What does it take to be successful starting your own small business? Here are the 8 skills every successful entrepreneur has in common:
- Resiliency. The ability to weather the ups and downs of any business since it never goes exactly the way the business plan described it. This skill enables the entrepreneur to keep going when the outlook is bleak.
- Focus. After setting a long term vision, knowing how to “laser focus” on the very next step to get closer to the ultimate goal. There are so many distracting forces when trying to build a business that this skill is not easy to master.
- Invest for the long-term. Most entrepreneurs are not patient and focus only on what comes next, rather than where the company needs to go. Overnight success may take 7 to 10 years. Entrepreneurs need to stop, pause and plan on a quarterly basis.
- Find and manage people. Only by learning to leverage employees, vendors and other resources will an entrepreneur build a scalable company. They need to learn to network to meet the right people. Entrepreneurs strive to guarantee they will get honest and timely feedback from all these sources.
- Sell. Every entrepreneur is a sales person whether they want to be or not. They are either selling their ideas, products or services to customers, investors or employees. They work to be there when customers are ready to buy. Alternately, they know how to let go and move on when they are not.
- Learn. Successful entrepreneurs realize they don’t know everything and the market is constantly changing. They stay up to date on new systems, technology, and industry trends.
- Self-reflection. Allow downtime to reflect on the past and plan for the future. Always working only leads to burnout physically and emotionally.
- Self-reliance: While there is a lot of help for the entrepreneur, in the end, they need to be resourceful enough to depend on themselves.
What do you think it takes to be a successful entrepreneur?
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