{"id":160889,"date":"2023-09-20T09:25:34","date_gmt":"2023-09-20T08:25:34","guid":{"rendered":"https:\/\/newmail-ng.com\/?p=160889"},"modified":"2023-09-20T09:25:34","modified_gmt":"2023-09-20T08:25:34","slug":"five-skills-every-entrepreneur-should-have","status":"publish","type":"post","link":"https:\/\/newmail-ng.com\/five-skills-every-entrepreneur-should-have\/","title":{"rendered":"Five skills every entrepreneur should have"},"content":{"rendered":"<div id=\"mntl-sc-page_1-0\" class=\"comp article-body-content mntl-sc-page mntl-block\" data-sc-sticky-offset=\"80\" data-sc-ad-label-height=\"0\" data-sc-ad-track-spacing=\"90\" data-sc-min-track-height=\"250\" data-sc-max-track-height=\"600\" data-sc-breakpoint=\"50em\" data-sc-load-immediate=\"2\" data-sc-content-positions=\"[300, 1, 1, 1250, 1, 1, 1, 1]\" data-bind-scroll-on-start=\"true\">\n<p id=\"mntl-sc-block_1-0-1\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">An\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/e\/entrepreneur.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">entrepreneur<\/a>\u00a0refers to someone who builds or operates their own business. By having an equity stake in the firm, the entrepreneur can enjoy a great deal of profit if things go well; but, they also take on a great deal of risk\u2014far more than a regular employee of the business. This entrepreneurial risk can take several forms, including\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/f\/financialrisk.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">financial risk<\/a>, career risk, emotional risk, or overall\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/b\/businessrisk.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">business risk<\/a>.<\/p>\n<p id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">Since there is so much at stake when it comes to starting and\u00a0<a href=\"https:\/\/www.investopedia.com\/articles\/personal-finance\/092315\/top-5-most-successful-american-entrepreneurs.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">growing a successful business<\/a>, there are very specific skills that an entrepreneur usually needs to be successful. Below, we highlight five such attributes.<\/p>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\">KEY TAKEAWAYS<\/h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>Entrepreneurship can be quite rewarding, but also comes with several unique risks.<\/li>\n<li>To mitigate the risk of financial loss or failure, it serves a business owner to have a certain set of skills.<\/li>\n<li>A great entrepreneur must be able to effectively communicate, sell, focus, learn, and strategize.<\/li>\n<li>An ability to continuously learn is not just a key entrepreneurial skill, but also a very valuable life skill.<\/li>\n<li>Growing a business requires a sound strategy based on inherent business sense and skills.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<p><span id=\"toc-understanding-entrepreneurial-skills\" class=\"heading-toc\"><\/span><\/p>\n<h2 id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">\u00a0Understanding Entrepreneurial Skills<\/span><\/h2>\n<p id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/s\/startup.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">startup<\/a>\u00a0is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those involved.<\/p>\n<p id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">While the prospect of becoming your own boss and raking in a fortune is alluring to entrepreneurial dreamers, the possible downside to hanging one\u2019s own shingle is vast. Income isn\u2019t guaranteed, employer-sponsored benefits go by the wayside, and when your business loses money, your personal assets can take a hit; not just a corporation\u2019s bottom line. But adhering to a few tried and true principles can go a long way in diffusing risk. The following are a few characteristics required to be a successful entrepreneur.<\/p>\n<p><span id=\"toc-1-communication\" class=\"heading-toc\"><\/span><\/p>\n<h2 id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">1. Communication<\/span><\/h2>\n<p id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">Every entrepreneur needs to be an effective communicator. Whether a person is a solo entrepreneur or runs a Fortune 500 company, they need to understand how to communicate effectively to all stakeholders and potential stakeholders that touch the business.<\/p>\n<p id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">It is imperative for an entrepreneur to be able to communicate with employees,\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/i\/investor.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">investors<\/a>, customers, creditors, peers, and mentors. If an entrepreneur cannot communicate the value of their company, it\u2019s unlikely the company will be successful.<\/p>\n<p id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">They also need to master all forms of communication, including one-on-one and in-person conversations, group conversations, written communication, and email or online messages.<\/p>\n<p><span id=\"toc-2-sales\" class=\"heading-toc\"><\/span><\/p>\n<h2 id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">2. Sales<\/span><\/h2>\n<p id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">The soft skill of sales goes hand-in-hand with the communication necessary to be successful. As an entrepreneur, this person needs to be able to sell anything and everything. An entrepreneur needs to sell the business idea to potential investors, the product or service to customers, and themselves to employees.<\/p>\n<p id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">If an entrepreneur is able to communicate effectively, they are better equipped to sell their ideas and physical products.<\/p>\n<p id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">In the beginning, it&#8217;s natural for entrepreneurs to be the first salespeople at their respective companies. Those sales skills are necessary to demonstrate value for all stakeholders inside and outside the company.<\/p>\n<p><span id=\"toc-3-focus\" class=\"heading-toc\"><\/span><\/p>\n<h2 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">3. Focus<\/span><\/h2>\n<p id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">The path to successful entrepreneurship is riddled with ups and downs. There are the highs of successes and the despairs of setbacks. A successful entrepreneur needs to be able to focus so they can stay the course when the going gets tough.<\/p>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>One of the main risks an entrepreneur faces is the risk of emotional instability<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">This skill can also be thought of as thinking with the end in mind. No matter what struggles an entrepreneur goes through, a successful entrepreneur has the focus necessary to keep an unwavering eye on the end goal and can push himself to achieve it.<\/p>\n<p><span id=\"toc-4-ability-to-learn\" class=\"heading-toc\"><\/span><\/p>\n<h2 id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">4. Ability to Learn<\/span><\/h2>\n<p id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">The ability to learn is one of the most important skills to have in life, let alone in entrepreneurship. If someone is building a business, however, the ability to learn is required for success.<\/p>\n<p id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">The ups and downs an entrepreneur goes through are unavoidable. An entrepreneur needs a high ability to learn\u2014and a desire to learn. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur. Failure can help expand one&#8217;s knowledge and understanding of business.<\/p>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp theme-note mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-2\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>The approximate percentage of new businesses that fail within their first 10 years, per the Small Business Administration.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" tabindex=\"0\" data-id=\"#citation-2\">1<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><span id=\"toc-5-business-strategy\" class=\"heading-toc\"><\/span><\/p>\n<h2 id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">5. Business Strategy<\/span><\/h2>\n<p id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">While a successful entrepreneur has, by definition, built a successful company, the skill of business strategy is actually the fifth most important skill that an entrepreneur needs. Often, entrepreneurs achieve success in their businesses through their own sheer strength of will.<\/p>\n<p id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">By employing effective communication skills, sales skills, a deep focus, and a high ability to learn, an entrepreneur can actually learn a business strategy on the fly. When structuring and growing a business, however, it&#8217;s important that the structure and growth strategy is based on sound business sense and skills. A successful entrepreneur needs to have a solid strategy to take their business from good to great.<\/p>\n<p><span id=\"toc-entrepreneurial-education-and-career-outlook\" class=\"heading-toc\"><\/span><\/p>\n<h2 id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">\u00a0Entrepreneurial Education and Career Outlook<\/span><\/h2>\n<p id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">Some of the skills needed to be a successful entrepreneur are likely to be innate or natural. Others can be honed through training and education in business and management. A masters in business administration (MBA) is a common route. MBA coursework involves a broad spectrum of business-related topics including accounting, statistics, economics, communications, management, and entrepreneurship. MBA programs not only prepare students to work for financial institutions, but they also prepare them for management positions or as founders of startup companies.<\/p>\n<p id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">If you think you have what it takes to be a successful entrepreneur, keep in mind that even great ideas and solid management teams can fail due to the whims of the market, stiff competition, or just bad luck. According to the Small Business Administration, approximately 33% of startups fail within two years, 50% in the fifth year, and 66% in their 10th year.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" tabindex=\"0\" data-id=\"#citation-2\">1<\/span>\u00a0But don&#8217;t let these statistics discourage you: if at first, you don&#8217;t succeed, try again.<\/p>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer\"><span id=\"toc-what-are-the-most-important-skills-for-a-successful-entrepreneur\" class=\"heading-toc\"><\/span><\/p>\n<h2 class=\"mntl-sc-block-questionandanswer__question\">What Are the Most Important Skills for a Successful Entrepreneur?<\/h2>\n<div class=\"mntl-sc-block-questionandanswer__answer\">\n<p>While there is no magic formula for beings a successful entrepreneur, those who do succeed tend to have mastered the following set of skills: good and effective communication; being able to sell both themselves and their idea or product; strong focus; eagerness to learn and be flexible; and a solid business plan.<\/p>\n<\/div>\n<\/div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer\"><span id=\"toc-what-are-the-personal-qualities-of-a-good-entrepreneur\" class=\"heading-toc\"><\/span><\/p>\n<h2 class=\"mntl-sc-block-questionandanswer__question\">What Are the Personal Qualities of a Good Entrepreneur?<\/h2>\n<div class=\"mntl-sc-block-questionandanswer__answer\">\n<p>In addition to honing one&#8217;s skills, personal qualities (or so-called &#8220;soft skills&#8221;) also matter a great deal. Being likable and friendly helps\u2014nobody wants to partner with somebody who is difficult to work with. Being creative, versatile, and resilient in the face of great challenges all also help.<\/p>\n<\/div>\n<\/div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer\"><span id=\"toc-what-are-the-most-important-skills-in-business\" class=\"heading-toc\"><\/span><\/p>\n<h2 class=\"mntl-sc-block-questionandanswer__question\">What Are the Most Important Skills in Business?<\/h2>\n<div class=\"mntl-sc-block-questionandanswer__answer\">\n<p>Once a business is up and running, being a good manager and having a good business sense and money-savvy is crucial. Many otherwise good companies fail due to poor leadership, mismanagement of cash, or poor management. Having a business strategy in place from the get-go and sticking to it is crucial.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"textnote-placeholder_8-0\" class=\"comp textnote-placeholder mntl-block\">\n<div class=\"textnote__inner\">\n<div class=\"textnote__heading\">Compete Risk Free with $100,000 in Virtual Cash<\/div>\n<p>Put your trading skills to the test with our\u00a0<a href=\"https:\/\/adclick.g.doubleclick.net\/pcs\/click?xai=AKAOjsuCCX607j-smNCMuXo_XpueTyhrEkB4gcvmPfibB788f_xd62nPbqFLPO8VrL9ZPvsk77zA73nF3ajCdk3OVv775cxUCnViT2FbQqsuMkVK05ydzt1IuD-t4LtRXWN0lUNngYz83l4TcLDheKmrYEhwW_xsvAK0visJRysmGa4yrZClwOiZ7YhyWucjRDmBBDLyyXkOZ6uCff6Q1Ey_Zhky7aoI9s1GbeALXPgPuRSlfUPh06qchEopMGNL6VHfWXnz9p0SwdqciT8e2zOCiyCbfPCHh9iM9KiQSPdpIiHuVJdQ_brJpoLibyGXrMHmOsWmQl1y4ROoTAaa9TQUUyYDTUVCYg-324RB0BmzRnVrObVbYZRHGq3yK-8&amp;sai=AMfl-YSheJJzyFs1zi4_ZNUh6str-zk_-F3Sy3oqPLCVozp7y_fs7mHxjQ3AZv5SvnBV2aH__OgwcTQHQGiD5vA9csEVE0cKfEI8K5CoA1kAm1Y8mG0Xp9XC-PW5E-KjKwWC-0Y4pnW7BBXG95fq9UFqA5i0dAtCQ8SY&amp;sig=Cg0ArKJSzC9HrciHjUguEAE&amp;fbs_aeid=[gw_fbsaeid]&amp;urlfix=1&amp;adurl=http:\/\/www.investopedia.com\/simulator\/?source=dfp-ros-sim&amp;subid=dfp-ros-sim\" target=\"_blank\" rel=\"noopener\">FREE Stock Simulator.<\/a>\u00a0Compete with thousands of Investopedia traders and trade your way to the top! Submit trades in a virtual environment before you start risking your own money.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An\u00a0entrepreneur\u00a0refers to someone who builds or operates their own business. By having an equity stake in the firm, the entrepreneur can enjoy a great deal of profit if things go well; but, they also take on a great deal of risk\u2014far more than a regular employee of the business. This entrepreneurial risk can take several [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":160890,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,2,63556],"tags":[522,3000],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Five skills every entrepreneur should have | New Mail Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmail-ng.com\/five-skills-every-entrepreneur-should-have\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five skills every entrepreneur should have | New Mail Nigeria\" \/>\n<meta property=\"og:description\" content=\"An\u00a0entrepreneur\u00a0refers to someone who builds or operates their own business. 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