When you go to start a new business, simply being able to provide a customer with a product may not be enough to keep your company in the black. There are five particular skills that any entrepreneur should hone if they want to compete in a crowded market. Some of these skills may seem simplistic, but will be extremely valuable as a company grows in size and scope.
Analytical Risk and Reward
Any entrepreneur is automatically a risk-taker, since they are investing a likely significant amount of their own capital and savings into the idea that they are capable of turning a profit from the effort. Yet risk analysis is more than looking for a difficult decision and going with your gut. An entrepreneur needs to be more than a poker player who reads an opponent: they need to know what are the exact consequences to a particular business decision. Risk management is a crucial part of a start-up company, since every dollar spent needs to have maximum value. Being able to determine what is worth the risk and what is not separates a strong start-up from one that fizzles out.
Decision Making in Business
Being decisive is more than just a positive personality trait. In the corporate world, reaping the lion share of the profits means that you are calling the shots, and usually calling very difficult shots. No matter what you intend to do as a business, you need to make decisions constantly, daily, about what direction to take your company and how best to do so. Decisions involving your business strategy, your employees, your products, and your customers all need to be made without wasting time and money in delay. Being able to act authoritatively and quickly can be the difference between appearing effective with time and money and looking like you are unsure of yourself.
Work Ethic
It may go without saying for some, but no entrepreneur should start a business with the expectation that they will only have to chip in a few hours a day. Starting a company requires a lot of work, since you will likely be the only employee at first, and it may be awhile before you can turn a profit on your investments. If you are not willing to commit all of your time — including nights, weekends, and holidays — to getting your company off the ground, you will find yourself quickly put in a hole.
Passion and Power
Doing what you love is often considered the American dream. Some people quickly find out, however, that they do not really love what they thought they loved. If you go into a business, you need to do it with your whole heart and never doubt yourself. Passionate people are more likely to succeed and to inspire others to work harder. Even if you are set to do mundane tasks, do so with enthusiasm and an eye for the bigger picture. This makes customers want to purchase your products and makes business partners want to ally with your organization.
Communicate with Energy
Some people are naturally capable of keeping their mood up at all hours of the day. If you are not so blessed, you need to find a way to ensure that you are energized when you need to put on a happy face. Be happy and optimistic about your business, going to great lengths if necessary to explain why your services are valuable. You will find that your mood will energize your followers, even when you have hit a dry spell or find yourself struggling to come up with new customers.
About the Author: Joshua Turner is a writer who creates informative articles in relation to business. In this article, he offers a few skills of successful entrepreneurs and aims to encourage further study with a MBA in information technology management.