An effective entrepreneur must have a wide set of skills to be able to confidently and effectively lead their company or team. While some people are seemingly blessed with the skillset to make them a highly successful entrepreneur, others take years to learn and cultivate those exact same skills. This list details 5 important skills that entrepreneurs must have to achieve success.

Communication

AudienceBloom founder and CEO Jayson DeMers wrote an entire article on communication skills that entrepreneurs ought to master, because as he explained, the “success as an entrepreneur is determined in large part by [their] ability to communicate.” The Entrepreneur contributor makes a valid point, before adding that your failure as an entrepreneur to communicate effectively with people, notably your staff, clients, and market, will have repercussions, among them is missed opportunities. But what then makes a good communicator? DeMers has a few suggestions:

  1. Listen well.
  2. Interpret nonverbal cues
  3. Be concise and confident
  4. Pushback, productively and politely

Negotiation

Entrepreneurs are leaders and need to develop the same set of skills. Business Insider compiled a list of “soft skills” leaders need to have, and one of them is negotiation. The art of negotiation takes on a more prominent role in the context of running a business, as entrepreneurs need to be constantly on the lookout for the best deals possible. This is where negotiating skills come in handy. A successful entrepreneur must be capable of negotiating with various people about a variety of concerns (a discussion with an employee about a salary increase is a perfect example); more importantly, they know how to push for what they want, but still remain considerate, courteous, and fair. In the competitive world of business, such ability is of paramount importance.

Delegation

Another important but all-too-often overlooked skill that entrepreneurs need is the ability to delegate. Even the best entrepreneur cannot do it all, which means they need help from everyone, and this is exactly the reason why delegation is important. Effective entrepreneurs are able to entrust responsibilities and tasks to people, but it is not all about barking out orders or giving instructions. It takes finesse and people skills to actually have people doing things for you. When delegating, remember to always set clear goals, specify expected results, discuss possible challenges and obstacles, and provide necessary resources that will motivate people to actually get things done.

Networking

Entrepreneurs must be adept at networking, which simply means having the ability to forge new relationships and re-establish old connections. Making connections as Menlo Coaching contributor David White points out is important even in all areas of life. This particular skill can be useful when applying for a business school or even a local college. For instance, White notes that those applying for a business school will best be served if they establish relationships with people related to that institution to glean a better understanding of what the school can offer. This skill is best learnt early and transferred to the business environment.

Problem Solving

Entrepreneurs are expected to come up with workable solutions to almost every problem in the business. Solving problems—especially multilayered, complicated ones—is never easy. Doing so requires an interplay of other related skills like analytical and critical thinking skills, people skills, and communication skills. It is also crucial to stay level headed even when faced with the most difficult of challenges.

Being an entrepreneur is a huge responsibility, which means that anyone who wants to succeed in the world of business ought to work extra hard to develop the aforementioned skills to be truly effective and successful.

Exclusively submitted to IncredibleOneEnterprises.com
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