Do You Have What It Takes To Be An Entrepreneur?

Q: I am interested in starting my own business. I have a business degree and lots of experience in my chosen field, but I don't know if I have the necessary skills to really make it on my own. Any advice? Marie C.

A: You've hit the nail on the head, Marie, because when you're an entrepreneur it's truly up to you to make it on your own. Sure, you may have investors and advisors and employees and friends and family helping you climb the ladder, but in the end you're the one who walks the high wire alone.

There are a variety of skills you'll need to succeed as an entrepreneur and chances are do not possess them all. One of the great things about being an entrepreneur is that if you lack certain skills you can always hire people with those skills to help round out your company skill set.

Here are a few of the skills you'll need starting out and others you can build upon later. Different stages of business require different skills.

People Skills
Every budding entrepreneur should have good people skills. The ability to walk into a room and befriend everyone there is often more important to your business than an investor with deep pockets. The more you can make people like you, the more they will want to do business with you.

Networking Skills
Networking is one of the best ways to build partnerships and find new clients. Networking simply means that you go to functions that attract the people you need to know. A successful entrepreneur is also a successful schmoozer. It's the entrepreneurial equivalent of "kissing babies and shaking hands." Whether it's the weekly Rotary luncheon or a Chamber function, show up with a pocketful of business cards and meet as many people as you can.

Leadership Skills
To be an entrepreneur is to be a leader. Even if you are a company of one, you must have the skills to take charge and to lead. It's much easier to learn leadership skills when you only have yourself to manage. These skills will come in very handy as you add employees and your business grows.

Management Skills
Management skills encompass a wide variety of tasks, including managing the daily operation, growth, employees, customer relations, investor relations, and so on. Poor managers make for poor entrepreneurs.

Employee Relation Skills
Your employees are one of the most important assets your business has and it is important that as the boss, you develop a professional relationship with your employees. It is important that your employees feel appreciated and you show it financially and professionally.

Team Building Skills
As your organization grows you must have the ability to build a team that can take your business to the next level. Your team not only includes employees, but also partners, your accountant, your attorney, and investors. Anyone who has the ability to impact your bottom line and growth should be part of your team.

Marketing and Sales Skills
Until you grow your business to the point that you can justify adding a marketing person, it will be up to you to think up ways to market your business. As I've said before, marketing is one of the most critical areas of business as getting the word out to customers is the first step in generating revenue.

Like marketing, selling is vital to the success of your business. Starting out you will probably be the one making sales calls and closing deals for your business. You must have the ability to sit in front of a prospective client and sell them on your service or product. Many entrepreneurs find this difficult to do as sales is more art than skill. This is also why one of your first hires when able should be a good sales person.

Time Management Skills
Unfortunately, there are only so many hours in the day and for entrepreneurs that means we must manage our time well or inevitably some things won't get done. I find that it helps to plan your day the night before. I know before I ever get to the office what I have to do that day. I know the order I will do things in. Of course, something always comes up to throw a monkey wrench in my plan. When the unexpected happens I try to add it to the next day's schedule. If that's not possible, I deal with it and then try to get back on track. That's not always possible, but having a plan certainly helps.

Do you currently have all these skills? Probably not. Very few people possess them all even after years in business. Does a lack of these skills mean that you shouldn't start your own business? Of course not. Entrepreneurial skills can be learned and improved over time.

Here's to your success!

Tim is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs. http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.dropshipwholesale.net

---

Could a Non-Profit Structure Be Right for Your Business?

If you have a business idea, or an idea for... Read More

Differentiation Strategies for Franchise Companies

With the growing number of franchise offerings recently it is... Read More

Could a Book About Your Company be Worth $1.7 Billion? Building Value Through Publishing

"Berkshire Hathaway (NYSE: BRK.A) to purchase Clayton Homes for $12.50... Read More

Is Now the Right Time to Become An Entrepreneur?

A number of economic changes are magnifying the role of... Read More

Entrepreneurs, Are You Hauling Buckets?

Once upon a time, there was a village on the... Read More

How You Can Earn $1000 A Week Part Time

About 6 years ago I started to notice that certain... Read More

Why eBay Is A Smart Choice For Entrepreneurs

Attention entrepreneurs: If you think the search for the ultimate... Read More

Staying Ahead of the Perils, Excerpt of Entrepreneurial Motivation Speech

Running a business is not an easy endeavor, it takes... Read More

What Qualities Do Franchisors Need?

When I got into business I wanted to build a... Read More

Entrepreneurs - 9 Top Mistakes to Avoid

1. Isolating Yourself When setting up a business, you can... Read More

How Entrepreneurs Make Money Selling Global Brands On and Off-line

Did you know that thousands of companies from all over... Read More

Self-Esteem and the Entrepreneur

Isn't it funny how people think that being self-employed is... Read More

Developing A Contract

As a service provider, the most important type of "boundary"... Read More

Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business

You're a smart, hardworking entrepreneur, and you're moving fast. You... Read More

PTO; Justification of the Means and the Ends

Some would say about certain issues that the means do... Read More

Financial Issues in Business Startup

A primary inhibitor of business start-up is that few people... Read More

Are You Sure You Want To Start Your Own Business? Part Two of a Series

Why, exactly, do you want to go into business for... Read More

Interview with Best-selling Entrepreneurial Authors Barbara Winters and Nick Williams

Ray Bradbury's quote, "You've got to jump off cliffs all... Read More

5 Tips to Step Boldly into the World & Set Yourself Apart from Others

"Real champions believe in themselves even when no one else... Read More

Veteran Entrepreneurs Are Growing In Ranks

When I'm not running my own business, writing articles about... Read More

Business Is No Guarantee of Riches

Q: I'm thinking about starting a business since that seems... Read More

Curb Your Enthusiasm

Isn't enthusiasm a good thing? Aren't we urged to be... Read More

Fear of Failure

Of all the real or perceived impediments to success, the... Read More

Have You Been Thinking About Owning Your Own Business? Or Becoming An Entrepreneur? Part 1

Almost every day, I talk with people who want to... Read More

The Heroic Entrepreneur: Profiting from Your Brilliance

If you look up the definition of hero in Webster's,... Read More

Entrepreneurship Story; Over Regulation in Franchising Final Chapter

Sally and Jim have launched their automotive franchise business and... Read More

Become a Recognized Authority in Your Field - in 60 Days or Less!

You don't have to be rock-star famous before you are... Read More

Prescription for the Future and Technological Revolutions

The world sure has changed in the last two-decades hasn't... Read More

Double Down on Marketing

If you want to compete in the world of high... Read More

Starting Your Business: It All Boils Down To Making Money and Saving Money

Bootstrapping in the context of business start-ups refers to the... Read More

Delivery Companies Make the Grade

In the United States we have the most efficient delivery... Read More

Do You Have What It Takes?

I think it's fair to say that not everyone is... Read More

Ancient Warrior Secrets For The Modern Entrepreneur

The words you see onscreen trigger subconscious responses. Dark images... Read More