The 5 Skills Every Entrepreneur Must Have

You might read several books delivering the tips and tricks of the trade, graduate from the best business school or even learn from the best sources and mentors but let’s face it, some skills are inborn. In order to excel at entrepreneurship, these are of paramount importance and if you possess them, well, you’re all set! So, let’s find out the what are these skills that gives an entrepreneur the necessary edge over others?

  1. Stress and failures

How well you handle stress and failures can be a deal breaker if not done right. Not letting the obstacles get the better of you and keeping on marching focused speaks volumes. You will fail, not once or twice but umpteenth times. What matters is how you bounce back.

  1. Money matters

Business is all about money, isn’t it? This doesn’t mean you acing your accounts class or knowing financial management by heart. In lay man’s terms, it means that if you know where your money is going and are aware of the consequences, you’re half there. Multiplying money and gaining investment will primarily determine how well your business classes went! For example, if you look at those e-commerce sites that have attracted a lot of investments this year like AskMeBazaar, Paytm and more. And the actual game starts from here post raising investments – how they plan, how they execute and how they acquire majority or market share.

entrepreneur skills

  1. Dealing with people

How well you deal, hire and sustain your staff is not only an important skill for your business but reflects your public relations side too. Also, identifying and getting some excellent workers on board means your half work is already done. There will be situations where you need to train, coach, motivate and direct them. These instances are where your leadership skills will be forthcoming.

  1. SWOT analysis

Strength-Weaknesses-Opportunities-Threats. We’re all more or less familiar with this concept. This analysis isn’t a fancy business mojo, rather it can helps you tonnes if you know how to use it. Identifying your SWOT and working on the problem areas is a great way to eliminate existing problems and avoid future mishaps.

  1. Customer qualms

They are, after all, the prime reason behind the running of your business. Good or bad, they are here to stay and get your business going. All your products and services mean nothing if they fail to reach the target audience. So your relationship with the customer is highly valuable. Now, whether it’s through social media or other platforms, that’s entirely your call. As long as you understand needs, deliver on them and time to time, close sales, you’re guaranteed to have a troop of blissful customers!

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