Entrepreneur Skills
Entrepreneurship is a tough, but rewarding journey. The result can be glorious, but it can also end in disappointment. Not everyone is cut out for the grinding, roller-coaster nature of this role. However, research suggests that most entrepreneurs have a string of skills and personality traits in common that may have an impact on reaching long-term goals. Here are a few of the most prevalent:
Ability to Stay Resilient
Starting and maintaining a successful business is a huge task. In fact, many aspiring business owners never even make it to this stage. According to a recent study, over 50 percent of small businesses fail within the first five years. Entrepreneurs can experience road blocks, rejection and failure many times before ever completing the final product. Many people would be discouraged by this lack of initial success, but an entrepreneur has the spirit, energy, and tenacity to see the project through to completion. This requires the ability to stay positive and maintain a mindset that continues to push forward. This quality can be observed in most successful business owners, but is challenging to master.
Ability to Change Course
In today’s competitive marketplace, business owners must be highly adaptable and innovative. Successful companies will stack their team with leadership that embraces change and is willing to deviate from the original plan. A successful entrepreneur must be able to identify and accept when a strategy is not working and should be able to change course with minimal effort. The world around us is changing rapidly and so is the way consumers process information and purchase products or services. To remain relevant, it is extremely important for business owners to be aware of this cycle and remain flexible enough to make the required changes.
Ability to Recognize Stress
Being a business owner or entrepreneur is a 24 hour business. Most business owners are extremely passionate and invest a significant amount of time and money in making their dream a reality. This constant grind can be extremely wearing and a successful entrepreneur must understand their stress tolerance throughout the journey. A committed business owner must not only recognize the stress, but also be willing to take a break or find ways to relieve the stress in a healthy way. An entrepreneur lacking this skill set may experience burnout or eventual collapse.
Ability to Recognize Weakness
Each individual is equipped with a special skill set. Someone who is good at networking might not be the best at organizing an event or crunching numbers in a spreadsheet and vice versa. A handy entrepreneur will have the ability to assess their own skill set and identify any weaknesses in their portfolio. In addition, successful business owners will be adept at creating a team that compensates for any shortcomings. The ability to recognize and admit areas of improvement is an extremely important quality when it comes to business ownership.
Ability to Set Goals
Good entrepreneurs want to measure the success and growth of their company. This process requires the ability to set goals and develop proper metrics for assessing progress. Therefore, a common skill set for many business owners is the ability to set effective goals, collect data, and make adjustments along the way. Good goal setting requires the ability to design a target that is specific, measurable, attainable, relevant, and contains a timetable.
Conclusion
These examples are just a few of the many skills required for entrepreneurship. The road through business ownership can be bumpy and discouraging, but the end result is worth the investment.
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