The 3 Essential Skills you need as a Young Entrepreneur

Entrepreneurship can be turbulent, and it is definitely not everyone’s cup of tea. Entrepreneurs don’t just need to turn their ideas into actionable reality but must manage the many risks of running the business. They must monitor the daily operations of the venture while inspiring their employees to stay aligned with their vision. Further, they need to keep adapting to the fast-evolving market realities to remain successful.

Given all these challenges, what makes some entrepreneurs more successful than others? Their unique skills. Entrepreneurs who possess specific skills are better equipped to handle all the curveballs that are thrown at them, emerging successful. Are you a student entrepreneur who wants to know how to drive business success? Find out what these skills are in this article.

Most online entrepreneurial guides and business experts would tell you that business management and basic finance skills are most important. We don’t deny their criticality either.

There is a lot at stake when you start and/or run a business venture. Resources, especially time and money, are limited. You need to work with those constraints in running your venture. The challenges are particularly more pronounced for student entrepreneurs. And without financial literacy and business management skills, the risk of failure is much higher. Yes, you can always hire experts for these functions, but you need to have a grip of these concepts too.

Financial literacy includes having a basic understanding of finances (reading financial statements, evaluating financial performance, assessing ROI, etc.) and budgeting. On the business management front, you should have working knowledge of business strategy, sales and marketing.

However, business management skills and financial literacy alone don’t make a successful entrepreneur. You need the following essential skills too.

Critical Thinking and Creative Problem-Solving

Entrepreneurs are faced with umpteen challenges and risks almost on a daily basis. You must have critical thinking and creative problem-solving skills to succeed as an entrepreneur.

As an entrepreneur, you must be able to analyze and decompose problems to their core. You must be able to find the tiny details that people often overlook. The tiniest details often hold big opportunities. You must be able to convert these opportunities into efficient, relevant solutions for customers. For this, you need both critical thinking and creativity. Creativity helps you to find novel, unique solutions and approaches to existing problems.

Critical problem solving is more than just finding solutions. You must make effective decisions after carefully analyzing current data, exploring possible approaches and strategies, evaluating budgetary constraints and considering long-term impact. You must be able to predict risks and come up with proactive risk management strategies to address those risks.

Communication Skills

The next critical skill you need is effective communication. As an entrepreneur, you would be required to communicate with different stakeholders – employees, investors, partners, vendors, customers, prospects and peers, among others. Your ability to communicate in a crisp, concise, confident and effective manner makes or breaks your business. This is regardless of the size and scale of your company.Effective communication has 4 critical sub-skills that you must master.

• Business communication: You must be able to confidently speak in business meetings, networking events and so on.
• Negotiation skills: You must be able to negotiate effectively with stakeholders to create win-win situations for all.
• Networking: You must be able to build and nurture professional networks with the right people. This is crucial for the growth of your business.
• Writing skills: You don’t have to be a great writer, but you must be able to convey your thoughts clearly to stakeholders.

Leadership Skills

Strong leadership skills are key for the smooth functioning of your venture. In the face of challenges, great leaders drive businesses forward. They guide and motivate their teams, helping them stay aligned with common goals. They inspire confidence and trust in their teams and partners. They are growth-minded people who learn, accept constructive criticism and continuously find ways for improvement.

Unlike demographic or personality traits, the above entrepreneurial skills can be learned and practiced. Whether you are running a venture of your own, managing a family business or aspiring to build the next big enterprise.