2016-12-09 00:00:00 Staying Competitive English For entrepreneurs, a specific skill set is crucial for success, including setting goals, developing business skills, and consistent... https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214657/entrepreneur-discuss-skills-that-resulted-in-success.jpg Building a Strong Entrepreneurial Skill Set

Building a Strong Entrepreneurial Skill Set

2 min read

While entrepreneurs are unique, there are certain skills that an entrepreneur should develop to be successful. Whether you are starting out as a young entrepreneur or have been in business for 20 years, honing these skills will prove invaluable to your business.

Set Goals and Educate Yourself

Setting ambitious yet attainable goals is crucial to success. Entrepreneurs are known to think quickly, have many ideas on the go, and always thinking about the next step. It is important to set tangible long-term goals, and to be patient to see them through. Break large goals into manageable pieces, and track your accomplishments to help narrow your focus. Resiliency when falling short of your goals is a skill that should be developed over time. Rather than dwell on your failures, try to learn from your mistakes and reshape your goals for the future.

To help your goals be more realistic and keep your business relevant, keep up-to-date with the your business market. Ensure your business is well-suited in the marketplace by doing research on competitors, and review trends to see where your business should be headed. It is important to keep your technology current to optimize business processes.

Be Business-Minded

Honing your business skills may seem obvious, but some entrepreneurs are more focused on the inventive or creative side of the business, and neglect working on the business. All entrepreneurs are in sales. Whether you are selling a product, service, or even an idea, you need to frame your mind around the sales process. Consider sharing a personal story that concludes with a call to action. This will help you connect with your prospect on a personal level, demonstrate how passionate you are about your business, and can even inspire the prospect to work with you. Think of a problem your client may have, and try to solve it through your business offering.

Managing your finances is imperative. You need to ensure your business is operating in the black, that your cash inflows and outflows are sustainable, and that you are regularly collecting your outstanding invoices. While you could rely on your accountant to manage your money, it is a good idea to learn your accounting systems and be involved in the money handling of your business. Moreover, if you find yourself needing to hire a new accountant, it will be easier to walk them through the processes for your business.

Self-Check Consistently

Self-care is one of the most neglected aspects of an entrepreneur. It is easy for the lines between your personal and business life to become blurred, which can lead to increased fatigue and burnout. You may be networking after office hours, and working evenings and weekends, especially in the startup phase of your business. It may help to physically schedule personal time in your calendar to ensure you are relaxing and making time for important things in your personal life. This will clear your mind and will lead to higher quality production.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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