fbpx

Entrepreneurial Skills: Top 7 skills required for successful entrepreneurship

Home >  Blog >  Entrepreneurship >  Entrepreneurial Skills: Top 7 skills required for successful entrepreneurship

There’s no doubt that entrepreneurship has been on the rise in recent years, even during the COVID-19 pandemic. In France, for example, there was a sharp rise in business creation in 2020 despite, or perhaps because of, the crisis. In fact, France saw more new businesses created last year alone than there were in the last 20 years combined.

So, if you’re looking to launch your own venture, you’re certainly not alone. But what are the essential entrepreneurial skills that you’ll need for your business to be successful? Which skills are needed to be an entrepreneur?

Although some of these skills may come more naturally to some people than others, many of them are things that you can learn or develop with practice.

Entrepreneurial skills | EDHEC Online

What are entrepreneurial skills?

Entrepreneurial skills embrace a broad vary of varied skillsets like technical skills, leadership and business management skills and artistic thinking. As a result, entrepreneurial skills are often applied to several totally different job roles and industries, developing your entrepreneurial abilities will mean developing many varieties of skills.

For example, to be a successful business owner, you’ll have to be compelled to develop your business management skills. To make and maintain project groups you may have to improve your leadership and communication skills.

Top 7 entrepreneurship skills

“You can’t be a successful entrepreneur if you fail to value your customers. “

1.Empathy

The success of a business depends largely on customer satisfaction. You can’t be a successful entrepreneur if you fail to value your customers. 

The key to this is understanding your customers and users, their needs, their pain points, and what they want from your business. Understanding your customers’ needs is crucial for building strong relationships with them. Your customers are then more likely to refer your company to others, allowing you to grow your customer base.

2.Time management

Time management is important for everyone, but it is absolutely necessary for entrepreneurs. 

To keep your business running smoothly, you need to effectively divide your time between your many tasks and responsibilities. When you run your own business, you always have too much to do and too little time. You, therefore, need to be able to prioritise your time and allocate your energy to where it will have the highest ROI.

3.Strategic thinking

Although you need to get things done as an entrepreneur, it is also important not to get bogged down in the details. One of the most critical entrepreneurial skills is the ability to see the big picture and recognise what is important for your business to move forward

Furthermore, you need to know how to develop a strategy that will allow you to work towards your goals.

4.Communication

Communication is one of the most crucial entrepreneurial skills. No matter the size and nature of your business, you cannot grow your company without effective communication skills. Not only does it help strengthen the internal relationships, but clear and crisp communication makes it easier for entrepreneurs to attract their target audience. Good communication skills also promote creativity.

“You cannot grow your company without effective communication skills.”

An entrepreneur must know how to communicate innovative ideas and new strategies to the employees. The way you interact with your staff and customers will determine the success of your company. 

Effective communication is a must-have skill for those who want to build a long-term relationship with investors, credit unions, financial institutions, and clients.

5.Resilience

Resilience is another essential skill for entrepreneurs. All businesses experience setbacks and failures from time to time, but it is only by failing and making mistakes will you learn and grow. 

Resilience allows you to take these failures, learn from them, and move forward stronger than before. Your plans will not always work out the way you had imagined, which is why it’s important to learn to adapt to the dynamic business environment and keep going.

6.Networking

Networking is another essential skill for entrepreneurs because building your networks is one of the best ways to find new business opportunities, suppliers, and partners. Having a strong network also allows you to connect with mentors who will guide you on your entrepreneurship journey. The best way to expand your business on a local or global level is by growing your network.

7.Delegation

No one has the skills to do everything themselves perfectly. You can’t be an expert sales manager, accountant, HR manager, IT expert, customer service provider, and digital marketer. Even if you could, there is no way you would have time to do everything. This is why it’s essential to know how to ask for help and how to delegate. 

Efficient and effective outsourcing prevents overwhelm and increases quality. This will not only give you more time to focus on other important activities, but it means that every project is done by an expert in their field, boosting business output and efficiency.

How to develop your entrepreneurial skills?

You may have a great startup idea, but pulling it off in reality will be impossible without the right entrepreneurial skills. You may be blessed with some of these skills and abilities already, but chances are you will be lacking in at least a couple of areas. If you focus on building these skills, your startup will have a much better chance of turning into a profitable and successful company.

Here can be many different methods that you can use to develop your entrepreneurial skills:

  • Take courses.
  • Attend events and workshops.
  • Seek out mentors.
  • Build your leadership skills.

 

1.Take a course

One effective technique to up your entrepreneurial skills is to require a course on business, marketing, money coming up with or another management facet of developing your own complete. Taking a business course, for instance, will assist you to develop the business management skills necessary to attain success as an entrepreneur.

If you’re looking to develop any or all of these skills, studying with an institution like EDHEC can help you to build on a range of soft skills that are essential to success as an entrepreneur. EDHEC is a school that was founded by entrepreneurs for entrepreneurs: entrepreneurship is in our DNA and this is reflected in all of our online courses.

2. Attend events and workshops

You might also attend entrepreneurial workshops and networking events.  Aside from the direct benefit of learning, you can also gain valuable contacts, talk with experienced speakers and get insight into your business.

Examples:

3. Seek out experienced mentors

Much like asking questions in a class, seeking out mentors can also be highly beneficial to developing your entrepreneurial skills. You might shadow a business owner for a day or two in order to observe how they manage their business.

4. Build your leadership skills

You might seek out opportunities to be the team leader or manager to help you practice these skills. As you perform in leadership roles, you might ask for feedback from teammates and other colleagues to help you further develop your management and leadership skills.

10 ways to build your leadership skills