Tag Archives: Entrepreneurship

Business Skills You Need To Be a Successful Entrepreneur

Are you planning to launch your new business? Well, that’s great! However, you aren’t alone in the world of startups. But, did you get tired of your 9-5 job or years of hard work that pushed you to start your own business? 

Many people were laid off during the pandemic. As a result, there seems to be an exceptional surge in the launch of startups as these laid-off people are exploring new opportunities. Whatever the reason behind starting a new business, it is undoubtedly a great way to achieve all your life dreams. 

While as exciting as it sounds, the road to entrepreneurship is no walk in the park. However, having certain traits and qualities can make you a successful entrepreneur. So do you have what it takes to be a successful entrepreneur? Below is the list of crucial skills that you must develop and polish to take your startup to the next level:

  1. Learning Skills

The path to entrepreneurship is full of both ups and downs. You might come across many failures during your entrepreneurship journey. However, how to cope with uncertain situations is what matters most. Therefore, make sure to have a growth mindset. You can adopt many ways to deepen your knowledge, for instance, by reading books, attending seminars, taking classes, etc. The more you desire to learn and grow, the more chances you will be successful as an entrepreneur. 

However, are you feeling reluctant to pursue your further education because you have other family and work commitments? No worries, consider enrolling in an Online General MBA Program and gain comprehensive knowledge about various aspects of the business. The MBA degree will equip you with in-depth knowledge of financial management, business ethics, marketing, etc.

  • Communication

As a new business owner, you need to pitch your business idea to potential investors constantly. Moreover, you will be selling your products or services to prospective customers and earning revenue. But how is that possible if you lack proper communication skills. That is why effective communication is imperative for business people. 

Good communication skills will help you build and nurture long-lasting relationships with your customers, stakeholders, and employees. Furthermore, no matter how well-qualified or well-skilled your team is, your business will suffer if you can’t communicate your strategies to them. Therefore, try to be proficient in all communication formats – verbal and non-verbal. 

  • Problem-Solving

Sure, you started your business by identifying your target customer’s pain points and providing a solution. However, your work doesn’t end here. It is because every business comes with its own sets of challenges. You will encounter new situations that require you to make different decisions each day. Put it this way, the more strategic decisions you make, the greater chances you can achieve your business objectives. As a successful entrepreneur, one of the most crucial skills you need is excellent problem-solving skills. With good problem-solving skills, you can turn your problems into potential opportunities. 

  • Networking

As an entrepreneur, you might have endless tasks on your plate. You might be planning to sit all day cooped in your office to accomplish those tasks. However, if you wish to run a successful business empire, you need to take some time to get out of your office and network. Networking will help your business grow since you will meet like-minded people. You will meet new business partners and clients and find new opportunities with good networking skills. The best way to network is by attending business conferences and other industry events. You can also build strong connections through social media platforms such as LinkedIn. 

  • Time Management

Imagine you got a potential client project that can help you generate considerable revenue. And while you are sure you and your team can deliver the project with good quality. Still, due to poor time management, the delivery of the project gets delayed. So, of course, your client will get disappointed and might not even consider doing business with you ever again. They might consider going to your competitors for business instead of you. For this reason, excellent time management skills are crucial to becoming a successful entrepreneur. Though you will be handling many tasks simultaneously as an entrepreneur, good prioritization and delegation can help you get your work done efficiently. 

  • Financial Management

Let’s face it; business is all about money. How you manage your business finances can either sink or swim your business. Therefore, learning the art of how to manage your finances is the key to your success. Start by creating a realistic budget and stick to it. That way, you won’t go overspending.

In many cases, entrepreneurs make the biggest mistake by overspending in the hope of earning more revenue. However, unfortunately, they have to deal with the financial crisis because of their overspending. Therefore, once you create your budget, keep an eye on your finances to avoid any mishap. Sound financial management skills can help you tap into new opportunities and make well-informed decisions. 

  • Leadership

Another critical skill is strong leadership. There is a high possibility you have a strategic vision and excellent business idea, but what’s the purpose if your employees are not following you. That is why develop and polish your leadership skills. However, being a leader is not just a title. It would help if you could motivate and inspire your employees.

Moreover, suppose you wish your employees to follow your dream and work towards achieving your business goals. In that case, you must be likable and approachable. Lastly, it is to note that you don’t have to do all the tasks yourself because you are a business leader. A great leader is someone who knows when to delegate tasks. 

  • Resilience

Answer this. Are you resilient? Resilience, by definition, means bouncing back quickly from challenging situations or failures. Unfortunately, no matter how robust your plans are, things sometimes don’t work as you plan. As a result, you might experience some losses, too. However, picking yourself up when things become difficult is one of the defining traits of a successful entrepreneur. It’s easy to give up when things become hard. But as a successful entrepreneur, you must have a positive attitude and mindset so you can learn from your failures. 

Key Takeaways

It is no secret that launching your new business and making it successful is no piece of cake in the highly-competitive and ever-evolving business world. 

While your degree can give you the push you need to proceed with your unique business plan, your skills will determine whether your business will reach the newer heights of success or not. So be honest with yourself and analyze your skills. Don’t fret if you don’t have some of the skills. With some practice and determination, you can develop or polish these skills and be good on your road to successful entrepreneurship. 



What is Entrepreneurship?

Entrepreneurship is an activity which is done by a person to bring out the social change in the world, by innovative technologies, services, products, etc.

In a more formal definition, Entrepreneurship is the activity of setting up a business or businesses, taking on financial risk in the hope of profit.

Hence, entrepreneurship is an act by which a person became independent and lives a life on his/her terms and conditions. Entrepreneurship is about being your boss.

Who is an Entrepreneur?

An entrepreneur is a person who brings about changes for the betterment of society.

An entrepreneur is someone who sees the world from a different angle. An entrepreneur is a risk-bearer, organizer, and innovator.

Entrepreneur as a risk-bearer

As a risk-bearer, an entrepreneur is the one who buys certain factors of production changes them into a product and sells them at uncertain prices in the future. There is uncertainty about the prices, which is not an ordinary risk that can be insured therefore the entrepreneur is a risk-bearer.

Entrepreneur as an organizer-

As an organizer entrepreneur combines the labor, land, capital other resources to make a product. After selling this product in the market and subtracting all the receipts which remained is the profit.

Entrepreneur as an innovator

As an innovator entrepreneur is the one who introduces a product, a service or a technology in the existing one to improve the lives of the people.

Example of Entrepreneurs

Every entrepreneur has a different vision to see the world to find out the best opportunity for them as well as for the improvement of society.

Many successful entrepreneurs influence the world in different ways because as every individual is different, every entrepreneur is different.

Steve Jobs will always be the most famous and successful entrepreneur in the world. He formed an apple computer company. Jobs’ inventions have been a boon in technology. He passed away with a net worth of over $8.3 billion.

Oprah Winfrey is one of the most successful lady entrepreneurs in the world. She is the richest African-American woman. Despite having a past full of thorns she never gave up in life. Now she owns a cable network company named OWN meaning Oprah Winfrey Network. She acquired the name “queen of all media”. She is the only multi-billionaire in American history possessing a net worth of 2.9 dollars.

Elon Musk, who doesn’t know about him. He is one of the most influential South African born American. He launched his first company Zip2 Corporation, in 1995 with his brother, Kimbal Musk and X.com in 1999 which later became PayPal.
In 2002, he founded SpaceX which is a huge success.

These are some of the examples of the most influential entrepreneurs, who are trying to bring a revolution into the world.

Traits of the entrepreneurship

Creative thinking– creativity is an important characteristic of an entrepreneur. A creative mind thinks about new ideas. Instead of blaming the situation, they find a solution to a particular problem. They have amazing imagination power. They think that every product, service has a scope of improvement.

Embrace changes– successful entrepreneurs are very flexible about the changes. They are always ready for the changes and take the advantages out of the situations.

Hard work vs smart work– Entrepreneurs know when to work hard and when to work smart. They know that neither of the two can substitute each other.

Use money wisely– Money management skills of the entrepreneurs should be very good. They should know where, when, how much to invest.

Vision – successful entrepreneurs know everything about their business- why the organization exists, how a product or a service will bring a difference to the existing one, in which market is to be launched.

Maintain the consistency– successful entrepreneurs are always consistent with their work. They know that success can’t be achieved overnight. They should not give up on the tough situations.
There is a famous saying by an entrepreneur –
“Tough times never last, but tough people do.”- Robert H. Schuller.