Four Qualities of Successful Entrepreneurs:
The Skills You Need and How To Develop Them

See also: Transferable Skills

Owning and running a business is a life goal for many people. Several factors should be considered, no matter what sector you wish to work in or at what age you decide to pursue this life goal.

While the first step might appear to identify what sort of business you want to be the owner of, several considerations should come into play well before this decision is made. Knowing what skills you need to be a successful business owner is naturally something you will want to be aware of as soon as possible.

For some people, this information might come to them with ease, and they find themselves able to navigate this process without any issues. For others, however, this might pose more of an obstacle. Understanding how you get over this obstacle by knowing what skills you need to hone or develop is paramount to your success both now and in the future.

Suppose you are in the position where you want to open a business in the coming year and have the means to do so. Read on to discover a handful of the skills you will need to become a successful entrepreneur while also establishing how best to develop them.

Organisational Skills

When wanting to be an entrepreneur, you surely expect to possess high levels of organisation. As expected, when taking up the position of a business owner, you will be faced with a whole host of responsibilities, each varying in significance and importance from the next.

While that is the case, you need to treat each of these responsibilities and variables as individual ones and use a detailed level of care throughout. Juggling numerous responsibilities and tasks at one time can prove challenging at the best of times; this is where organisational skills come in handy.

That being said, there is no one way of developing organisational skills, and what might work for you is not set to work for someone else. Whether you use calendars and notes as a means of organising your day or using the services of a personal assistant to help you manage your workload, finding what works best for you is the best way of remaining organised as an entrepreneur.

Technological Skills

We would be incredibly surprised if you were not using technology to some degree in this day and age. Regardless of where in your business you are using technology or how it helps you complete tasks, knowing how to use the technology is paramount and is something you should be thinking about as a business owner.

That being said, much like other aspects of the business world, there are so many factors to consider when knowing how to develop your technical skills that it can be hard to know where best to start. Making a list of what equipment, software, and various online platforms you need to run your business successfully is the best place to start.

Beyond the obvious needed technological skills, there may be things you'll need to know how to do regularly that you haven't considered yet. For example, if your small business requires a lot of paperwork (and most do in the beginning), you'll need to know how to convert PDFs to Word documents to fill them out.

Confusing for some people, this is an incredibly useful skill to have, both as an entrepreneur and beyond. Adobe Acrobat is a commonly used platform for completing tasks like this and can be used by businesses big and small; consider implementing this in your own business model.

Communication Skills

Understandably, communication skills are needed for most professions. Being able to communicate your business plans and to collaborate with others is essential to the overall success of your business both in the short- and long-term trajectory.

While most entrepreneurs and salespeople have excellent communication skills, others will have to work harder to develop these skills. Knowing how to do just that can be daunting, especially if you do not like talking in front of groups of people.

That being said, this is indeed one effective way of developing your communication skills in a broader sense; you will gain a better understanding of public speaking and how to pitch ideas and business plans to other people.

On a smaller scale, extending your vocabulary and communicating through different platforms is also an effective way of developing your communication skills. While it might not be first considered, different platforms that are often used by businesses use different means of communicating; this includes a different tone of voice, language, and vocabulary. Changing and adapting your communication to suit these different platforms and audiences is the best way to practice these skills. It will take some time to get right.

Thinking about the communication needed within your business, you need to understand the different ways of communicating with your team members. For example, an intern within your business will require different levels of communication and understanding than a business partner with whom you have also developed a rapport.

Financial Skills

Entrepreneurs, both past and present, will tell you the importance of finances in the business world. Without proper investment and a steady form of income, your company's spending will outweigh the money that is being generated, often considered an entrepreneur's worst nightmare.

Being able to balance the books and understand relevant finances relating to your business is critical and is something you should make every effort to understand. Much like when learning and developing skills related to using technology with your company, you should start from the basics and make your way up from there.

Starting from the basics and ensuring you thoroughly understand each process before moving forward will make a great deal of difference. What's more, being able to understand the financial side of your business in full will make a world of difference.

That being said, while it is important to understand your company's current financial position, you will also need to be able to understand how to predict your success moving forward. This can be challenging, especially when there are so many variables to consider, and often when external factors impact the income of your business; think the likes of the pandemic. While that is the case, being able to effectively and fully predict the trajectory of your company moving forward ensures its financial security.

Further Reading from Skills You Need

The Skills You Need Guide to Self-Employment and Running Your Own Business

The Skills You Need Guide to Self-Employment and
Running Your Own Business

If you are thinking about running your own business, or already do so, but feel that you need some guidance, then this eBook is for you. It takes you through self-employment in easy steps, helping you to ensure that your business has more chance of success.

The Skills You Need Guide to Self-Employment and Running Your Own Business is the guide no new or aspiring entrepreneur can afford to be without!

Based on our popular self-employment and entrepreneurship content.

Overall, we understand that this piece only depicts a handful of the skills needed to be a successful entrepreneur. With hundreds more out there, you are spoiled for choice in what you choose to develop first and which skills you wish to develop over time. Understandably, you should make a conscious effort to develop and hone the necessary skills relating to running your business, alongside those more transferable skills.

We hope you have thoroughly enjoyed this piece and feel more focused on what skills you need to develop in the coming weeks and months. Irrespective of the business industry you intend to take on, go forth with the confidence that your decisions are effective. Know that your choices will positively impact your skillset and that you will be an incredibly successful entrepreneur in no time.

About the Author

Zoe writes articles for a wide variety of career websites, blogs and magazines, has a strong understanding of current business trends, and a passion for entrepreneurism.