Most people dream of quitting the 9-5 and setting up on their own at some point. Many are held back by the fear of failure, or the costs involved. Running your own business is not for the faint-hearted and you will never really know if you will be good at it until you try. If you are seriously considering setting up your own company, here are the top nine skills you will need to be a successful entrepreneur.
Money Management Skills
You do not need to be a top accountant to become a great entrepreneur. However, a basic knowledge of budgeting will go a long way. Put simply, you need to know how much it costs you to produce your product and how much you are going to sell it for. The difference between the two is your profit or loss. If your product or service costs you more to make than you will earn, you do not have a business. If you are making more money than you spend, then you could be successful. If you can master this concept and manage a budget, you are on your way to success.
Regardless of what your business does, an entrepreneur needs to be able to promote it. You don’t have to be salesman of the year but the ability to talk about yourself and let people know what you can do for them could get you a lot of business. Some of the best business deals are done on the golf course or at the club so don’t be afraid to talk about yourself when you get a chance. A good entrepreneur knows how and when to do this naturally.
Friends and acquaintances will only get you so far. You also have been good at meeting new people and getting on well with them. An entrepreneur needs to be a good people person and being able to network may mean that you get a lot of repeat business from your contacts. It also means that you know where to look when you need help and advice about your business. A good business network can be worth its weight in gold.
Customer Service Skills
A business runs on its customer service. Customers need to know that you will do what you say and be honest about how long it will take for them to receive the product. There are things that can go wrong with every transaction and if you use great customer service skills to put it right then the customer is usually happy eventually. A happy customer will tell their friends and write rave reviews about you, leading to more business. An unhappy customer will do the exact opposite. If you want to keep the sales rolling in, it is imperative to have good customer service skills.
Good Judge of Character
Once you have got your business up and running, you will need to hire staff. The most successful entrepreneurs put the best people in the best positions and give them the space to do their jobs. This can be difficult as you might want to retain control of everything like you did when the business was in its infancy. However, once you have reached a certain size, this will be physically impossible, and you will quickly get burnt out if you try to manage everything yourself. Therefore, it is important to know that you can trust the people you work with to do a great job for you with minimal supervision. This makes it essential for an entrepreneur to be a good judge of character and to trust their instincts.
People Management Skills
Once you have got the right people working for you, you need to manage them well. You should command respect and be able to lead from the front but at the same time, you should be able to show empathy and have a willingness to embrace new ideas. This is a perfect cocktail of skills that every great entrepreneur has. However, this is not easy to learn, and if you don’t have natural people management skills, you might struggle.
A Willingness to Learn New Skills
You might be great at doing what your company does; however, there needs to be a lot more strings to your bow than just selling real estate or creating computer software. A good entrepreneur needs to know a little bit about a lot of things such as budgeting, HR, IT, and sales. If these are unknown areas for you to start with, you will need to learn. An MSC management from Aston University can help you learn these skills. However, business changes all the time so it won’t be enough to learn things once; you will have to keep updating your knowledge. If you love learning new skills, then this could be the path for you.
The Ability to Spot New Trends
Nothing lasts forever and it is the entrepreneur’s ability to spot new trends and use them to their advantage that creates their success. Whether it is a new fashion or a trend in IT, a good entrepreneur has an eye for the next latest thing.
Entrepreneurs have lots of bad ideas as well as good ones. However, putting themselves out there regardless of what anyone else thinks of their suggestions means that they are likely to strike that great idea that will make them rich. It doesn’t have to be a completely new invention but the ability to put their own mark on something that already exists and make the changes necessary to improve it is what will make them successful.
If an entrepreneur makes a mistake, they pick themselves up and try something else. They don’t dwell on their mistakes, but they do learn from them as they move on to something else. This is not always an easy thing to do but if you can do it, you can be a successful entrepreneur.
If you have these nine skills, you should make a great entrepreneur. All you need now is a great idea.