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.
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 product
#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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