7 Skills Every Entrepreneur Must Have and Why
All entrepreneurial skills are learnable but which do you possess? Do you know that it takes some certain skills to be successful in business as an entrepreneur?
Have you always wonder how top entrepreneurs like Warren Buffet, Mark Zuckerberg, Tony Robbins and others manage to raise a business from scratch to become a conglomerate today?
Have you at once asked yourself what makes Aliko Dangote emerge the richest black man in Africa? Oooh, you think it is ritual or government funds? Wake up dear entrepreneur!
At the beginning of starting my freelance writing career, I said to myself that I don’t just want to be a writer but to build a writing business. I don’t just want to be a solo-preneur but to build a writing firm that house other writers to help meet clients need, where I can employ other writers to write for me while I still make money.
This was my dream and goal. I started reading books written by successful entrepreneurs, I started searching for that THING that made them a success among their competitors.
This research made me started following them on social media, reading every of their post, watching their YouTube videos and many other things to make sure I tap whatsoever made them great.
Related Post: 5 Habits of Successful Entrepreneurs
In this post, I will be sharing with you 7 essential skills every entrepreneur must have and why. What differentiate you from the top 20% entrepreneurs that are successful is that these top 20% of entrepreneur possess some skills that make them more successful than the rest 80%.
If you want to be successful in business, you must have these 7 essential skills. These 7 skills are the most important skills that I find useful and needed for the 21st century entrepreneurs.
- Good Communication Skill
Every entrepreneur must possess good communication skill. Good communication skill is very important in handling business and this skill is being found to be possessed by top successful entrepreneurs.
An entrepreneur who does not know how to communicate effectively with customers will find it a problem to offer effective customer service and experience in his or her business. You must be a power communicator if you want to be a successful entrepreneur.
Why do you need to develop a good communication skill? If you have been following Warren Buffet, you must have read that it was after he took a public course at Dale Company’s Academy to improve his communication skill that business started booming for him and his company.
- Making Quick Decisions
Every day, we all make a multitude of decisions. However, the richest entrepreneurs make theirs very fast because they know themselves better. Most people have been taught how to make decisions. Instead, they look for people who can make it for them.
This is why only 10% of people in the world are entrepreneurs who control 90% of the workforce.
Making quick decisions can help you turn your business into six figures. Top entrepreneurs don’t procrastinate, they make decisions quickly and act on them after they are sure that the decision is a good one.
- Taking Leverage
This is one skill every entrepreneur must have to sky rock their business. It makes me different from other writers. Leverage in in simplest definition in business means using people to perform tasks at a lower pay rate than you would have normally do at a higher pay rate.
This was one reason I wanted to build a business and not just being the alpha and omega of myself. As an entrepreneur, you must learn how to leverage your time and delegating some certain tasks to people who can do that same task very well at a low fee.
This is how I run my business. I delegate some task to my team writers at low price while I take the other part of the pay and focus my time on high paying gig. As an entrepreneur, I have learnt how to use people to get more work done in time and it has helped me increase productivity and income too.
I can guarantee 100+ blog post to any client because I have team of good writers who I can rely on to get the job done. That is the power of leverage and do you have this skill?
- Leadership Skill
This is one of the most important skills every entrepreneur must have to build a top business and be influential. Robert Kiyozaki once said, “In business, leadership skill is not an option. It’s a necessity.”
When entrepreneurs get to the point where they start hiring help, they can mistakenly think, “I’m the boss now. I have to make others do what I want them to do—no more being told what to do.” But leadership is not about control and compliance anymore. It’s about engaging and enrolling them in a vision, based on mutual respect and appreciation.
It’s a mistake to go in thinking that as their leader, you have to boss others around to get respect. Do that, and soon enough, your employees will sit around waiting to be told what to do. That will make more work for you as they stop trusting their initiative and instincts.
Worse, you lose all that latent potential for everyone to innovate and work together synergistically. In this scenario, you have created workers rather than a team. Just because you now wear the CEO’s hat doesn’t mean you have to maintain a certain “distance” or pretend to be someone you are not.
Go get books on leadership so as to get inform on how successful people leads.
- Managing Money
It is normal that if you cannot manage money, you can’t manage business then. For you to be a great entrepreneur, you need to possess the skill of managing money. You should be a master at budgeting your money.
- Marketing and Sales
Marketing spread the message of your business and sales is getting people to buy that message. Marketing helps you to build your credibility and sales happen when people trust your reputation.
Marketing is the spinal cord of your business and sales is the vertebrae. If you want strong backing, you must master both of these skills.
Multimillionaires in business are experts at marketing and sales. Their skills deftly lead them to high positions and allow them to enjoy the best of life. In this world, if you don’t know how to sell, you will be sold.
- Managing People
This is the last skills in my list that every entrepreneur must have if they want to succeed in business. It will get to a point in your business where you have to employ hands to get some task done in your business as no man is an island.
I was once a victim of this skill because I was never trained on how to manage people since I started on my own. My business got to a stage that I started hiring writers into my team, as usual some were giving me problem to the extent I thought about doing my writing myself.
But, I started looking at top entrepreneurs and how they manage to grow their business with thousands of employees. The first person that got to my mind was Aliko Dangote. He has so many businesses with lots of staff, yet he hardly falls sick or have I heard any negative report on how he handles his employees.
Quickly I went to a book shop to get book on how I can manage team members and thank God I got the right book and since that day I have been able to handle my team members with ease and we hardly have issues.
I am now better equip on team management and it has really increase my business performance that I can go to bed without worried and the job get done the way I want it.
If you don’t know how to manage people, take your time to learn how to motivate, inspire and develop your staff.
Becoming an entrepreneur is not an easy task. Being an entrepreneur is not a job, it is a lifestyle. And to succeed as an entrepreneur, these are the top 7 skills you must have.
See you at the top!