“Only the paranoid survive.” This is the statement of the former CEO of Intel, Andy Grove. This statement tells us a lot about entrepreneurship. There’s a wave of startups that are running all around the world. To survive in the long run and be the lion among all the sheep, you need to have some of the necessary entrepreneurial skills. It will help you to be successful in the future and be always ahead in the race. The following are the major required skills to be a successful entrepreneur.
1. Dedication and Active Mind
Well, it sounds much easier than it is. You need to have a passion for your business to be dedicated and keep a steady focus on it. Dedication and Passion is the only thing that can drag you out of your bed and work 24/7 to make it successful. According to Fundera, 20, 30 and 50 percent of businesses fail in their 1st, 2nd, and after 5th year respectively. The highest percentage of companies fails in their 10th year that is 70 percent. There is a need to have that dream and hunger to see your business at the new heights of success and never giving up.
Also Read: 10 must have Skills you need to develop in your Entrepreneurial Journey
With dedication, you also need an active mind that is one of the differences between success and failure. When you have entered into these big leagues of high competition, you need to be active in every possible sense. You need to be the first one to exploit any opportunity that is created in the market, and the first one to safeguards your company from any threat in the market as well.
Let’s take the example of Oyo as they discovered the need for a platform that makes it easy to find hotels and they became the first one to grab on that opportunity. They are number one at the moment. You also need to constantly recognize the points where the business can improve and find out every possible way to grow your business. Quick and better decisions always lead to better performance.
2. Time Management is one of the major aspects of entrepreneurship
Time Management is considered as the key skill in any business. Even managing time in your business is not a cup of tea. Everything should be done in a way it is planned. Nothing is going to go well and lead to progress if the time allocation is not right. So, therefore time management should be at the top of your priority list.
Do you know around 92 percent of the people are not able to achieve their long term goals perfectly on time because they are not able to manage their time accordingly? So we know, you don’t want to be in those 92 percent but the 8 percent who perfectly achieved their long term goals. So start working on these important time management skills from today.
3. Vision and Goal
What is a business without a big vision? If you don’t have any big vision and plan for your business, then probably your business is not going to grow in the long run. A vision is an image that you make about your business at some point in time in the future.
Jonathan Swift, a famous poet, and political pamphleteer once said: “Vision is the art of seeing what is invisible to others”. Entrepreneur exactly needs to have that great vision for his company. It helps you to make a blueprint and plan to get to the goal in the future. Making small goals for a short period and regular audit can help you to reach where you want to be.
“If you are not willing to risk the unusual, you will have to settle for the ordinary”. This statement by Jim Rohn defines a lot about the journey of any business. History is the evidence of people who took risks in life, became successful later. Not everyone but who took it smartly and with a great amount of confidence within.
If you can take risks smartly, then your business is going to perform well in the long run. Risk-taking is an integral part of the growth of any business. So you need to decide if you want to settle for ordinary performance or want to grow big in the market.
5. Leadership skills
Do you have the necessary leadership skills? Life isn’t easy as a leader. When your company grows, you will need a workforce, different departments, and efficiency in work. Who’s going to make it work? It’s you. You need to be an inspiring leader for your company and make different leaders within the company to lead different departments.
If you still don’t believe that leadership skills are important enough, then these stats might change your mind.
Do you know 79 percent of employees quit because of a lack of appreciation? Around 75 percent of organizations are experiencing a leadership gap. Around 83 percent of organizations say that its important to develop leaders at every level and there are many more stats to prove that leadership is an integral part of a successful entrepreneur.
As a leader, you should have the ability to motivate your employees, give proper attention to the problems, solve conflicts, find growth opportunities, set examples, and create your USP in the market and much more. You should be ready to perform all the required skills for a leader to lead his or her company to a bright and great future.
Keep these points in mind to be successful in your entrepreneurial journey and always keep one thing in mind that the best way to predict the future is to create it.