Being a successful entrepreneur demands the presence of certain qualities/skills that help propel businesses towards unprecedented success. As per a survey conducted by the Global Entrepreneurship Monitor, 42% of entrepreneurs opined that deft marketing and IT skills are a requisite for running a successful business, while 37% responded that leadership, management, and rhetorical abilities are indispensable.
Other traits that drive startup founders forward are often perceived in an unfavorable light, wherein entrepreneurs might come across as aggressive, impatient and lacking emotional intelligence. However, that is not true: all successful entrepreneurs are visionaries, who make pragmatic, yet instinctual decisions that hold the ability to alter the fabric of the future.
While an agglomeration of skills are imperative for every entrepreneur to be able to fulfill their ambitions, here are 5 skills every entrepreneur should have:
1. Ambition & Perseverance
Failures are vital stepping stones on the highway of success. “Try again. Fail again. Fail better.” - this Beckettian motto is adopted by successful entrepreneurs who are on their way to conquer greater zeniths. Rather than coming to a standstill when faced with business obstacles, able entrepreneurs use bleak scenarios to their advantage, while making it a point to imbibe key learning lessons from the same. The dual traits of ambition and perseverance play an important role here, proving to be instrumental for future successes. These traits, coupled with the urge to make a tangible impact on the entrepreneurial ecosystem, go hand-in-hand for the actualization of niche and pioneering visions.
2. A Certain Sense of Impatience
Not necessarily a negative attribute, a certain brand of impatience is essential for recognizing untapped opportunities and overlooked inefficiencies. A good entrepreneur showcases impatience without being pushy, as he/she adopts a corrective attitude to facilitate efficiency. There will always be a better way to execute things, and instead of waiting around for things to get better, entrepreneurs take the onus to craft solutions that prove to be sustainable in the long run.
3. Deft Leadership & Interpersonal Abilities
It is crucial for entrepreneurs to have excellent networking skills, with a knack for talent acquisition. All eminent entrepreneurs are effective leaders, with the ability to bring like-minded people together, who deliver fresh ideas to the table and offer unconditional support. It aids in team building and collective problem-solving through casual meetings and brainstorming sessions. An entrepreneur’s persuasive abilities also help boost motivation and team spirit and offer a fresh vantage point to test out the potency of new ideas and concepts.
4. Intellectual Curiosity
“The important thing is not to stop questioning. Curiosity has its own reason for existing,” says Einstein, whose philosophy can very well be applied to the realm of business. Technological advancements are occurring at differing rates and intensities around the world, and it is up to entrepreneurs to use their hawk-like perception to be curious and analytical about those differences. Every country has a unique economic and social climate, resulting in varying business solutions all across the globe. An entrepreneurial visionary makes it a point to observe and understand these ideological and conceptual differences, in order to gauge global technological and entrepreneurial trends.
It is essential to find a balance between arrogance and flexibility. One has to work with stubborn determination towards their goals, no matter how wayward or impossible it might seem to the world. However, one also has to cultivate the flexibility to accept their missed opportunities and professional blunders. Flexibility ensures a steady influx of dynamic ideas and innovative solutions, which can be tailor-fitted in accordance with market trends and consumer demands.
Apart from these skills, entrepreneurs must also possess the willingness to learn and adapt, a certain sense of confident assertiveness, and the ability to take risks and be explosively creative. One must keep in mind that while some skills are intrinsic and innate, others can be cultivated through years of experience and concentrated efforts. And the rest is rust and stardust.