6 Skills of an Entrepreneur Who’s on the Road to Success
Hard work and dedication are two characteristics that are necessary for success but these two aspects alone can only take you so far. Entrepreneurs who have built successful enterprises have a very particular set of skills, in addition to being steadfast and indefatigable. Here are six skills that all entrepreneurs should strive to attain:
Having a keen eye for opportunity is the very definition of an entrepreneur. Richard Branson, the founder of the Virgin Group, wrote in his blog that successful business leaders see the bigger picture, in that they have the ability to take an idea and let it fly.
Those aiming to run their own business should be able to overcome bureaucracy from time to time and see things through a different perspective. Administrative systems help significantly in terms of efficiency, but in some cases the system prevents avant-garde business ideas from materializing.
2) Money Management
The most imaginative ideas won’t do the business any good if they aren’t given physical form and when it comes to materializing ideas, securing your capital is the name of the game. The ability to acquire funding is among the most important aspects of a successful entrepreneur.
But not all fully-funded ventures reach their target destination. Business leaders of SMEs must be educated and experienced in the field of finance despite having teams of financial professionals on hand. It is after all the job of the leader to direct the company, and knowledge of your company’s cash-flow can act as a roadmap to success.
3) The Power of Persuasion
So you have a clear vision of your company’s path and future, your capital is secured, and you have the financial foresight to steer your company away from bankruptcy; all these skills are for naught unless you can convince the public that your company has value.
Charisma is arguably the characteristic that entrepreneurs are most known for. From Steve Jobs’ iconic presentations to Elon Musk’s perception-changing statements, the power of persuasion is a standard tool in a business leader’s tool kit.
An entrepreneur has a multitude of responsibilities and efficient time management, while necessary, is usually not enough to make the difference in the long run. The ability to delegate tasks to those who have potential is a skill that affects the longevity of a business’ success.
It is possible to micromanage a company for a time, but this strategy is doomed to failure. An exemplary business leader elevates his/her subordinates through sufficient training and delegation. Companies that lack the manpower for internal delegation on the other hand, have the option of outsourcing or offshoring excess tasks.
5) Risk Management
Even the best business plan in the world can’t account for every possibility. Enterprises are built on uncertainty which is why entrepreneurs must find comfort in the feeling. There is a thin line separating success and failure, and a competent leader does not let fear cloud his/her judgement.
However, this does not mean that risks should be disregarded. Making calculated risks may be a necessity in the world of business, but knowing when to stay your hand is another trait of a successful entrepreneur.
With all the risks involved in the field of business, failure is an inevitable outcome. Moving on from a failed attempt is a chapter in the story of all great CEOs and it is a chapter that will appear in the stories of the great CEOs that have yet to come.
Adapting to failure isn’t the only thing that entrepreneurs must deal with. Business leaders must also adapt to the changing times. Playing safe isn’t always the safest option; even giants like Myspace, Blockbuster, and Kodak couldn’t withstand the changing of the times.