To develop skills for entrepreneurship, become the most hardworking person in the room. Develop entrepreneurial skills and a fitting mindset. That’s how you stand out. Such skills take a lot of time to gain. However, you can always learn them by taking action. Your experiences will shape you as an entrepreneur.
If you want to become an entrepreneur, you’ll need specific skills for entrepreneurship to develop and maximize your chances of achieving success in your entrepreneurial journey.
When we say skills for entrepreneurship, we refer to technical, financial, business, and leadership skills. There is no limit to what you can learn and develop to be successful as an entrepreneur.
In this article, you’ll find the most common and important skills to learn. They’ll help nail your resume, interviews, cover letters, career journey, and business endeavors.
What do we mean by skills for entrepreneurship?
The ability to lead, sell, thrive in business, among other skills, is a superpower. These skills will give you a leg up over your competition.
If you’re taking an interview, for example, these are elements you need to mention.
The interviewer would ask you questions such as, “what are your strengths and weaknesses?”, This is where you mention your strongest soft skills to prove you are qualified.
Entrepreneurial skills can apply to various jobs. Thus, developing them is a necessity. If you’re the leader of a major company, developing empathy in leadership will go a long way to turn you into an outstanding leader.
9 entrepreneurial skills to crush your future (or current) roles
1- Ability to sell
One of the best skills for entrepreneurship is to know how to sell. A lot of today’s most successful people today started out as salespeople. In fact, it’s become like a cliche. Whenever they talk about their rags-to-riches-to story, they mention how they used to sell products from door to door.
One thing they always talk about is how selling helped them gain confidence and develop an art of persuasion.
Celebrities like Johnny Depp, Jennifer Aniston, George Clooney, Ellen DeGeneres dabbled in sales before attaining their fame.
Other successful people include Dean Graziosi, Zig Ziglar, Dale Carnegie, and David Ogilvy.
It doesn’t matter where you are in your business; selling is a big part of every entrepreneur’s job—whether it’s selling your service or product to potential clients or even promoting yourself in business meetings.
If you are trying to sell something, you need the ability to connect with others. Likewise, you have to transmit the value of what you are offering.
An entrepreneur must be able to sell his idea, service, or product to any potential customer or investor. You must know how to communicate the value of what you offer. An entrepreneur can explain perfectly why their idea is special and better than what already exists.
Many technology entrepreneurs fail here. Despite having a good idea, they do not know how to sell it to the public.
Keep in mind that traditional sales methods no longer work the same. Stay updated on what’s currently working (examples: social media, e-commerce, etc).
2- Relationship and leadership skills
You can’t succeed on your own. You need partners, collaborators, or friends. It’s wise to foster long-term relationships of trust with people. You can help each other. Networking is not only essential, it’s mandatory.
Usually when a person becomes successful, what you don’t see is the community of people behind the scenes that are equally, if not more, successful. They helped each other get there.
You simply can’t succeed alone. Great companies and successful entrepreneurs will always owe a lot to their team. Entrepreneurs have the support of other people.
Their ideas came to life thanks to everything that boosted them at first. Networking (the ability to create a network of contacts) can open many doors.
That’s what you need to do. Find equally minded people that have similar goals and help each other thrive.
Team building, reaching agreements, unifying ideas, and delegating are tasks only a good leader can do correctly. Not all entrepreneurs are ready to lead, but everyone must learn to do it, eventually. If you want to be a better leader, you can review these tips.
3- Fluid communication and listening
Every entrepreneur must know how to communicate fluently and clearly.
However, listening to others is just as important. That way, understanding your team, your customers, mentors, investors, and suppliers is easier. Be clear when expressing your goals and ideas.
If an entrepreneur cannot communicate succinctly or can’t listen effectively, it’s highly likely the company will fail.
Effective communication through group conversations—as well as written or email messages — is a skill worth learning.
4- Time management and organizational skills
As an entrepreneur, you will no longer have a boss to report to.
So, discipline is very important when managing your working hours. A lot of freedom can be overwhelming at first.
However, you realize that sticking to a plan is key to making your venture successful.
Time management, careful planning, defining milestones, and organization are important elements. Nothing will lead to progress without good project management. Time allocation also gets the job done.
Time is money, and the better you manage it, the closer you’ll be to your goals. Know how to break down your big goals into smaller tasks that won’t overwhelm you.
How to set ambitious goals
- Set a specific goal.
- Work backwards + break it down into smaller goals.
- Stick those smaller goals into a schedule.
Bad Goal: I want to grow my social media following.
Good Goal: I want to grow my LinkedIn account to 1,000 subs.
Even Better Goal: I want to grow my YouTube channel to 1,000 subs, and will do this by posting 3 posts per week + engaging and networking with like-minded people
Bad Goal: I want to make more money.
Good Goal: I want to go from making $1,000/month to $5,000/month.
Even Better Goal: I want to go from making $1,000/month to $5,000/month, and will do this by increasing my prices by 75% and running a monthly sales campaign for my 200 previous clients.
5- Perseverance and courage
Entrepreneurs are brave people. They take risks. So, you must learn to make hard choices. Learn how to deal with the challenges of the journey you chose.
You need to get the best results in the shortest time. Switch between different tasks and progress effectively daily.
Handling unpleasant situations, a lot of pressure… rejections, stress, burnout, lack of focus, slow progress. Determination and eagerness to fight every morning are critical when trying to build a business from scratch.
However, keep in mind that everyone makes mistakes. Making poor decisions and mistakes is part of the journey. That should not discourage you. An entrepreneur is someone who explores new territories. So, every mistake will be a lesson to learn and a test of your perseverance.
If you have a strong focus, a burning desire, and solid determination, you’ll be fine.
6- Negotiation skills
Every business relationship will depend on your ability to negotiate. You’ll have customers to discuss business with, partners, peers, etc. Negotiating is highly beneficial. As a result, you will build beneficial links for your business, or you will discard potential growth opportunities. For that reason, take every learning opportunity to become an expert in negotiating.
7- Financial skills
For an entrepreneur to achieve financial success, it’s only natural to think they need financial intelligence. This means being able to manage the finances of their organization.
Financial management determines the survival of a business. Manage your resources properly and carefully. Evaluating investments against ROI is a must for entrepreneurs.
You can learn to keep track of the financial processes in your business by reading financial books, using software and tools, and working with finance experts.
8- Branding and marketing skills
Most successful entrepreneurs today built their brands and revolutionized their niches. Think Tony Robbins, Grant Cardone, Kylie Jenner, Gary Vaynerchuk, and many more.
Branding and marketing are the best skills to make your company/services/products stand out. Even if you have a great product, it won’t sell when the marketing needs work.
Make sure you add branding skills to your arsenal. Do this by networking with the right crowd: marketing experts, social media marketers, etc. Or take online courses that teach you marketing, copywriting, SEO, and branding.
Build a consistent brand tailored to the right audience. Your branding is not for you, it’s for your audience.
9- Be proactive
Entrepreneurs do not wait for things to happen. In fact, they expect and look for answers before the questions themselves come up. They turn a problem into an opportunity and manage the environment in their favor to keep growing.
Find a problem you have, then look for products that fix it. That’s how most businesses start.
A person who is not proactive can never be a successful entrepreneur. The key to entrepreneurship is knowing how to make the most of any situation to achieve the greatest rewards.
In the startup world, there is a term called “pivoting”, which means nothing more than knowing when to change the business model. Knowing when to reorient and adapt everything we had done before.
The beginnings of an entrepreneur are difficult. In fact, the emotional support to the entrepreneur is not abundant and the negative environment makes it harder to create your own company or develop your idea.
We don’t learn skills for entrepreneurship in school. These are the skills we have to chase in our lives if we want to achieve the goals we want.
Entrepreneurship requires confidence. They should see the positive side of things. When problems and difficulties arise, they must rely on that positive strength to move forward.