The world today is moving into a rapid change over from government running businesses to individuals and private corporate entities running businesses. Even in the socialist world where private establishment can hardly own a business, the trend is rapidly changing.

This calls for a change in perspective from the youths who the mantle of taking over the business world in the near future is laid upon. In this article, we shall be considering the different entrepreneurship skills needed by an individual to succeed as an entrepreneur or business owner. Before we proceed, I think it will be nice if we try to understand what entrepreneurship is.

Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.

As with any sport, having the right attitudes and characteristics can carry you only so far. You also need the skills that will help you succeed. However, unlike personal characteristics and attitudes which can often be hard or impossible to change entrepreneurs can acquire skills if they are willing to learn them. Additionally, they can hire people to work for them who have the needed skills. Either way, the following skills are important if the entrepreneur’s business is to succeed.

  • ABILITY TO PLAN: The ability to plan is a key skill for entrepreneurs. They must be able to develop plans to meet goals in a variety of areas including finance, marketing, production, sales and personnel (hiring and maintaining productive and satisfied employees).
  • COMMUNICATION SKILLS: Entrepreneurs should be able to explain, discuss, sell and market their good or service. It is important to be able to interact effectively with your business team. Additionally, entrepreneurs need to be able to express themselves clearly both verbally and in writing. They also should have strong reading comprehension skills to understand contracts and other forms of written business communication.

 

  • MARKETING SKILLS: A business’ success or failure is very dependent on whether the business reaches the market (its potential customers), which results in willingness or unwillingness of the market deciding to buy. Many entrepreneurs who failed started with innovative goods or services that with proper marketing could have been very successful. Good marketing skills that result in people wanting to buy your goods or services are critical for entrepreneurial success.
  • LEADERSHIP SKILLS (VISION): One of the most important leadership skills an entrepreneur must have is the ability to develop a vision for the company and to inspire the company employees to pursue that vision as a team. The expression “people would rather be led than managed” applies especially well to an entrepreneurial venture.
  • RESILIENCE AND PERSONAL EFFECTIVENESS: In order to handle the pressures of their busy lifestyles, entrepreneurs must have the ability to manage time well and to take care of personal business efficiently. Because first impressions are so important, entrepreneurs must also pay attention to such things as personal appearance and telephone skills. The ability to face challenges that may arise in the course of running your business and also getting back to you feet are another vital skill any entrepreneur should have.
  • INTERPERSONAL SKILLS: Entrepreneurs constantly interact with people including customers and clients, employees, financial lenders, investors, lawyers and accountants, to name a few. The ability to establish and maintain positive relationships is crucial to the success of the entrepreneur’s business venture. Basic Management Skills: The entrepreneur must be able to manage every component of a business Even if entrepreneurs hire managers to attend to daily details, they must understand if their business has the right resources and if those resources are being used effectively. They must ensure that all the positions in their business are occupied by effective people.

 AJW

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