Every would-be entrepreneur are baffled with a particular question daily; “How do I know if I have what it takes?” Before you venture into any kind of business, you need to be aware of the skills required to succeed in that business. Identify these skills is the first step,you must master them and make sure your decisions are incline with these skills.
Here are 10 must have skills every entrepreneur must have.
The ability to manage money
Very simply, if you can’t manage money, you can’t manage a business. Do you know where your money goes each month? Do you live off less than you earn? If the answer to these questions is no, you’ll struggle to manage a business budget as well.
The ability to raise money
Once you can manage money, can you get more? In order to get investment, you need to not only understand where to get money, but how to convincingly make a case that your business is a good risk as well.
The ability to relieve stress
Stress is no laughing matter. If you allow yourself to get frustrated and upset by setbacks, you’ll struggle as an entrepreneur. Learning how to use stress to your benefit is essential.
The ability to be productive
This is a big topic, because there’s no one right way to be productive that works for everyone. Learn about your peak energy times, your routines, and the productivity tools that work for you in order to create your own plan for success.
The ability to make entrepreneur friends
According to entrepreneur Jim Rohn, “You are the average of the five people you spend the most time with.” So who do you want to be? Improve your odds of success by finding entrepreneur friends who will be able to understand your struggles and give you much needed insight.
The ability to identify strengths and weaknesses
As a business owner, you don’t need to be perfect at everything. You do, however, have to understand where you’re strong and where you’re weak. Assessing this will inform everything from the business decisions you make, to the partners you bring on, and to the employees you hire.
The ability to hire effective people
Speaking of hiring, this is easily one of the most important skills any entrepreneur could have. Having great people on your team will give you access to new strengths, while also building a company culture that people want to be a part of. Hiring the right people is essential to get where you want to go.
The ability to train new staff
When you bring on someone new, a robust on boarding process will ensure that they know what to do and not do. Not only will this help keep your company moving the correct direction, it will increase the commitment level of good employees and give you grounds to follow up on misconduct.
The ability to manage staff
Once you have the right people, you need to manage them well. Early on in your business’s growth, you’ll be everyone’s manager, so it pays to be effective. If you don’t already know how to manage, take the time to learn how to motivate, encourage, and develop your staff.
The ability to conduct basic SEO (Search Engine Opitimization)
In the beginning, you’ll be doing the work of every business department. With that in mind, do you understand basic SEO and digital marketing? If not, you’ll want to brush up on this area before you launch a business.