Top Skills Needed by Entrepreneurs
Top Skills Needed by Entrepreneurs
Every day the world changes, and people need to adapt to survive and thrive. Old employment models are rapidly becoming obsolete. Consequently, there are a growing number of people who are wondering how they might find a better situation, than that which they currently occupy.
Recent surveys suggest that 45% of office workers, who have been working from home for months, are dissatisfied with their existence and want to make radical changes. They want to develop new skills which will make them job-ready for a post-Covid world.
The two top skill sets that people most want to improve are: IT skills, (which is not surprising, since we live in a technological economy) and skills associated with entrepreneurialism.
What is entrepreneurialism?
Entrepreneurialism is a big concept which encompasses:
- A special way of thinking, which looks at the world as being full of opportunities.
- A special way of behaving, which produces innovative products and services, in new and better ways.
- A special way of communicating, which attracts investors, customers and new colleagues to get involved.
Entrepreneurialism skills relating to the above list include:
- Self-confidence and belief.
- Positive mental attitude.
- Creativity.
- Communication skills.
- Problem solving.
- Time management.
- Sales and marketing.
- Negotiation.
- Talent spotting.
1. Self-confidence and belief.
Self-confidence and belief are preconditions for entrepreneurs, who must go out into the big world and carve out a niche into which they pour their talents. The entrepreneur can function only if they possess the self-belief that they have the necessary talent.
2. Positive mental attitude.
A positive attitude extends beyond the self, to encompass other people and the future. Entrepreneurs must believe that most people are good, and the future can be made a better.
3. Creativity.
Creativity is the mind that sees opportunity, where other people see only difficulty.
Entrepreneurs see that, "A need is a seed".
Every human-need is an opportunity for a much-needed product or service, that can form the base of a profitable business.
4. Communication skills.
Nobody can succeed on their own, so entrepreneurs need to effectively communicate their vision to anyone who may be interested.
5. Problem solving.
Nothing in business is easy because there are always many problems to overcome. So problem-solving skills are vital.
6. Time management.
Entrepreneurs are human and thus have only 17 hours of wakeful time available to them on any particular day. They need to make the most of every hour, so time management skills are key for entrepreneurs.
7. Sales and marketing.
All commercial entities are, at root, sales organisations. Without sales, we have no business. And without marketing we have no sales opportunities. So, all entrepreneurs must master sales and marketing.
8. Negotiation.
Business implies deal-making, which implies negotiation skills. If entrepreneurs agree a deal on the wrong terms, that can ruin their fledgling business. Therefore, entrepreneurs need to develop excellent negotiation skills.
9. Talent spotting.
Most entrepreneurs do not want to remain a "one-man band" for long, because that would be too small a vision. Entrepreneurs must ally themselves to like-minded individuals who have the same vision, but different skills.
Spotting other people with talent and bringing them onboard, is a major skill, because to succeed, entrepreneurs need to surround themselves with talented people.
"The way to get started, is to quit talking and begin doing" - Walt Disney
Definition: entrepreneurial mindset
In business, an entrepreneurial mindset is an outlook that turns needs into gains. It spots chances in change, acts quickly to build new offers, stays upbeat and learns when things go wrong, and seeks value for customer, crew and founder. Strip any one trait away and the mindset stops being entrepreneurial.
Show CG4D Definition
- Looks at needs and change as chances to create value
- Acts early and on own drive to turn ideas into offers
- Stays hopeful and learns fast when risk or loss strikes
- Aims to bring gain to customer, team and owner
Article Summary
Jobs shift fast, but the winning entrepreneur masters mind and method: think in chances not limits, speak so others join, solve problems at pace, sell with purpose, use time well and spot talent early; grow these skills and any idea can become a thriving venture.
Frequently Asked Questions
Here are some questions that frequently get asked about this topic during our training sessions.
What are the nine key entrepreneur skills named in the article?
How does self-confidence help a new business owner?
Why is a positive mindset vital for start-up success?
What does “a need is a seed” mean for creative thinking?
How can an entrepreneur manage time when only 17 waking hours exist?
Why must founders learn sales and marketing basics early?
What is talent spotting and how does it aid young firms?
Thought of something that's not been answered? Ask Us Today!
Did You Know: Key Statistics
LinkedIn Learning reports that in 2023, 64% of UK workers began at least one online course in digital or business start-up skills, up from 47% in 2020. A 2024 Crunchbase study finds that new firms led by founders who score high on soft skills such as clear talk and deal making raise 30% more first-round funding than those who do not.About the Author: Chris Farmer
Chris Farmer is the founder of the Corporate Coach Group and has many years' experience in training leaders and managers, in both the public and private sectors, to achieve their organisational goals, especially during tough economic times. He is also well aware of the disciplines and problems associated with running a business.
Over the years, Chris has designed and delivered thousands of training programmes and has coached and motivated many management teams, groups and individuals. His training programmes are both structured and clear, designed to help delegates organise their thinking and, wherever necessary, to improve their techniques and skills.
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