While some people say entrepreneurs are born, we think that good entrepreneurs are made. There are certain skills and personality traits that you acquire over time to become a successful entrepreneur. Here are 5.
As an entrepreneur, you’re going to face rejections, failure and the stress of seeing things move slower than you’d hoped. This is all part of the game, so what you’ve got to do is learn to bounce back after each challenge and be open to endless possibilities. You need to be able to motivate your staff after a disappointment, and keep going even when things look a little (or a lot) bleak. Resilience is built over time, though, so don’t be too hard on yourself if you’re a little scared to try again after a failure. Rather, draw strength from your support network and mentors.
“I consider your rejection a lucky charm, because everything that ever happened in my life came on the heels of failure.” - Barbara Corcoran
The thing about starting and running a business is that there’s very little that you can predict or control. People can be fickle, situations can change, and certain things just may not go the way you’d planned - it’s okay. You need to learn to be flexible and do what you can with whatever resources you’ve got and take on new opportunities even when you aren’t 100% certain about how you’ll make them happen.
“Action and adaptability create opportunity.” - Garrison Wynn
In order to lead, you’ve got to be decisive - you need to be able to weigh your options and make an informed decision regarding your business. In urgent situations where the outcome isn’t a clear win/lose, you need to be able to tally up pros and cons and act quickly. This is another skill that’s built with time, confidence and, well, a few hits and misses. It’s better to make a decision and take action than to dally indecisively and end up missing opportunities or making bad situations even worse. Where there are no facts or evidence, just trust your gut and know that you’ll be able to come back from any setback.
“In any moment of decision, the best thing you can do is the right thing. The worst thing you can do is nothing.” - Theodore Roosevelt
Being financially savvy
Large corporations have the luxury of hiring trained professionals to handle their finances- unfortunately, most start-ups don’t. That’s why you’ve got to learn to be savvy with your money. Read up on being financially literate and get all the help and advice you can on how to save and make the most of the resources you have at your disposal. Don’t spend money on flashy items just to make a statement, and don’t make hasty purchases on machinery you haven’t done your research on. For more tips on how you can save money as entrepreneur, take a look at this.
”It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” - Robert Kiyosaki
Good interpersonal skills
At the core of entrepreneurship is having to sell a product or service to people, and you can’t do this if you don’t polish your interpersonal skills. You’re going to have to communicate with customers, investors, possible collaborators and employees and if you’re not able to do this confidently and effectively, you’re going to have a hard time convincing anyone to believe in your vision. Like most things, interpersonal skills are developed through experience and the willingness to learn - you’ve got to put yourself out there to get to where you want.
“Engaged communication is a pursuit of excellence. Communicating attentively and engagingly is striving to be the best you can be.” - Darlene Corbett
Entrepreneurs have a unique set of challenges that require them to have certain skills, and the willingness to do more than what ordinary people do in order to achieve results. Mastering these 5 skills will help you become a better youngtrepreneur, who’s able to tackle any challenge that comes their way.