The 17 Skills Required to Succeed as an Entrepreneur
There’s a question that haunts every would-be entrepreneur – and many actual entrepreneurs – every day: “How do I know if I have what it takes?” Yes, the Internet is full of ideas, tips, tricks and even awesome quotes. But do you actually have the skills? Find out — here are 17 skills every entrepreneur must have to be successful.
The ability to manage money.
Very simply, if you can’t manage money, you can’t manage a business
you know where your money goes each month? Do you live off less than you earn? If the answer to these questions is no, you’ll struggle to manage a business budget as well.
The ability to raise money.
Once you can manage money, can you get more? In order to get investment, you need to not only understand where to get money, but how to convincingly make a case that your business is a good risk as well.
The ability to relieve stress.
Stress is no laughing matter. If you allow yourself to get frustrated and upset by setbacks, you’ll struggle as an entrepreneur. Learning how to use stress to your benefit is essential.
The ability to be productive.
This is a big topic, because there’s no one right way to be productive that works for everyone. Learn about your peak energy times, your routines, and the productivity tools that work for you in order to create your own plan for success.
The ability to make entrepreneur friends.
According to entrepreneur Jim Rohn, “You are the average of the five people you spend the most time with.” So who do you want to be? Improve your odds of success by finding entrepreneur friends who will be able to understand your struggles and give you much needed insight.
The ability to identify strengths and weaknesses.
As a business owner, you don’t need to be perfect at everything. You do, however, have to understand where you’re strong and where you’re weak. Assessing this will inform everything from the business decisions you make, to the partners you bring on, and to the employees you hire.
The ability to hire effective people.
Speaking of hiring, this is easily one of the most important skills any entrepreneur could have. Having great people on your team will give you access to new strengths, while also building a company culture that people want to be a part of. Hiring the right people is essential to get where you want to go.
The ability to train new staff.
When you bring on someone new, a robust onboarding process will ensure that they know what to do and not do. Not only will this help keep your company moving the correct direction, it will increase the commitment level of good employees and give you grounds to follow up on misconduct.