10 must have Skills you need to develop in your Entrepreneurial Journey

Every Successful Entrepreneurs are great managers also. Managers never means to manage people only, they must know how to manage time, money, people and hurdles coming on their way.
 

Stay Hungry, Stay Foolish – Steve Jobs

The journey of entrepreneurship is never easy – fear of failure is something an entrepreneur must have to overcome. There are so many verticals and layers, whether they are missing something or already missed something are some general queries coming up in their mind. Even big entrepreneurs like Steve Jobs & Larry Page had to learn several skills to be a great managers. If not, the companies they founded, never would have gone anywhere.

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Here we go with the skills and attributes that an entrepreneur look for in up-and-comers :

1. Networking

 “You are the average of the five people you spend the most time with.”- Jim Rohn

According to Jim Rohn, an entrepreneur, a motivational speaker and self-help guru, “You are the average of the five people you spend the most time with.”  So, who you want to be ? Enhance your circle of odds to develop what you want to be, be in a circle of like minded people, who are enough passionate & able to understand you pain point and pull you out of it if required.
Business is all about selling your Product/Idea/Services, so a good network will bring more referrals and word of mouth for you. If you are not networking and in an entrepreneurial journey, start doing it right away.

2. Adaptability 

 “When you’re finished changing, you’re finished.” -Benjamin Franklin

The world we are living is changing each moment, we need to update ourselves according to it. If you will not adapt the changes fast, you will definitely not compete here. To work with the peer group, and in a daily changing market scenario, you need to catch the adaptability as soon as possible if you have not catches yet.

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Here we can take some examples, including Nokia – they were once the market leader but it’s the failure of adaptability which leads them to no where. You can now relate to many other such small happenings around yourself.

3. Learning

“Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.” -Albert Einstein

There is no one who never makes a mistake, but not learning from the mistakes will lead to failure. So, always learn from your mistakes and don’t repeat it again. Apart from your own mistakes, if you learn from others mistake, then you can save a lot of time and can be more productive for yourself.

Learning skill to learn new skills will also give you a broad hand to work with all your peer groups and will set an example among them. Multidisciplinary skills will always have a positive hand and this will help you to hire good talents in different streams.

4. Motivator

Every team needs motivation to move towards their goal. Motivation acts like a booster for the people whether it’s in psychological form or in monetary form. Being an entrepreneur, you should be a self-driven intellectual and have the ability to drive people with your motivational words and appraisals, promotions, bonuses or in any other form.

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If you see, most of the successful entrepreneurs are a good motivational speakers as well. You have to change your shoes from a boss to a leader.

5. Planning, Prioritization & Trade-off

“Failing to plan is planning to fail.” – Alan Lakein

 Planning is most important part for any business. Alan Lakein once said, “Failing to plan is planning to fail” and that statement is 100 % right for long run. An entrepreneur must know how to plan and prioritize the things, he should know where to hit and where to bump over and trade-offs. Know how of prioritization many times play a key role in execution of a plan where resources are limited or restricted.

6. Financial Management & Raising Funds

“If you can’t manage money, you can’t manage a business.”

Do you know, what is cash flow ? Do you know where your money goes and how you are getting your ROI (Return on Investment) ? When you will be going to cross your Break-even ?
You must have all those answers with you if doing a business. Business is all about spending your money at right place for right things with a ROI in specified time frame.

Also Read : Why Mukesh Ambani Invested 1.5 Lakh Crore in Reliance Jio to disrupt telecom Industry ?

Getting good investors on-board is not less than a skill. You always need a good investor who will help you and your organization to grow more.

7. Hiring & Training Skills

Hiring is one of the most important skills an entrepreneur should have. Having great & effective people in your team will help you to reach high in your journey. Right people on the bench will provide the strength to your team which is necessary in long run.
After getting good team, you must have to train well for a productive output from them. What’s there in your mind should be clearly understood by each member of team and each member should have a common goal.

8. Socially Activeness

Now most of the people are using Facebook, Twitter, LinkedIn, Whatsapp, Instagram, etc. and spending good time there. These platforms are good place to engage people with your product/idea/service, so don’t ignore them. If not using these platforms, sign up now and start creating your audience to engage them with you.

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9. Decision Making Ability

Business is a high risk phenomena which requires a better decision to drive its all elements in right direction. On your single decision, everyone at your organization will rush to work, if that decision will be wrong then the outcome will be a huge loss.
To take a better decision, you should have to follow more scientific approaches and less intuitive approaches. A SWOT analysis for every decision will be helpful before its implementation.

10. Helping & Ask for Help

Helping others when they need creates a positive vibe around you. Entrepreneurial journey is a complex journey and many times you also need help from others. Don’t hesitate to ask for a help, do help when others need and ask when you need.