Entrepreneurship Development – give yourself the skills to model your ideal business

An entrepreneur needs to develop several skills and traits since they commonly only have themselves to depend upon and do not have the luxury of others making up for any deficiency they might have.  Many of the core skills required are found in successful entrepreneurs and leaders which are good communication skills, great flexibility and adaptability, High Energy level. Drive for achievement, Work Ethics, Honesty and Integrity, Initiative, Optimism, Self-confidence, Tolerance of Ambiguity, and Total commitment.

Yet to be successful the some entrepreneurship skills and traits that need to be developed are:

·         Getting Used to rejection – Continuous rejection can dishearten an Entrepreneur, but the key is in not giving up, but learning from their failures for future business ventures.

·         Developing a Network – Being able to connect with others will enhance the chances of success.  An entrepreneur needs the skills and personality to cooperate and be able to establish ties with businesses so that they can share regional, national or worldwide productions, purchasing and distribution channels, information systems, data bases and R&D.

·         The Ability to repeatedly sell - Entrepreneurs are always selling -- to customers, to bankers, to vendors, to employees, to investors, to suppliers, etc. Their ability to sell their concept, their business, and themselves to others is important. They require excellent persuasion and convincing skills.

·         A need for a strong Cross-Functional Skill base – An entrepreneur may not be able to hire staff initially, and hence needs to have a good understanding of the business and understand all functional areas.  Basically He has to be one person multi-functional team.

·         The ability to spot new trends – An observant entrepreneur needs to be able to spot changes in the industry and should make it a point to keep informed about new start-ups and advances in technology that could be poised to disrupt his business.

·         The ability to identify strengths and weaknesses – As an entrepreneur, being perfect at everything should not be the foremost thought; instead he should identify his strengths and weaknesses.

·         Learning from Peers – Entrepreneurs in the same field have a lot to teach their counterparts, if one is willing to learn.

·         Build your Brand – The entrepreneur should develop the skill to connect via social media.  SEO & social networks are vital for any business strategy. It is beneficial for the entrepreneur to understand each platform, and use the best strategy to build a brand image.

Most entrepreneurs are unsuccessful owing to managerial incompetence or inexperience, neglect of the enterprise, ineffective business controls, and undercapitalization. If these entrepreneurs had done their research and ensured that they had the necessary portfolio of entrepreneur development skills and knowledge concerning the business then many could have avoided at least some of these obstacles.