10 Essential Entrepreneurial Skills
An entrepreneur isn’t just someone who starts a business. They are someone who sees business potential, endures the risk, and takes the leap. An entrepreneur is someone who doesn’t hold back, someone who gives their idea everything they’ve got. Entrepreneurship inherently comes with many benefits and many risks. In light of this, some entrepreneurs can be more successful than others. But – there is a way to help ensure that when you go out on that limb, that you have the highest chance of success possible. Developing certain essential entrepreneurial skills can help you get off to a great start when building your own businesses. Those are the skills we’ll be discussing today. Believe it or not, no matter your strengths or weaknesses or how hard a skill seems, it can be learned and practiced to increase your overall chances at making it big.
These skills for entrepreneurs cover a wide range of skill sets, including technical, leadership, business management, communication, and more. So, let’s go over a quick roundup of the essential skills that you guys absolutely need to develop before diving into your next business venture!
10 Essential Entrepreneurial Skills
In today’s modern society, there are few businesses that can survive without technology. You will most likely, at least, require a cellphone or laptop to communicate with clients, place orders, and record your financials. In light of this, you may want to brush up on your introductory tech skills before going out on your own. These introductory tech skills should include basic navigation of your chosen brand of phone or laptop, email, Microsoft or Google Docs, Quickbooks Small Business, and any other tech or software specific to your trade.
But – we totally get it! Learning new tech skills can be a bit overwhelming. Start by asking friends and family if they can give you a quick tutorial. You can also watch free videos online, sign up for introductory tech classes, or even attend an in-person class at your local community college. Believe us when we say, your investment in tech now will pay off tenfold later.
To be the boss, having good leadership skills is essential. Good leaders foster good work environments, low employee turnover, and greater success overall. Essential leadership skills to hone include, but are not limited to:
- Putting personal development first
- Encouraging personal development among co-workers & employees
- Being self-aware
- Encouraging “outside the box” thinking
- Being ethical and community-minded
- Practicing effective communication
- Being open minded and culturally-aware
- Maintaining integrity, trust, and honesty
- Practicing patience and humility
There are many ways to learn these skills. Grab a book on leadership, take an online course, or listen to a podcast. Business podcasts we recommend include Friend of a Friend, Life with Me, Work Party, and The Career Contessa Podcast. Know a leader in your community? Ask them for tips! You can even attend leadership retreats that help business owners just like you learn how to be great industry leaders. Really – the options are endless when it comes to learning how to be a good leader.
Having good teamwork skills is essential to any business owner who hopes to have partners, co-workers, or employees. As they say…”teamwork makes the dream work”. Here at Dear Media, we know this to be true. With the help of others and good teamwork, you can tackle your goals faster and with ease. Whereas, carrying the weight of the world on your shoulders alone can become extremely overwhelming and maybe even put you behind.
There are many important qualities that make someone a good teammate. These include:
Like leadership, there are many ways to learn how to be a better teammate. You can read a book, listen to a podcast, watch tutorial videos, or even sign up for an online course. If you’re a female entrepreneur looking to improve your leadership skills, you have to check out these podcasts!
There are many aspects to business ownership that must be managed. Just to name a few – you’ve got financials, customer service, project management, quality control, and innovation. So, to be a successful business owner, you must also be a good business manager.
Business management is more of a hard skill than a soft skill. This means that, when it comes to learning the basics of business management, you might want to consider taking a course or purchasing professional quality reading material. Long story short, this is not a skill you want to skimp on.
We’re sure you hear this all the time, but we’ll say it again for good measure. Communication is key! But in reality, in the world of business, it’s not enough to just communicate. Clear and effective communication between clients, employees, and co-workers is a must. This is especially true at networking events and business conferences as well. Trust us when we say, effective interpersonal communication will save you so much time, energy, effort, and money.
Need to hone in those communication skills? We’ve got you covered! Here are some easy ways to step-up your communication:
- Practice active listening
- Use responsive body language
- Take notes when needed
- Double check emails & texts before sending
- Always be clear and concise
- Avoid interrupting speakers
- Think before you speak
One of the most important business skills to master before starting a business is budgeting. Budgeting is extremely important because it is an essential component of every part of your business. From your start-up costs to preparing your taxes each and every year, knowing how to budget is key. With proper budgeting, you can avoid critical mistakes and ensure maximum profit from your business.
Like many items on this list, there are many resources online that can help you learn how to budget. A simple google search will yield thousands of online courses, videos, books, podcasts, and how-to articles, on proper budgeting. To narrow down your search results, try searching for resources on how to create and maintain a budget in your specific niche. When it comes to budgeting, just remember to set goals and stick to them!
When it comes to running any business, there will always be some stress. Entrepreneur stress can come from the desire to succeed, finances, employees, customers, and even from a lack of balance between your work and home life. No matter where the stress comes from, it’s important as a business owner to be able to manage this stress.
Too much stress can cause you to be irritable, impatient, tired, and more prone to making mistakes. All of these issues can most certainly have a negative impact on your business. In light of this, we have created some awesome material on how to handle this stress and get back to what really matters – you and your goals! When you’re ready to hone in this skill, check out these resources: Entrepreneur Stress Management, Stress Management Techniques at Home, and 30 Time Management Tips for Work Life Balance.
Having good decision making skills is more than just knowing what to do next. It’s about being able to see the big picture, listen to both sides of the story, and make the right decision moving forward. And believe it or not, this is much easier said than done. But still, having good decision making skills will benefit you and your business in many ways. So, it is certainly worth the time to practice this skill.
Increasing this important skill will save you time, increase your productivity and focus, and prevent conflicts before they happen. It will also help you better identify business opportunities, better analyze situations, and ultimately, choose the best course of action. You can increase your decision making skills by:
- Being knowledgeable about all products and services
- Reducing stress at work and at home
- Sticking to a healthy diet & sleep schedule
- Being assertive and confident
- Taking time to think on difficult situations
- Making pro/con lists
- Asking for help when necessary
- Seeking additional information
- Considering the consequences (good or bad) of each decision
- Avoiding impulsive or emotionally-driven decisions
Successful entrepreneurs almost always have excellent time management skills. It’s common to hear people say “there’s just not enough time in the day to…” But, with proper time management skills, there is plenty of time in the day to take care of all your personal needs and business needs. Time management skills can increase productivity and focus, reduce stress, and streamline your business goals.
Tips to improve your time management skills include:
- Avoid toxic productivity
- Plan ahead
- Keep your workspace organized
- Make lists in order of priority
- Create time blocks
- Keep a calendar nearby
- Know when to delegate
- Multitask when you can
- Avoid multitasking on difficult tasks
- Take breaks when needed
- Practice mental toughness
- Reward yourself for accomplishing goals
If there is one thing an entrepreneur should be…it’s efficient. New businesses can’t afford to waste time, money, energy, or effort. With this in mind, as you dive into your next business venture, take some time to work on your efficiency. In fact, as an entrepreneur, you should be looking for ways to improve you and your business’s efficiency at all times. Anytime you can improve efficiency, whether by saving time, money, or effort, you should!
Some tips to improve efficiency include:
- Practice good stress management
- Automate or delegate tasks where you can
- Limit interruptions and distractions
- Keep a tidy workspace
- Identify and correct inefficiencies
- Take breaks as needed
- Break large tasks into smaller pieces
- Set small, realistic goals
- Know when to say “no”
- Practice effective communication
Take some time to master these essential entrepreneurial skills!
Looking to turn your hobby into a side hustle? Maybe you’re thinking of starting your own podcast? No matter what your next business venture is, developing your entrepreneurial skills should be your top priority. By taking the time to master these important and absolutely essential skills, you will be much better prepared to run a business and be a successful entrepreneur. Looking for more on how to be successful in this crazy world of business? Check out our blogs on The Best Morning Routine for Success and Is Competition Necessary for Success? And, as always, we encourage you to drop us any questions or comments you might have below! Until next time, we wish you the best of luck as you take your idea to the next level!