The 4 Most Important skills successful entrepreneurs All Share
Most Aluxers out there are running or planning to start their own business, so we used our connections to see which skills successful entrepreneurs all share.
If you are thinking of getting into business, you most likely are wondering what it takes to be a successful entrepreneur in the 21st century.
Well, some would say it is being born with deep pockets such as a Rockefeller while others would argue you must be a genius like Bill Gates.
While the argument rages on as to whether great businesspersons are born or made, one thing is indisputable: you need certain skills to be successful as an entrepreneur.
A study conducted a few years ago shows that people with high Emotional Intelligence (EQ) are outperforming people with high Informational Intelligence (IQ) by almost 70% in most cases.
Those that are born and develop their EQ are more likely to succeed in life compared to those who are incredibly smart but find resistance in working with other people.
In fact, all great business executives have one thing in common: this list! Here are the skills successful entrepreneurs all share:
Of course, the first skill has to be communication. It is practically the basis of all human dealings with one another. When you are a solo entrepreneur, you may dismiss communication as less important since you do not have any staff to interact with.
However, you still have to deal with customers in person as well as via phone, email and social media platforms. Lack of clear lines of communications will chase clients away.
Communication is even more crucial when you have employees present. If you communicate with them effectively, you will boost morale, help them learn from mistakes and increase productivity. The opposite is also true. Even when you are not a natural-born communicator, you can take various steps to enhance this skill.
For instance, you can take a short communication class, read books or watch YouTube videos, and put what you learn into practice.
Another crucial skill you should master as an entrepreneur is branding, which usually goes hand in hand with marketing. Consumers cannot buy a product they do not know let alone trust. That is why the global expenditure on advertisements is nearly half a trillion dollars per year. Branding and marketing are fast fields that encompass plenty of things.
Whether you want to set yourself as an authority in your industry or to brand your business effectively, the secret is to focus on marketing mediums that suit your industry.
For instance, if you own some sort of Technology Company, you would have more success marketing and branding yourself online, but if you run a sports or energy drink business, you will likely flourish by focusing on event sponsorship and TV ads.
Nevertheless, regardless of your industry, social media is not something you can ignore. Aim to be active, share quality content and resources that your intended audience needs and finds valuable.
Regardless of your industry, whether or not you identify with salespersons, provided you run a business, you are involved in sales. “Always be closing” is a motto all great salespersons live by. It is necessary for business and can mean the difference between triumph and failure.
Even when you have an entire sales team at your disposal, you still require sales skills to deliver an elevator pitch about your company or to negotiate with and persuade investors and vendors. Fortunately, anyone irrespective of position or personality can develop sales skills.
If you already have a brilliant product/service, it will sell itself, so you do not need any pitch per say. Just focus on becoming a friend and reliable helper who understands the consumers’ problems, and who helps them find viable solutions – even if it might mean telling them your product/service is not suitable for them.
Persistence is also crucial in succeeding in sales. If you outwork your opponents, you will likely out-earn them as well.
Obviously, you need leadership skills to succeed in any kind of business. Being a leader means taking the steering wheel of your venture and driving it to where you want to be. In essence, leadership is the pulling together of many micro skills to form one colossal revered quality.
In fact, in business studies, leadership occupies a predominantly haloed space – we even idolize naturally charismatic leaders, and go on to forge cults of character around them. We casually say, some people are born leaders, and continue to follow.
The truth however, is that leadership is more a matter of training and habit than lucky genetics. Most of the greatest leaders in the world – Benjamin Franklin, George Washington, Mahatma Gandhi, Nelson Mandela, etc. – maintained a lifetime commitment to self-improvement.
The basic concept of the modern leadership development field is that deficiencies can be altered and humans can be changed. Leadership development pays attention to qualities and concepts that make great leaders. You do not emerge as a great leader overnight. It requires determination, strength and patience.
Unless you are able to develop these 4 core skills successful entrepreneurs share, your odds of making it are rather slim, so you better get busy!