Important Skills for an Entrepreneur
Some skills are more common among entrepreneurs than others. Some of these skills can be gained while others are at times a gift from God, but in both cases, refinement is required, and you can develop these skills over time.
Having a good knowledge of the service or product you are selling might seem like an obvious requirement, but becoming an expert is something good entrepreneurs work towards. If you can spend as little as an hour each day learning more about your industry, your return on investment on that time would be significant. Another way to gain insight is to meet other industry experts and share notes. Your goal should be to innovate a process within your industry or to pioneer a product.
Appetite for risk
Being a good entrepreneur doesn’t require risking your bank every day, but growing a business takes guts and heart. You need to take many calculated risks to survive in today’s competitive market environment. This, in my opinion, is not a skill that can be learned, but one that is part of the DNA. If you are naturally a risk averse person, try surrounding yourself with someone who compliments you on this front.
To enable you to take calculated risks and fuel your ideas, I believe it is vital to know how to raise and deploy capital. An entrepreneur should be a good business operator, but they should also be efficient at allocating capital. It is true that you can get guidance from a fund manager, but at the end of the day, you should have a 360-view and know how make these calls independently.
I believe it is important to know how to communicate with your many staff members, clients, stakeholders and so forth. However, to communicate effectively, you should have clarity about the road ahead. This may sound like something every business leader already has, but there is always some confusion in an entrepreneur’s mind. You must learn how to handle your internal questions, ideas, thoughts and find a means to gain clarity on where your business is headed. What I have seen work for many is talking to a mentor or advisor about your business. This helps you to prepare a clear roadmap and find answers to questions from those outside your business looking in.