A startup entrepreneur initiates a new venture as a business undertaking for profit at an inherent level of risk. Taking upon a new venture requires a definite set of entrepreneur skills that will minimize the incurred risk. Wherever there is a short-come, the entrepreneur can hire consultants to guide him or can equip himself by training in the same. Though qualifications come with a high advantage, it is vital to judge if the entrepreneur has entrepreneurial skills and knowledge. Venture capitalists like Venture Giants and angel investors like the British Angel Investors Association use these barometers to guide the investors to choose and support the right entrepreneur.
Assess the personal strengths and weaknesses and understand if you have the right expertise to succeed. Be honest and objective about your entrepreneurial skills. Take time to learn whatever is required. Employ consultants to guide you. This will prevent adverse decisions that could prove to be expensive. Work experience, interest and acquired skills are fair evidence of your ability to succeed in a new venture.
General Characteristics Of An Entrepreneur
Skilled entrepreneurs have what it takes to pursue their dreams and acquire their objective. They have a way of surviving the tough situations. They must remember to take regular breaks from work which will ensure that you do not burn out quickly. Most successful entrepreneurs exhibit the following entrepreneur skills.
- Entrepreneur skill-Passionate and risk taking
They are passionate and obsessive about making their business opportunity work with a strong vision. Their determination to succeed is due to their strong will. Setbacks and risks do not discourage them and they are relentless in their pursuit of goals. Being a risk taker is a natural trait. They are attracted to challenges and approach risks cautiously. Common sense prevails and this makes them cautious around the tough bends. Their willingness to persevere helps them against the odds. Being passionate about their venture, their sheer belief and conviction in an idea or action is an entrepreneurial skill that helps them survive.
- Entrepreneur skill- Strategic and communicative
Being strategy planners, they employ the best employees to support them in their venture. They focus on their main objective, growth and sustenance by learning to delegate. Serving as a member of the top management, they must have the ability to supervise all the sections of the business and become a generalist. Communication and delegation entrepreneurial skills will help them to muster the abilities and efforts made by their team members. Mediating and handling complaints for their company requires immense tact and diplomacy.
- Entrepreneur skill-Make snap and right decisions
Entrepreneurs have this innate ability to make clear and concise decisions in a short frame of time. This entrepreneurial skill ensures that their decisions are intuitive, calculative and made without emotions that could have an adverse effect. This ensures there is a reasonable chance of succeeding at the task on hand. Superior conceptual abilities help them to function well in chaotic and complex situations.
- Entrepreneur skill-Sincerity and hard working
Hard work and commitment are their strong entrepreneurial traits. They can work long hours, are not afraid to get their hands dirty and are among the first few people to focus on their task with a high degree of involvement. They set high standards of performance by their accomplishments and are motivators. Willing to lead the team members especially in a crisis is an entrepreneurial skill that is valued highly.
- Entrepreneur skill-Organized and planned behaviour
Organization and planning are strong entrepreneurial skills. This will enable them to set achievable goals, maintain stringent work schedules and manage time effectively. Some may say that women entrepreneurs inherently possess this quality.
- Entrepreneur skill-Be financially wise
Strong financial knowledge is an entrepreneurial skill that will help the person to understand and better the financial conditions of the business. They think in terms of numbers and can explain the financial position in simple terms. Determining budgets, targets, securing loans, raising funds, adhering to tax standards and focusing on the bottom line requires a keen understanding of finance and the economy. Economical impacts on the prevailing market and the business will minimize any environmental risks that could affect the business. They are able to receive unconventional funding from clients, suppliers, family and friends.
- Entrepreneur skill-Market yourself and the business
Selling ideas and their products is an entrepreneurial skill that cannot be undervalued. Appealing presentations, direct selling whenever there is a need and determining sales quotas accurately are tasks that entrepreneurs must be able to achieve. Enhance your marketing skills by acquiring knowledge and practice.
- Entrepreneur skill-Become knowledgeable
Successful entrepreneurs have a keen interest and involvement to update themselves regarding their product and industry. They are willing to research and study. This entrepreneurial skill helps to improve their business operations. They are constantly aware of all the ramifications that could affect the business.
- Entrepreneur skill-Get to know your customers
Being customer oriented is an entrepreneurial skill that helps them to satisfy the needs of their customers. The business must be customer focussed. Ultimately, it is they who decide if the business will boom or go bust. Remember, it is easy to keep your regular customers happy rather than try to woo new customers.
- Entrepreneur skill-Be adaptable
Ability to adapt and change to a new environment is an entrepreneurial skill that decides the outcome of success or failure in a dynamic environment.
- Entrepreneur skill-Make constant follow-ups
Follow up with customers, clients and team members constantly. This helps you to retain the work efficiency on a regular basis. This entrepreneurial skill also avoids any issues that may arise due to ineffectiveness at work.
There are 3 major components that render a business, successful. These components are:
- A skilled entrepreneur
- Adequate capital
- A strong business concept
Successful entrepreneurs manage their business with energy, tenacity and clarity of vision. They share the above-mentioned attributes.
Evaluate yourself against each of entrepreneur skill in an objective manner. This will help you to analyse your shortcomings and build upon your strengths. An honest evaluation of these entrepreneurial skills will help understand if you have the stamina for a business that is demanding and challenging. Thus, one can avert any adverse decisions before acting upon it.