs being flawed now, so when you are a full-time entrepreneur, you will know how to advance.

Whether you are at the infancy stages of developing your own business, currently self-employed or even wish to remain an employee, establishing yourself as an initiator and innovator can reap many benefits for you and your company. That is the beauty of it.

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