7 Must-Have Skills You Should Master as an Entrepreneur

You already know we’re all about learning and improving yourself as a business owner and having fun doing it, from books that develop your business skills to movies that inspire your confidence. 

A common problem with many business skills is that they are time-bound and can become obsolete, requiring you to upgrade yourself constantly. This is true for accounting, technical and marketing skills.

However, seven evergreen skills never fade, irrespective of how fast times change in your industry. We’ve detailed them in this article.

#1. Adaptability

As a business owner, being adaptable is crucial when facing disruptive technology. Here’s a step-by-step guide on how to handle a groundbreaking technology emerging while developing your product:

1. Acknowledge your emotions and embrace change.

2. Immerse yourself in the new technology.

3. Analyze the strengths and weaknesses of both products.

4. Identify opportunities for integration.

5. Assess necessary adaptations to your business model.

6. Explore possibilities of incorporating the new technology.

7. Gather perspectives and insights from stakeholders.

8. Develop a phased implementation plan.

9. Craft persuasive messaging.

10. Foster a culture of continuous learning and innovation.

#2. Tech-Savviness 

By tech-savviness, we mean remaining open to technological changes. It’s a mindset and an appetite for constantly staying on the look for and integrating the best technologies that boost your business. 

Many business owners are terrified of the speed at which technology changes the business landscape. However, if you overcome this fear and create a system that welcomes technological advancements, your business will be better off.

With the coming Internet of Things (IoT) and artificial intelligence (AI), your business would need to evolve or be phased out by competitors who leverage these technologies first.

Regarding AI, we discovered six ‘never-before’ mentioned smart ways you can use AI to BOOST your sales month-on-month as a business owner. You don’t want to miss that.

#3. Creativity

Creativity is a crucial business skill that offers several advantages. For one, it fosters innovation and helps you solve complex product, marketing or financing problems which can provide a competitive advantage.

If you’re creative, your business can quickly adapt to changing market trends in style or even start trends which translates to profits over time. You create distinct offerings to enhance customer satisfaction and establish a strong brand identity, ultimately driving growth and differentiation. Additionally, creativity boosts employee engagement and satisfaction, leading to higher productivity and teamwork within the organisation. 

Think of Steve Jobs and the Apple team and how their creativity drove the iPhone to become the number-one smartphone for over a decade. We took the opportunity to find these Steve Jobs quotes on creativity to keep you inspired.

#4. Emotional Intelligence

Entrepreneurs with emotional intelligence can build strong relationships by understanding and empathising with the emotions of team members, customers, and partners. 

When addressing an upset team member, it’s essential to recognise their emotions, create a private and supportive environment, actively listen, validate their feelings, seek to understand, collaborate on solutions, and offer ongoing support. 

Promoting morale, productivity, and collaboration within your startup is essential for success. One can apply emotional intelligence to address customer dissatisfaction by empathising and problem-solving to maintain a positive relationship.

This article by Entrepreneur.com goes deeper into this subject.

#5. Resilience

Resilience is crucial for entrepreneurs who face unpredictable challenges. Let’s reflect on a past challenge you overcame:

1. Describe the situation.

2. Recall your emotions and initial response.

3. Shift your mindset and accept reality.

4. Seek support from others.

5. Adapt your approach and plan strategically.

6. Exhibit persistence and perseverance.

7. Describe the outcome and valuable lessons learned.

Reflecting on past resilience strengthens the skill for future challenges. Share your story to inspire others.

#6. Financial Management 

Entrepreneurs must manage finances to make informed decisions. The areas covered are budgeting, managing cash flow, tax planning, and reporting finances. Budgeting helps forecast cash flow and identify shortages. 

Cash flow management ensures funds for expenses. Tax planning minimises liability. Financial reporting monitors the health and identifies areas for growth. It’s crucial to monitor finances, create budgets, manage cash flow, plan for taxes, and produce financial reports for success.

#7. Networking

Networking is essential for entrepreneurs to expand their reach and discover new opportunities. Here’s how to approach a potentially valuable connection at a business conference:

1. Exude confidence, introduce yourself, find common ground, actively listen, offer value, exchange contact information, and follow up after the conference.
2. Remember, networking is an ongoing process.
3. Imagine approaching a potential investor by highlighting the value of your business and fostering a connection with your creativity and entrepreneurial prowess.

Wrap up

By honing these skills, you’re equipping yourself with the essential tools to navigate the ever-changing entrepreneurial landscape in 2023 and beyond. Remember, each craft is interconnected and complements the others, forming a solid foundation for your entrepreneurial journey.

---

Stay tuned to this page for more business nuggets like this, and watch out for our business education, financing and mentor-matching platforms launching soon.

We’ve also built a community of entrepreneurs who are either turning their passions into businesses or already building their empires. Click here on our waitlist to know when we will launch this.