Entrepreneurship has been described as the capacity and willingness to develop, plan, organize, manage and execute a business venture in the hopes of making a due profit even as risk and uncertainty is constant.
Who is an Entrepreneur?
An entrepreneur is a person who organizes and operates a business venture and assumes much of the associated risk.
Entrepreneurs go through the burdens of conceiving unique ideas, brooding on them until they expand and broaden up, properly planning on them, organizing scarce resources for the accomplishment of the set goal, and finally executing them. With time, as the venture grows the entrepreneur drafts in more hands to form a powerful team with hopes of sustaining and further advancing the vision of the venture.
As wonderful as this is, none of it would be a reality except the entrepreneur posses very powerful entrepreneurial skills. These skills are what make the entrepreneur the tool he or she uses to actualize their goals and dreams. Below are therefore must-have skills amongst several others for an entrepreneur.
Skills to Develop as an Entrepreneur
The better the management, the better the prospect of the business. Hence, as an entrepreneur, listed below are skill you must develop to aid your business if you don’t possess it yet.
Communication Skill
Communication is a valuable and powerful skill and a great handle for entrepreneurs. Entrepreneurs ought to be able to speak comfortably and intelligently, passing knowledge and information about their products and services – their pricing, location, unique offers, and other relevant information. Even marketing of the product and services is weighed on the ability of the entrepreneur to communicate and rightly at that.
Negotiation Skill
Negotiation is the process of bargaining on the prices of products and services. An entrepreneur must be a good negotiator and as such that skill must be properly attended to and harnessed. The ability to come to a point of compromise with customers without necessarily offending them, or turning them away, and maintaining a good price for your products or service.
Interpersonal Skill
Interpersonal skill deals with the ability of a fellow to interact, create relationships and maintain such relationships. Entrepreneurs must have the capacity and must give due attention to building this skill. The skill helps the entrepreneur to create a lasting relationship with potential and actual customers and to maximize that created bond duly for the advancement of their venture.
Time Management Skill
As an Entrepreneur, ideas, concepts, and series of tasks would certainly keep pounding on you. Time management skill helps the entrepreneur to intelligently allocate time for building a particular idea, executing a plan, or satisfying a task. This skill helps the entrepreneur to be able to smartly draw his scale of preference, and assign priority to tasks available. This helps to differentiate between extremely urgent tasks and those that can wait.
Leadership/Managerial Skill
Leadership/Managerial Skill borders on being able to accurately coordinate activities and resources – including human resources, whilst channeling all of this to a set goal and leading the team towards their actualization. As a venture grows, it is wise for an Entrepreneur to bring in more hands to form a strong workable team that would help sustain and promote the vision of the venture. When sure smart fellows come on board with that unique value, it is the task of the Entrepreneur as a leader and manager, to be able to control and organize the team, their value, and the limited resources on the ground, administering everything as excellently as it should, maintaining all activities, staff, and progress in a format and right pattern.
There you have it, the Top 5 skills you must develop to succeed as an entrepreneur. I hope this guide was helpful?