Typical Traits of an Entrepreneur
You’ve probably heard a lot of people say that entrepreneurship is not a walk in the park. These are both current and previous business owners who, for one reason or another, could not weather the challenges of entrepreneurship.
To start and successfully run a business, you will need two types of skills.
Hard skills are formed from the technical and theoretical knowledge you have obtained for a specific job. For instance, a lawyer’s hard skills involve understanding the law and constitution more than an average citizen.
Soft skills are those personality traits that are desired to perform a particular job or task.
Different positions will require a larger dose of one skill over the other, but when it comes to entrepreneurship, the following traits are desired across all industries.
Most entrepreneurs start alone and only bring in additional staff when the venture expands. This means that at one point or another, the business founder will have to communicate their values, mission, and vision to stakeholders, potential investors, new hires, clients, and so on.
Mastering proper business communication skills ensures that you are delivering the right message without the possibility of misinterpretation. 9 out of 10 business leaders from 500 businesses across the country emphasize that the 21st century entrepreneur cannot survive without enhanced communication skills.
Your entrepreneurial success will also partially depend on how well you train employees for communication competency.
Financial management is a responsibility for which an entrepreneur can outsource help. However, there’s still a point within the initial stages where you will be managing or making direct finance decisions.
A staggering 65% of entrepreneurs that have failed to admit that they lacked the required financial management expertise to sustain a business.
Anyone can count, calculate, and assign funds to one area of the business or another. But knowing how to manage the cash flow, where, when, and by how much to invest requires more money skills.
Starting any venture is a project by itself, and an entrepreneur should be ready with management skills. There are goals and a laid out plan on how to achieve these objectives. Within the plan, there are also smaller milestones that gradually build up to long-term growth.
Providing your products or services also involves project management skills. For instance, if you are a car accident attorney in Phoenix, you might be juggling two clients from different locations at the same time. Being able to attend to all their needs without mixing up the two also requires proper management.
The only way to find clients is by spreading the word about your business. You will have to sell your products, services, and unique selling proposition (USP) to prospective clients. Similarly, you might have to make a pitch to potential investors too.
Without proper marketing skills, your attempts will come out as informational rather than compelling and persuasive. The goal is to convince the other party that you are the right person to solve their problems.
Technology in business has also provided more avenues for marketing. As an entrepreneur, ensure that you understand the basic concepts of digital marketing and how you can use this knowledge for business growth.
Entrepreneurship is a journey filled with risks and only the brave and daring will endure. There are external factors totally out of your control that you have to foresee and adjust the state of your company accordingly.
Making key business decisions also involve calculating which alternative provides the least risk and maximum benefits. In other cases, an entrepreneur has to take a risky move, but with mitigation strategies at hand to ensure nothing goes wrong.