In the era of digitally-driven startup businesses, we often associate entrepreneurship with the start of a new business. If you are considering becoming an entrepreneur, there are several essential skill sets that you can develop to increase your entrepreneurial success. However, being entrepreneurial has more to do with the mindset—the way you think and do things differently. You can be entrepreneurial even if you’re not owning a company or working for someone else. It means that you have the characteristics often associated with entrepreneurs such as self-confidence, need for achievement, flexibility, perseverance and responsibility for your own destiny. Being entrepreneurial means thinking outside the box and learning from failures and moving forward.

Anyone can have an entrepreneurial spirit as long as they prioritize self-development by seeking opportunities and being innovative, resourceful and flexible.

1. Business management

Since you’re becoming an entrepreneur and building your own company, you will most often rely on your business skills to manage and run a business or brand. You cannot do everything yourself but you need to build up your ability to multitask, delegate responsibilities to subordinates and make decisions regarding the health and profitability of your business.

2. Teamwork and leadership skills

There is a big difference between a manager/boss and a leader. Becoming a successful entrepreneur also means taking on leadership roles and working as part of a team. You will most likely act as both a supervisor and as part of a team, and you will need to rely on effective leadership skills to help motivate your team.

3. Communication and listening in entrepreneruship

Good communication skills require a high level of self-awareness. Understanding your own personal style of communicating will go a long way toward helping you to create good and lasting impressions with others.

If you’re finding it particularly difficult to concentrate on what someone is saying, try repeating their words mentally as they say them. This will reinforce their message and help you to stay focused.

4. Management & financial literacy

Understanding basic finance is essential in running your own company. You don’t have to be an accountant, but you should at least be able to understand the basics around cash flow, assets, and profit and loss. Start by learning how to do your own taxes and manage your own budget and investments.

5. Analytical and problem-solving skills

The ability to examine information or a situation in detail in order to identify key or essential elements, their strengths, and weaknesses and use these to compile a persuasive argument, make recommendations or solve a problem.. Especially in early stage companies, it is very critical and usual to seek new ideas, change strategies quickly and be open to change all the time. While being open to this change, it is difficult but an important skill to make a quick but careful decision by considering the pros and cons well.

6. Time management and organizational 

Time is of the essence for driving and achieving organizational goals. Strategies that can help develop these skill sets include breaking down tasks into manageable to-do lists and setting deadlines and achievable objectives for yourself and for your team. Remember, You can progress successfully when you know how much time something will take to complete.

How can you improve your skills? 

Of course, not all these abilities are created in a day. You need to give yourself time to develop or develop your skills. Realize that  being an entrepreneur comes naturally to many, while others need to work at it. Being consistent and repeating it regularly will help you with the habits you want to acquire. In addition, you can get help from the following to develop your entrepreneurial skills;

•  Attend events, conferences, trade shows, webinars etc. The key is to network, so you can absorb all of the knowledge and experience around you.
• Find your true mentor. A mentor provides an opportunity to pick the brain of someone who has already experienced some of the challenges you are facing and has a wealth of knowledge to share.
• Get involved with other entrepreneurs. Rather than make all the mistakes yourself, why not learn from someone else who has already made them?
• And, don’t let challenges discourage you; put a fair fight and make use of all available resources.

First of all, and most importantly, it is to be aware of the competencies you have or don’t have. You cannot improve it without knowing whether you are good at it or not. 360 Predictor, an advanced entrepreneurship assessment, helps you learn your entrepreneurial skill level and discover where you need to improve yourself. You can easily sign-up here and start the assessment right now!