Starting a business takes a lot of courage. It is a greater challenge to stay on and consistently grow in it. An entrepreneur who starts or builds a business is susceptible to greater risks than any employee. Financial risk, career risk, emotional risk and overall business risk are all a part of the game. As there are so many types of risks involved in becoming an entrepreneur, there are some specific skills that go a long way for a successful business.
Here is a list of a few skills every entrepreneur has in common:
Resiliency: Failure management is an important part of running a business. Bumps along the way are sure to come no matter how well you have planned or how capable are the people you have hired. The ability to get up as soon as possible when anything bogs you down will help the business not get hampered much. It is you who has to build a strong front to weather the ups and downs.
Communication: Being an effective communicator in an important aspect of an entrepreneur. You need to master all kinds of communication that includes group conversations, one-on-one, written, telephonic, online or email messages. Be it small or larger business, you need to communicate to all the potential and current stakeholders. It takes a lot to make employees, peers, creditors, mentors, investors, etc. to understand your zeal and ideas and see your vision.
Technology: The knowledge of technology is a must now for any kind of business. Though it’s not mandatory for an entrepreneur to have all the knowledge, it is important to invest in the right IT consultants or employees who are adept with the latest technology. For example, retail sales need to be compatible with point-of-sale (POS) systems such as PayTm, Apple Pay or Google Pay now. For your company to be visible, various SEO tools are also to be made available so that you hit the right target audience.
This story is from the May 2019 edition of Small Enterprise.
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This story is from the May 2019 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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