Crucial Skills to become a Successful Entrepreneur
Who is an Entrepreneur?
An individual who creates new business and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. An entrepreneur is the one who organizes, manages and assumes the risks of a business or enterprise. An entrepreneur is commonly seen as an Innovator, a source of new ideas, goods, services and business or procedures.
There are 582 million entrepreneurs across the globe. (Source: Survey by The Global Entrepreneurship Monitor that surveyed 65 different economies worldwide).
Many household-name businessmen exemplify entrepreneurial success including Steve Jobs from Apple, Elon Musk who founded SpaceX and Bill Gates, the Microsoft creator.
How to become an Entrepreneur?
These are the first few steps you will want to take:
- Learn what it means and decide if you are still willing to pursue it
- Pick a Business Idea
- Build Your Network
- Organize your Business
- Test your Idea
- Turn Early Adopters into Raving Fans
- Raise Money
- Scale It
What motivates Entrepreneur?
What are the motivations for entrepreneurs to venture forth when so many others would run in the opposite direction:
- Autonomy – Be your Own Boss
- Purpose- Have a clear vision of what they want to accomplish and will work tirelessly to make that happen.
- Flexibility- Work in a way that is instinctual for them
- Financial Success- It is not about being overnight billionaires but looking to make huge profits by creating the next big thing
- Legacy- Desire to create something that outlasts them. Leave a lasting impression on the world and leave behind an innovation that improves people’s lives in some tangible way
Essential Entrepreneurial Skills to be Successful:
Successful Entrepreneurs have mastery over both hard and soft skills. First of all, becoming a successful businessman or woman should always have a positive success mindset. Mastery of entrepreneurial skills requires practice and a dedicated learning plan.
Some Examples of Entrepreneurial Skills Are:
- Business Management
- Communication and Active Listening
- Problem Solving
- Critical Thinking
- Creative Thinking
- Customer Service
- Time Management and Organization
How to Improve Entrepreneur Skills?
Inculcating entrepreneurial skills can help you outperform at your job and steer your business to success. Some of the tips to improve entrepreneurial skills are:
- Have a Mentor
- Enroll in a Course or Program
- Attend Workshops and Seminars
- Listen to Podcasts
- Read Business Books
Skills that Every Entrepreneur Needs to Adopt
Road taken by entrepreneurs used to be the one least traveled. The one where bold dared to tread and few understood the risk or benefitted from the reward. Today the road may be traveled by many but it still comes with a set of challenges and obstacles. Best way to thrive is to learn from entrepreneurs and use their learnings and mistakes to sidestep the challenges and embrace the opportunities. Here are some skills that would be helpful in the entrepreneurial journey.
- A Vision- Know exactly what you want
- Ask Questions- Question yourself, your plans, your strategy, your business plans, and your decisions
- Passion and Energy- Nobody else is going to be passionate about your business
- A Work Ethic- Be prepared for unexpected long hours and holiday disruptions
- Create an Opportunity- Drive should not only be about building your business but also creating opportunities for others
- Communication- Clear and transparent communication
- Sales- Master the art of selling
Who are Teenpreneurs or Teen Entrepreneurs and why should they be entrepreneurs?
The upside of Teen Entrepreneurship is Teens are growing up in a different world. Rapid advances in technology have shifted the landscape for them. They are more tech-savvy than prior generations and being into a world of accessible, affordable resources that make starting a business much more doable today than a few decades ago. They bring new perspectives on the hyper-connected world we inhabit, along with the boatloads of energy to pursue their passions.
Teenagers have some inherent advantages over adults in starting a business, such as resilience, creativity, optimism, and limited financial responsibility, as most teens aren’t supporting a family on their startup’s revenue.
There are certain pros and cons associated with being a teen entrepreneur but the potential pros outweigh the few cons. Truly, the only cons associated with becoming a teen entrepreneur is sacrificing your time and effort for an idea and business that may or may not succeed.
Entrepreneurship is one of the best Experiential Learning mediums. The learnings imbibed during the journey would help them amass unique and valuable wealth of knowledge and experience like no other.
Aside from the obvious benefits of teen entrepreneurship in terms of the skills acquired and lessons learned, they will also set themselves apart as a driven, ambitious go-getter who is willing to tackle new challenges head-on, and this will be a huge asset for them for their resume or CV for future college applications and job and internship interviews. Those are all the benefits they will receive regardless of the outcome of their business, but if their business succeeds, those benefits will multiply.
In addition to the potential future revenue generated by their business, they just may make a huge positive impact on the world with their newfound business, as well as possibly create their own future career, in which they are their own boss. The upside for teenage entrepreneurship is truly limitless, and motivated teens should feel encouraged to try their hand at a startup, knowing today is the ideal time for teenagers to make a real splash in the business world, with countless resources to help support their success.
Some successful Teen Entrepreneurs:
In simple terms, we may say Life Skills are the ‘Skills you need to make the most out of your life.’ In 1999, the World Health Organization (WHO) identified six critical areas of life skills:
- Cory Nieves- Started at the age of e 6 Specialized in delightful all-natural flavored cookies and Sweet Treats
- Kenan Pala – Started at the age 11, startenonprofitofit kids4community.
- Langston Whitlock- Started at the age of 12, he developed his first messaging app. He has also co-founded SAFETRIP, a healthcare-based ride-sharing app to help non-emergency patients reach healthcare settings affordably. Say Uber for Ambulances.
- Josh Feinsilber- At 19, he developed an education-based quiz mobile game app
- Mikaila Ulmer- Started ‘Me and the Bees Lemonade’, the product that sells more than half a million units a year in over 1500 outlets across the USA.