Five useful skills an entrepreneur needs to develop

by Ashvini on February 18, 2014 · 6 comments

in Entrepreneurship

Entrepreneur faces all kind of scenarios. On one hand, there are troubling questions of product creation, cost management, customer acquisition etc. , on the other hand there are opportunities, possibilities and excitement.

To meet the demands of tough life of entrepreneurship, here are following five skills useful to any entrepreneur.

#1 : Patience –lots of it

Entrepreneurship is a lot like compounding of money. It builds over year. Entrepreneur needs to show patience in order to achieve the goals they set for himself. With great patience they will see through the tough times and also learn to employ innovative techniques to overcome odds.

Entrepreneurship is more like a discovery. There are more than one path to success. Only a patient entrepreneur will be able to navigate the path to success.ID-100204412

#2: Networking

Many entrepreneurs think that just by creating a great product, they can achieve good publicity. The idea is that a great product will speak for itself.  However , it is difficult to achieve that just on the basis of product itself.

An entrepreneur needs to go out ( or online) and network with like minded individuals, media and potential customers. Networking works in a geometric pattern when one person tells about something exciting to two others and those two talk to two each, providing great visibility.

Networking skills are important to deal with all areas of business operation of the venture. One needs to network to win customers, negotiate with suppliers, find funding options. Even if one is publicity shy, one needs to cultivate a good level of networking skills..

#3: Innovation in managing expenses

When there are no revenues at the start of the business, it is often prudent to manage the expenses. Careful examination of expenses in all areas will reduce the cost.

Advertising: Social media for example provides a great way to reach the target audience. New age ideas such as affiliate programs help to reduce advertising costs. In return for a commission, affiliates reviews and promotes the product

Office costs: By searching for online deals, entrepreneur can reduce costs. Using second hand goods also saves a lot of cost.

#4: Hard and Smart work

Entrepreneurs need to do not only hard work but also smart work. They need to manage their resources while maximizing the opportunities available.

Hard work is needed to bring products to life, showcasing them to customers and then supporting it.

Smart work is needed to make use of available facilities, contacts and network so that the information about product is disseminated quickly. Smart work also means finding allies who can help the entrepreneur become successful. Smart work also means using innovative methods to reach potential customers and helping them understand the key features of productID-100165132

#5: Ability to step back and take stock

I would call it equivalent to emotional stability or higher emotional quotient. Entrepreneurship is a big set of hits and misses. An entrepreneur always needs to be aware of things that work and those that don’t. They should be able to take stock of current situation and then decide whether to move forward or change their path.

As I said there is no single way to success as choosing the path needs to be repeated over and over.

What other skills do you think are useful to entrepreneurs?

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{ 6 comments }

Josh February 21, 2014 at 1:45 pm

Number four really sticks out for me, especially the part about smart work. I talk to my kids all the time about learning how to work smarter.

Ashvini Kumar Saxena February 24, 2014 at 12:17 pm

That is great to know :). Hard work and smart work are both necessary but smart work saves a lot of time though. Thanks for your comment , Josh :)

Jeevan Jacob John February 20, 2014 at 10:13 am

Well, it isn’t really a skill, but I would add attitude/mindset to the list. Having a growth mindset will definitely help an entrepreneur!

Instead of focusing on our results, we focus on our efforts – how we could do better or how we could have done better (I believe that our failures are far more valuable than our successes).

Planning is also important…but I think planning is included in some of these points :)

Anyways, thank you for sharing this, Ashvini!

Ashvini Kumar Saxena February 24, 2014 at 12:21 pm

Hi Jeevan,

You know what, when I started with the post, I wanted to say about attitude. However I changed the topic to skills. I believe organizations have a huge part in deciding how to help grow the right attitude. For small business owners though, attitude is everything and they need to cultivate it fast.
What you are also pointing out is measuring the efforts , which is a great point. Without measurement , we are not going to go anywhere with our strategy.
Thanks for your comment and your thoughts :)

Carolyn Nicander Mohr February 18, 2014 at 9:32 pm

Hi Ashvini, All of these skills are extremely important for success as an entrepreneur. I like how you put patience first. So many people want instant success but that is very rare. Plus you do achieve satisfaction from building a business over time. You also will learn lessons along the way, including what works and what doesn’t.

I would also add caring about people as a skill. Entrepreneurs who care about their customers more than the bottom line won’t have to worry about the bottom line.

In reading this list, I also thought that these skills also apply to parenthood. You need all of these skills to be a successful parent. Perhaps you need these skills to be successful at any endeavor?

Ashvini Kumar Saxena February 24, 2014 at 12:24 pm

Hi Carolyn,

Thank you for your comment. I feel that patience always comes above all. If one looses patience and gives up, game is over.

I believe when you and Josh talk about teaching things to your kids, listening, having patience and learning continuously would be on the top priority. Actually you said it correct, we all need to have these skills in all our endeavors.

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