Top 20 Skills An Entrepreneur Should Have – Future Skills
Who is an Entrepreneur?
To define an entrepreneur, it can be viewed from the different focal point and broad definitions but then it can be narrowed down and summarized to a single point and so an entrepreneur is known to be a person that is motivated to initiate a unique idea which is based on an exchange of value. It is primarily a creation for economic value but some may be created, just for more than the simple economic value received. An entrepreneur is significantly different from the general manager, an entrepreneur is usually the creator, strategy, motivation, and force behind simple or complicated ideas.
Other definitions of an entrepreneur are listed below:
An entrepreneur is an initiator. An entrepreneur is a starter, a challenger, and a good driver of new ideas. He or she is someone that creates something new and rewarding, either as a business idea, investment, initiative, or a company. He or she can also be said to be the beginning of a venture or project. In some cases, the entrepreneur might not be the primary source of the idea, but he is definitely the one that decides to carry out the idea and make it big or he makes that idea a reality.
An entrepreneur is the driver of the idea. The entrepreneur is the person in charge, the leader and the person to look to for leadership. He or she is the one that pushes forward and inspires a team to follow him. The entrepreneur is the main man or woman in charge and is responsible for putting the team members in a good direction. He also helps to accelerate the growth of the business to a good point.
An entrepreneur is always accountable and responsible. He or she is the ultimate person responsible for the continuous improvement of the business or venture. The entrepreneur is the one that has the highest investments in the business.
Types of Entrepreneurship
As entrepreneurship is perceived to be the creation of one’s mind it is also substantial to know there are various types of entrepreneurship.
- Small business entrepreneurship: there are thousands of small businesses that one can creatively join in; they are considerably not new initiatives but they vary from daily needs provision to a profession that helps one to cater for dependents or financial need from proceeds of such endeavour. Some examples of these small scale businesses are; grocery stores, hairdressers, fashion designers, travel agents, internet commerce storefronts, carpenters, plumbers, electricians, and so on. They are easy to learn as they can be taught without necessarily any formal education. These small scale businesses are created essentially for-profit purposes and are not a big company or venture. They are mostly funded by themselves or loans from family and friends.
- Scalable startup entrepreneurship: the very word ‘scalable’ means growth, therefore one can confidently tell that a scalable startup enterprise is a little bit beyond ideas, it is the confidence of the creator to build a solution (value) from his ideas. According to Jacob M. Smith B.A Marketing and entrepreneurship, the University of Iowa, any start-up that has a high initial fixed cost for infrastructure, tech development, human capital, or anything else could be considered a scalable startup. Considerably growth on potentials as such is recognized as scalable.
- Large business entrepreneurship or enterprise: these are established firms that are already in the position of a structure and market base offering products or services often from scalable startups ideas, which are full-blown. To keep steady and remain large firms they tend to become innovative by creating other channels, or improve on products, mostly constant diversification alternatives are embarked on.
- Social entrepreneurship: these are innovators who focus on creating products and services that solve the social needs and problems of people in their society. Although, unlike the scalable startup entrepreneurship, the main goal of the social entrepreneurship is to change the world and make it a better place for everyone to live in, and not to take the market share or to create and amass wealth for the initiators and founders of the business. They are mostly nonprofit, or for-profit, or in some cases, hybrid profit.
Characteristics of an Entrepreneur
All entrepreneurs are known with common traits and characteristics, if you want to be a ‘boss of your own’ and do not possess these traits then you will need to develop them, in the best interest to let your idea survive. Below are some of the characteristics of an entrepreneur;
- Self Motivation: this is one of the first and important push to bring one’s idea to life. self-motivation is an intrinsic factor that keeps one idea going through odds because at some point the idea creator realizes he is answers to no one and no external factor could motivate him more, hence self-motivational helps to challenge, survive and sustain the growth of an enterprise.
- Risk Taker: taking risks is a powerful characteristic of any successful entrepreneur, risk-taking is an ability that helps one make an alternative decision either to salvage or promote business venture. There would not be any real progress if the owner is always rigid or bound by principles of any sought. It is nice to have principles but any that excludes risks is set for a fall, the risk-taking ability of any entrepreneur aids the scalable continuity of such enterprise.
- Passion: this can be correctly said to be the fuel that fires self-motivation. Being passionate is a drive that brings on the challenge in the first place it replaces self-motivation when there is a lack, it always helps to rekindle and bring to mind the initial intention of the idea (product or service) which is to solve a problem.
- Adaptation: successful businesses sometimes fall on the verge of extinction and irrelevance and this may just be that the owner has unfortunately unable to adapt to certain changes or evolution. Being flexible to a certain degree is key to longevity and survival of any enterprise, the ability to tweak and reinvent ideas comes from being flexible and willing to change according to the environment, climate, market, or any other factor that product or services involved with. Adapting to new market structure, environmental or climatic change as the case may be is a strong trait of any successful entrepreneur.
- Knowledge of Basic Finance: this another trait an entrepreneur should have handy. It is truly a business that would have a department or a person designed for that office to take care of day-to-day financial books but at the same time, an entrepreneur should have some basic knowledge on money management.
Top 20 Skills Entrepreneurs Should Have and Why They are Necessary
For any profession at all, the first part is the interest after which is the input of the necessary skills needed. Below are 20 top future skills an entrepreneur should acquire and reasons why they are essential;
This is fast becoming one of the topmost skills needed as an entrepreneur. It is dependent on the readiness to grow faster and smarter. A wise saying goes ‘one man can walk faster alone, but two or more men would walk longer’ this is not to condemn a sole proprietorship but to also acknowledge and see a bigger picture in partnerships. Any entrepreneur willing to succeed should be able to learn this skill and consider friends, partners, mentors, or other business-oriented persons or organizations as possible network channels. This is actually a skill than a habit one can learn the ropes too. It helps to facilitate the growth of your business if done in an appropriate way.
- Time management
In this computer age and advanced technology world, there is a lot of management skill that is especially put in place for easy transition and administration of our daily tasks. Time is of the essence and very essential too, so thorough planning, formulating milestones, iteration cycles up till implementation are primarily important scheduling organized by a project management team. There are different work methodologies which means it is an important skill one should arm themselves with. It is a skill currently being possessed by those who have a keen interest or other intentions, but time management is a future skill to recognize.
Building a business relationship by means of communication is another skill set to be acquired by every business person or business involved persons. Clear and concise communication is a daily function that is used either with customers, colleagues, superiors, or partners and it is a very important tool. Transfer of information clearly and brief, especially with clients, is an important aspect of the business, hence it is a basic prerequisite that should be acquired by every entrepreneur. Communication is used for our day to day interactions and also in relating to other people, therefore it is one of the necessary future skills every entrepreneur should possess.
- Sales Conversion
Since business is about creating an avenue for an exchange of value, that is services or goods and getting money in return. Therefore getting financial value is an important aspect of the plan and idea then also making the conversion for your sales is a special skill to learn. Being open to finding different sales channels and creating new avenues and developing them by investing heavily are all part of a salesman prospect.
Branding is a digital way of creating awareness for the right target audience. It is a great method to move your business forward, getting to the appropriate and your intended customers. It is a large scope but investing in personal branding is the market orientation in existence because there are a lot of competitions out there.
This is another core of every business venture of which to initiate an idea requires financial power. Finance is a basic requirement for any start-up business to flourish and grow more. This is a skill that people acquire in order to collate account books straight, from fixed capital to investments, and also compare the return on investments (ROI) to initial investments and so on. Finance is a rudimentary skill and required by an entrepreneur for the growth of his or her business.
This is simply the readiness to keep pushing and growing no matter the setbacks, frustrations, or hindrance you may experience in the course of growing your business. Resilience is an important skill that is needed in building a startup and the determination needed in making it a scalable enterprise in the long run.
Productivity is the efficiency to progressively multi-task at some level or switch spontaneously and still make the same effective impact on a daily basis. It is a special trait for some people but an entrepreneur should learn this skill, and endeavour to master it as well. it is a rewarding managerial ability that is needed for the growth of your business or enterprise.
Usually, this is an epitome of large businesses, but it is solely dependent on the entrepreneur. It demands the creativity to look inwards or step outward beyond the original area of business and find problems that can be given solution to, this may be a revelation of new outreach and potential opportunity to either expand or diversify in one’s business.
- Strategic Thinking
The skill required in making the best decision possible for your business. It is the ability to be able to access your weaknesses and strength due to the limitation of imperfection hence you will be able to make the best hiring process to fill voids of a weak suit.
This is a skill that has its cost as well. Launching researches sometimes are quite expensive but takes adequate skillset to acquire desirable results. Every business needs to research a lot like market scope, target audience, product study, etc. It actually helps to initiate businesses and even operating businesses.
As basic as it sounds, it is another rudimentary top skill set to acquire. Written communication is supposed to be persuasive in any form, be it a blog post or email marketing. It is a highly competitive skill and is required to complement the digitalized world.
- People Management
Another managerial skill set that is required for a startup entrepreneur to have. This is a combination of emotional intelligence and direction expertly operated to achieve a strategic organizational goal.
- Service Orientation
This is a leadership skill and mindset that have to be in place to make a hierarchical organization work better. It is a ‘servant leader’ mindset, the business owners are to care for their employees making them grow and flourish while they still deliver their task.
Powerful negotiation is a positive and strong skillset a leader can have. It is to either meet at an agreement or compromise but are fueled by mutual benefit, fairness, and good relationship.
- Raising Funds or Capital
Raising capital is another basic set up. One would have to learn what kind of fundraiser will be compatible with business type, it may be an angel investor, crowd-sourcing platforms, or savings.
- Balancing Priorities
In retrospect to high school or secondary school days, the economics lesson taught us how to scale of preference, since there are a lot of tasks that have priorities then balancing them according to high and low priorities is a skill to acquire.
- Web Design
Recognizing the digital age makes websites come in handy. Learning a few things on web design to create web or manage an existing website is a useful skill it helps to cut costs depending on resources available. It is crucial to own a website because bot owning one is like a step to hindering one’s progress.
Relaxation is an important part of entrepreneurs’ life, all works, and no play we all know how it result, it is actually unhealthy. So take a vacation or engage in activities that don’t have to relate with work, it will help the mind and body a great deal.
- Open to Learning
It is a constantly evolving digital world, so it is more of a skill or trait to be eager and open to learning new things and trends, especially about competitors and ways of being on top of your game.
How Technology Has Enabled Entrepreneurs
With the emergency of new software and tools developed now have been a great help to entrepreneurs. Through the use of technology, the various barriers associated with the entry levels of an entrepreneur have been lowered to a bearable minimum. There are more opportunities and chances made available now to start a business than ever before.
With the inventions of these technologies, entrepreneurs have been able to create businesses which no longer needs physical buildings or offices and most of their business and ventures can be run from the comfort of their homes through the use of a mobile phone or the computer. They now can even go as far as hiring employees online without physical contact. Some of the ways in which technology has enabled entrepreneurs with the use of the internets are outlined below:
- Quickbooks: this is an online avenue created for entrepreneurs and business owners to make their accounting more accessible. This QuickBooks is basically structured for small businesses and ventures. It enables them to keep track of their daily or monthly transactions without the need for a physical accounting book or accountant.
- Alibaba: is an online shopping mall or marketplace which was created and made for buyers and sellers to meet and get what they want without the normal market hassles.
- Shopify: is an online website or shop as it is known, where various business owners an put up their goods and services and make connections and also make sales. Shopify has made it easier to start and run a business selling whatever you have online without knowing meeting your buyers physically.
- Jumai: is also an online marketplace just like the Alibaba website where sellers meet potential buyers who are interested and want to purchase their goods. Delivery is another good thing here because the buyers do not have to meet with the sellers but after making the orders can relax and get their goods at the comfort of their homes.
- Dropbox: was created to enable file sharing for better and more secure collaboration between entrepreneurs.
- Kickstarter: is made for crowdfunding where your ideas are developed for a mainstream concept, reducing the financial barrier for execution.
- Buffer: this is created to enable entrepreneurs to streamline the way they schedule social media content across multiple profiles online.
- Fiverr: This is an online website or marketplace where people from different works of life render their services ranging from content creation, graphics designer, social media manager, and so on for potential buyers who pay them per hour or article depending on the listing. It can be said to also be a marketplace for finding affordable talent and human resources.
- Zapier: was made where integrating technology is made possible without a developer in order to automate workflows.
- Canva: is an online website that has made it possible for anyone to design the visual assets they need themselves maybe in creating their blog or website without hiring help.
- Kit: is an online virtual employee site that offers help to people who are in need of it to run their businesses effectively.
In conclusion, there are more skill sets to acquire or traits to form but this listed here are mostly the basic and necessary traits any entrepreneur who wants to succeed should have and practice on. It should be part of the focal point that the idea of a product or service is to satisfy and benefit a consumer and the society at large. Technology has been a great help to entrepreneurs over time and it continues to get better as time goes by. Businesses can start and operate without the need for physical office space and still be productive with the help of the necessary skills and entrepreneur’s websites.