The Core Skills of A Successful Entrepreneur: - by Aaarush Bansal

THE CORE SKILLS OF A
SUCCESSFUL ENTREPRENEUR
-BY AAARUSH BANSAL

CONTENT
• What is an entrepreneur
• Some entrepreneurs
• Core skills
• Conclusion
WHAT IS AN ENTREPRENEUR?
• An entrepreneur is an individual who creates a new business, bearing most of

the risks and enjoying most of the rewards. The process of setting up a business
is known as entrepreneurship. The entrepreneur is commonly seen as an
innovator, a source of new ideas, goods, services, and business/or procedures.
• Entrepreneurs play a key role in any economy, using the skills and initiative
necessary to anticipate needs and bringing good new ideas to market.
Entrepreneurship that proves to be successful in taking on the risks of creating
a startup is rewarded with profits, fame, and continued growth opportunities.
Entrepreneurship that fails results in losses and less prevalence in the markets
for those involved.
FAMOUS ENTREPRENEURS
• Jeff Bezos:
• He is an American entrepreneur, world’s richest investor and also a philanthropist who
graduated from Princeton University.
• Bill Gates:
• He is one of the world’s richest persons, from 1995 to 2017, Bill Gates held the Forbes
title of the richest person in the world all but 4 of those years. He also is known for his
philanthropist activities such as Melinda Foundation and his current net worth is over $120
billion dollars.
• Mark Zuckerberg:
• He is an American technology entrepreneur and philanthropist who studied at Harvard
University and he is one of the richest persons on the planet right now who has an estimate
net worth of over $101 billion dollars.
CORE SKILLS
• Business management skills

• Business management skills are traits an entrepreneur must have to run a business and ensure all
business goals are met. Entrepreneurs with this skill set can oversee and manage operations of
different departments because they possess a good understanding of each function. Business
management skills include multitasking, delegating responsibilities and making critical business
decisions.
• Communication and active listening skills
• Every entrepreneur must be able to communicate effectively with clients, team members and all other
stakeholders. Whether through verbal communication during meetings or sending reports and
messages through emails about the project, entrepreneurs require superior written and verbal
communication. Apart from communication skills, entrepreneurs must be excellent listeners to
understand the project's requirement and discussion during project meetings.
• Risk-taking skills
• Being able to take calculated and intelligent risks is one of the essential entrepreneur skills to learn.
Employees with an entrepreneur mindset never shy away from taking risks because they understand
that calculated risks result in tremendous success. They know that risk is an opportunity to learn and
grow a business to the next level. Employers want candidates who can take risks in pursuit of potential
gains and profit.
• Networking skills
• Networking involves building and managing relationship with other professionals to grow and promote
a business. Effective networking skills open up future opportunities and help build a solid brand.
Networking allows entrepreneurs to meet like-minded professionals, build future teams and stay up-to-
date with industry trends. It is one of the most desirable skills for entrepreneurs because, through a
solid network, they can meet professionals to fund their ideas, access professional business expertise
and get feedback on their new venture or idea.
• Financial skills
• The ability to handle resources, assess investments, calculate ROI is a must for entrepreneurs. Apart
from this, they must know how to use accounting and budgeting software to keep track of all the
financial processes. By learning financial skills, entrepreneurs avoid overspending and optimally
allocate resources.
• Critical thinking skills
• Critical thinking is an entrepreneur skill that objectively analyses the information and draws a rational
conclusion. It helps entrepreneurs assess a situation and come up with a logical solution. Employers look
for candidates with critical thinking because it helps solve problems and build strategies for business
growth. Usually, a critical thinker is independent, competent and reflective. This skill helps entrepreneurs
logically connect ideas, scrutinise information, evaluate arguments, find inconsistencies in work and solve
complex issues. Instead of memorising information, such candidates use the information to deduce
meaningful insights.
• Problem-solving skills
• Often, entrepreneurs face challenging and unexpected situations. It could be a venture capitalist refusing
further funding or a team member refusing to work as per the project guidelines; an entrepreneur must
possess excellent problem-solving skills to handle stressful situations and calmly identify alternate
solutions. Exceptional problem-solving skills ensure they reach their business goal.
• Creative thinking skills
• Creativity is a valuable yet underappreciated skill in the digital world. Creative thinking is the backbone for
innovation and it forces employees to think differently. Entrepreneurs with creative thinking skills are never
hesitant to try solutions that others may overlook because of fear of failure. Such people think out-of-the-
box and always seek input from professionals in a different field for understanding a new perspective. It is
one of the most sought-after entrepreneur skills because it allows them to see patterns (even when there
are no patterns) and develop innovative ways to solve business issues.
• Customer service skills
• Quality customer service promotes the brand and increases loyalty. Regardless of the industry,
excellent customer service skills are essential for business success. From talking to clients to
discussing funding opportunities, customer service skills help entrepreneurs connect with their
potential customers.
• Leadership skills
• Being able to inspire colleagues, empower the workforce and lead from the front requires excellent
leadership skills. Exemplary leaders lead by examples and can take a leadership role and work as a
part of a team. Entrepreneurs with leadership skills motivate their employees, manage operations
and delegate tasks to reach the business goal.
• Time management and organisational skills
• Effective time management increases productivity and organises your workspace. Entrepreneurs
with time management and organisational skills understand different ways to prioritise tasks and
avoid procrastination. For ensuring timely completion of projects, entrepreneurs analyse their and
their team's time, set time limit for each task, complete priority tasks first, delegate work to others,
create a to-do list and use technology to keep the workspace organised.
• Technical skills
• Technical skills are hard skills that are gained by using digital tools and software. Entrepreneurs must
know how to use planning, marketing and budgeting software. Knowledge of software helps in
managing projects, tracking sales and allocating a viable budget for the project.
• Communication and active listening skills
• Every entrepreneur must be able to communicate effectively with clients, team members and all other
stakeholders. Whether through verbal communication during meetings or sending reports and
messages through emails about the project, entrepreneurs require superior written and verbal
communication. Apart from communication skills, entrepreneurs must be excellent listeners to
understand the project's requirement and discussion during project meetings.
HOW TO IMPROVE SKILLS
• Mastery of these entrepreneur skills can help you outperform at your job and steer your business to success. To improve your
skills, you may read books, take a course or attend seminars. Here are some steps you must follow to improve your
entrepreneur skills:
• 1. Read business books
• Reading books encourages self-improvement and is an excellent way to get advice on effective business strategies. It improve
your cognitive ability, increases your decision-making and you get to learn from the failure of others. Therefore, read books to
achieve success as an entrepreneur.
• 2. Enrol in a course
• Another way to sharpen your skill set is by enrolling in a management, marketing or finance course. Taking and completing a
professional course may help boost your business management and financial planning skills.
• 3. Attend workshops
• Always attend entrepreneurial workshops and networking events. Many of these workshops may have experienced business
owners as speakers. It helps fill the knowledge gap and you may gain valuable insights on how to run your business to success.
Such workshops are a great way to build networks and talk with industry leaders.
• 4. Listen to podcasts
• One of the best ways to consume business-related information on a busy day is listening to a podcast
of successful entrepreneurs. Listening to business podcasts may give you insights into how different
entrepreneurs use technology to speed up their business growth. It also improves your listening skills.
• 5. Hire an experienced business mentor
• Experienced mentors can help you develop the skills that you are lacking. You can either work under a
successful business owner for some time to understand how to manage a business. You can also
meet up regularly with a professional group of like-minded people and discuss different ways of
building and marketing a brand. Mentors help in providing valuable insights and professional advice
that is necessary for success.
THANK YOU
-by Aarush bansal

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THE CORE SKILLS OF A

-BY AAARUSH BANSAL

• An entrepreneur is an individual who creates a new business, bearing most of

• Business management skills

-by Aarush bansal

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