Skills of Successful Entrepreneurs
So, you have a great idea that you believe will revolutionize the world or at least the market once you release your product or a service? Ok, hold that thought and stay in the line with others who think exactly the same thing!
Being an entrepreneur is so much more than just having a great idea about what may conquer the world. Polishing the entrepreneur’s most important skills will definitely help you on your path to success. In case you do not have all the right skills aligned, do not despair. No one was actually born with entrepreneurial skills – they are acquired along the way. Therefore, we have prepared a list of business musts for all entrepreneurs who want to be successful in their fields.
Being aware of the big picture
While being an expert in your own domain is a desirable skill to have, seeing a big picture is a must for every successful entrepreneur. Having a clear vision of how business works, how to obtain funding for your small business, or how to choose the right technology are just some of the parameters that can either make or break your plan. There’s no point in investing any amount of money in a technology that is simply outdated or too complicated to be used.
Love what you do – do what you love
Just because there is an opportunity in some industry to offer some kind of a service or a product doesn’t mean that you should necessarily give up your dreams and do a job that you hate. Start the business in the area that you love working on and put your passion into action. If you do what you love on a daily basis, your chances of succeeding will rapidly increase. That’s not just a nice romantic story, that’s a fact!
“I have looked in the mirror every morning and asked myself: ‘If today were the last day of my life, would I want to do what I am about to do today?’ And whenever the answer has been ‘No’ for too many days in a row, I know I need to change something.” – Steve Jobs
Let’s talk some strategy
Plan, plan and then plan some more! Having a good plan in front of you is a smart thing to do. With a good plan written down, and a smart strategy on how to implement it, you can circle back to your plans and strategies at any time. Whenever you complete some portion of your project or even every couple of months, you can put your work on test and compare it to what you previously planned. Are you still on track? Should you slightly re-adjust your strategy to the original one to stay on the right path? Re-evaluate your success repeatedly.
Shape up your salesman skills
So what if you are just a tech guy or a good handyman? You need good sales skills in any kind of business communication with any instance. Even if you are just negotiating about inventory purchase or you are chit-chatting with some partner about possible resale deal, you need a set of good salesperson skills! You can have an excellent sales team behind you that will handle such work in your company, but having good sales skills will benefit you. Work on them constantly!
Brand yourself and your business
Remember that on every step of your work you need to promote yourself and your business as the right choice for your clients. Many companies report that majority of their revenue comes from returning clients. While there is nothing wrong in winning new clients, you must dedicate your full attention to keeping your existing and past clients happy. One may say that if you just started your own company, you need to go the extra mile to make your clients happy. Just a mile? No, no, no. Go 10 extra miles! You have to make it work! Promote your business and yourself shamelessly.
Handle your finances smartly
Sure, you’re not a bookkeeper or a CPA, but having decent skills in money management is a must. If you want to succeed, you need to organize your spending properly and manage your company funds responsibly. No wasting money on a bunch of “maybes” or “what-ifs”. Think well before spending every cent.
Win the market, don’t just stand there!
Create the right set of competitive advantages over your competitors. What are the reasons for prospects to pay for your service or buy your product over your competitors? Ask yourself that question every so-often. Is your product or service cheaper? Is it better? Is your customer support or warranty much better than your competitors’?
Put some time and effort in getting to know your clients. You will benefit from such knowledge in the time to come. Knowing who your clients are, their spending habits and other useful information could mean the difference between success or a bust.
“The people who make it to the top – whether they’re musicians, or great chefs, or corporate honchos – are addicted to their calling … [they] are the ones who’d be doing whatever it is they love, even if they weren’t being paid.” – Quincy Jones