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Entrepreneurship Mindset

The Most Needed Skills Of A Successful Entrepreneur

Here is a list of the top skills to being a successful entrepreneur.

skills of a successful entrepreneur
Here’s what you should know:
  • Top 16 Skills of A Successful Entrepreneur:
  • Hiring Great People
  • Self-Discipline
  • Time Management
  • Cash Management
  • Being Fearless
  • Problem Solving
  • Decision Making
  • Willingness To Learn
  • Persistence And Determination
  • Vision
  • Having Self Awareness
  • Know Your Strengths And Weaknesses
  • The Ability To Communicate Well
  • How To Set Goals.. Correctly
  • Learn How To Say ‘No’
  • The Ability To Pivot Quickly

To be successful as an entrepreneur, you need to get good at a few things beyond just the skills and knowledge of business.

Top 16 Skills of A Successful Entrepreneur:

#1. Hiring Great People

You need a great team to be successful in business, period.

You’re only going to be as good as the people you surround yourself with. You may have the vision, but if you don’t hire the right people to execute that vision – it’ll fall short of what you planned.

Note: You’re only going to be as good as the people you surround yourself with.

#2. Self-Discipline

Discipline is something you’ll need if you’re ever going to get anything done. It’s at the core of every successful entrepreneur. You need to master yourself and your emotions enough to get things done and stick to the plan. When you set goals and lay out your schedule for the things you need to get done for the days, weeks, and months ahead – stick to them.

Related Article: 8 Effective Ways to Stay Productive When Working From Home

#3. Time Management

Once you have your discipline in-check, you need to make the most of your time by being the most productive and efficient you can be with the time you have.

If you want to be successful as an entrepreneur, you’ll need to manage your time productively and efficiently.

“It’s not about how much you sleep, it’s what you do while your awake.” – Gary Vaynerchuk

#4. Cash Management

If you can’t manage your own money, how do you expect to successfully manage your business’ money?

82 percent of businesses fail due to poor cash flow management according to a U.S. Bank study. So from past business ventures started by entrepreneurs, data strongly emphasizes you should really get a good grasp of your money management skills.

Reminder: 82 percent of businesses fail due to poor cash flow management.

#5. Being Fearless

If you want to be a successful entrepreneur, you cannot be afraid to fail.

The more shots you put up, the more likely you are to make a few. But if you’re too afraid to take the shots, you won’t make any.

Most fail because they’re simply afraid to start. They’re afraid of failure, afraid of being judged, afraid their ideas aren’t good enough for the world. If you let fear skew your thinking, you’ll never just fully jump in and do the work. Don’t limit your ideas, dreams, or thinking out of fear that their too big or won’t work – trust yourself.

When you fail at something, change your mindset from “this isn’t going to work” to “I’m one step closer to getting it right”.

“It doesn’t matter how many times you fail, you only have to be right once.” – Mark Cuban

#6. Problem Solving

You should know how to quickly and effectively breakdown and solve problems, no matter how big they are. As an entrepreneur, you’re going to constantly be challenged by putting out these types of fires.

Here is a quick 5-step process to solving any problem:

  1. Know there’s a problem.

  2. Identify the problem.

  3. Understand the problem enough to communicate it effectively (to yourself and others).

  4. Find solutions to the problem.

  5. Fix the problem.

Tip: Even if you can’t solve every problem that comes your way, you should be able to find and outsource the experts who can.

#7. Decision Making

At the end of the day, you’re the one steering the ship and you need to learn how to size up decisions and make the best possible choices – a lot.

Educate yourself on what you need to know before making a decision, then act on it. Being able to follow through and execute is a skill within itself, but not making a decision can lead to indecisiveness which can further lead to you feeling stuck and overwhelmed and eventually just giving up on it.

#8. Willingness To Learn

Having the willingness to learn is vital to your success as an entrepreneur.

If you’re entering into the world of entrepreneurship, it’s a world that’s constantly changing and evolving. And if you’re not changing and evolving with it, you’ll get left behind.

The moral of the story: never stop learning.

Note: Once you stop learning, you get left behind.

#9. Persistence And Determination

If you don’t have any other skills but have a persistence and determination to figure things out and succeed as an entrepreneur – you have enough to get started.

Below is a quote by Calvin Coolidge on the power of persistence and determination. It’s the most simplified illustration of how powerful they are, better than anyone else can explain it.

“Nothing in this world can take the place of good old persistence. Talent won’t. Nothing’s more common than unsuccessful men with talent. Genius won’t. Unrecognized genius is practically a cliche. Education won’t. Why the world is full of educated fools. Persistence and determination alone are all-powerful.” ― Calvin Coolidge

#10. Vision

You don’t need to have everything figured out, but you should have a good grasp on what you want, why you’re doing what you’re doing, and how it all ties together in the future.

What are you doing? Why are you doing it? What’s the end goal for it? What’s the end goal for you? – and how can you tie it all together?

What can you do now to make your future a reality?

#11. Having Self Awareness

The ability to be self-aware and hold yourself accountable is one of the most important skill sets you can have and develop if you want to be a successful entrepreneur.

Self-awareness is the key to getting good at other necessary skills a successful entrepreneur needs, like:

  • Being honest with yourself if you’re procrastinating and need to be more disciplined with your time.
  • Not being real with yourself about your true strengths and weaknesses and will only hurt you in the long run.
  • Asking yourself if you’re really cut out to be an entrepreneur, and if not, why? And what can you change to be one?

#12. Know Your Strengths And Weaknesses

Do what you do best, and hire the rest.

You will get a lot further focusing on what you’re best at and finding the people to work with that strengthen your weaknesses. Knowing your strengths and weaknesses comes back to having self-awareness and being honest with yourself. Don’t try to do it all or you may end up getting even less done.

#13. The Ability To Communicate Well

Communication is the Swiss Army Knife of skills as an entrepreneur. It’ll help you in many different situations along the way.

There will be times when you will need to effectively sell people on your vision and ideas, raise money, build relationships, grow your network, communicate a problem you need fixed, hire great people, and many other things where good communication skills come in handy.

#14. How To Set Goals.. Correctly

When you strive to be the most productive and efficient you can be, it comes down to how you’re setting your goals and what you’re giving your attention to.

Here are a few things you’ll want to know and pay attention to..

Knowing the difference between micro and macro goal setting. Understanding what’s your highest priority at any given moment and needs the most attention.

#15. Learn How To Say ‘No’

It’s so important to focus and not get distracted trying to do too many things at once. Or else you run the risk of spreading yourself too thin.

As a successful entrepreneur, you need to have tunnel vision with blinders on if you really want to master the art of self-discipline and time management.

“Focusing is about saying no,” said Steve Jobs in 1997.

#16. The Ability To Pivot Quickly

As an entrepreneur, you’ll encounter many obstacles, setbacks, and changes along the way. There will be times where you will need to adjust and switch things up, on a macro and micro level – and be quick on your feet.