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Skills you need to be a successful entrepreneur

Jun 29, 2021

Skills you need to be a successful entrepreneur

Given the current economic challenges facing many countries across the globe, the notion of engendering greater entrepreneurial activity has become a prominent goal for many national governments.

So what is entrepreneurship and how to become a successful entrepreneur?

Entrepreneurship is the art of starting a business, basically a startup company offering creative products, processes, or services.

an entrepreneur is a creator or a designer who designs new ideas and business processes according to the market requirements and his/her own passion.

Peter F. Drucker defines an entrepreneur as a one who always searches for change, responds to it, and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service.

Developing an entrepreneurial mindset doesn’t feel like a natural, or easy, thing to do. There are challenges (keeping customers happy, managing money, etc.), so If you are considering becoming an entrepreneur, there are several essential skill sets that you can develop to increase your entrepreneurial success. These skill-sets can be broken down into three groups: Entrepreneurship Skills, Technical Skills and Management Skills

 

1/Entrepreneurial Skills:

Which involve inner discipline ,ability to take a risk , innovative and change orientation .

Why Do Entrepreneurs Take Risks?

in a world that’s changing so quickly, the biggest risk you can take is not taking any risk

taking risks is the way to create opportunity and progress. When an entrepreneur takes certain risks, they can become leaders in their field.

  • INNOVATION

“It’s the introduction of novelty in a given market or industry, such as new products, services, methods, sources of supply or organization.

Innovation doesn’t always mean creating something new: innovators often take something that already exists, improves it, change it, make it better and make it the best for their customers. Innovative ideas are what will make a startup competition.

  • Change oriented leadership

Because the world is changing so rapidly change-oriented leadership is essential. A change-oriented leader tries to promote exploration of new and be hidden potential in people, things, or situations. Change-oriented leaders work towards a better future, but they may not know at the outset what that future is.

2/Technical skills:

Which are those skills necessary to produce the business’s product or service; like :

  • Communication skills:

Communication is a way to make interaction between people. communication skills will assist entrepreneurs in sharing their ideas and presenting them clearly .

  • Research and Development (R&D

research and development (R&D) include activities that companies undertake to innovate and introduce new products and services. It is often the first stage in the development process. The goal is typically to take new products and services to market.

The R&D cycle often begins with ideation and theorizing, followed by research and exploration and then into design and development.

3/Management skills:

an entrepreneur must possess certain managerial skills:

  • Marketing skills:

Marketing is a vital process for entrepreneurs because no venture can become established and grow without a customer market. The process of acquiring and retaining customers is at the core of marketing.

  • Finance:

Entrepreneurial finance is the study of value and resource allocation, applied to new ventures. It addresses key questions which challenge all entrepreneurs: how much money can and should be raised; when should it be raised and from whom; what is a reasonable valuation of the startup; and how should funding contracts and exit decisions be structured.

Conclusion:

Since we have learned the skills needed to become a successful entrepreneur we can now answer the question: Are entrepreneurs born or made?

Some People may be born with genetic traits that help them become successful entrepreneurs, but this does not mean that unless you possess these traits, you will not become a successful entrepreneur, We are in a time where everything is in the hand and you can learn and acquire skills to become a successful entrepreneur. Just keep learning, and believe me entrepreneurs can be made.

Resources:

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