Many people looking to become an entrepreneur ask themselves whether they're cut out for it. The truth is, anyone can become an entrepreneur. However, not everyone who starts on this journey will turn out successful.
While there are many qualities and characteristics needed to become an entrepreneur, two traits stand out above the rest — their mindset and knowing how to sell. The most successful entrepreneurs have a mindset where they are constantly looking for ways to grow, are open to new ideas and not afraid to fail.
What makes an entrepreneur?
An entrepreneur is someone who has identified an opportunity to meet a demand for a specific gap in the market. In many cases, the specific gap is a problem that plagues the public. The entrepreneur then creates a business that provides a product or service that remedies the problem the consumer is experiencing and fills the gap.
While there are many types, an entrepreneur is an individual that starts a business venture — accepting all the risk that comes with it — to meet the need of market demand. The thing that separates an entrepreneur from a business owner is the uniqueness of the idea.
For example, selling a product or service that is already available does not necessarily mean it is entrepreneurship. An entrepreneur creates a new or unique product/service based on consumer needs.
The entrepreneurial mindset
While the mindset of an entrepreneur is critical to their success, it is something that can be learned. There are many great books out there that teach you how to think like an entrepreneur and how to become one - The Entrepreneur Mind by Kevin Johnson and Zero To One by Peter Thiel are both great books that explain how an entrepreneur should think.
Successful entrepreneurs see the world in a different way. They are constantly looking for ways to grow and learn new skills. They do not fear failure - instead, they embrace it for the learning opportunity it truly is.
What sets them apart is the way they look at and tackle problems. To become a successful entrepreneur, you will need to manifest the same mindset and values in every endeavour you undertake. In addition to books, another great way to understand what an entrepreneur goes through is by listening to the advice they give.
There are many great podcasts or other online resources available that talk about entrepreneurship or how to obtain their mindset. An entrepreneur is always looking to expand their knowledge and obtain the skills they require for their endeavours. Looking for ways you can increase your knowledge should be a top priority.
The art of selling
While some people are instinctively good at selling, it is still a skill that requires constant practice. As any entrepreneur or business owner will tell you, if you don't know how to effectively sell your idea to investors or customers, you will have a hard time keeping your doors open.
To effectively sell anything is more than just trying to convince a consumer of all the great features your product offers and involves the entrepreneur developing the ability to think like their customers.
The skillset of an entrepreneur
Successful entrepreneurs make use of the many skills they have perfected over the years. People looking to embark on their entrepreneurial journey might even discover they already possess some of these characteristics.
Entrepreneurs develop the required skillset - made up of various soft and hard skills - needed for the business they start. There is no set list of what skills you need to become an entrepreneur. People pursuing this journey will likely need to obtain new skills for the tasks they will have to undertake.
Five hard skills an entrepreneur needs
While these skills are not always required, they can make the life of an entrepreneur a lot easier. Here are five hard skills an entrepreneur should have.
1. Digital Marketing
In today's technological world, digital marketing is crucial for business success. This allows the entrepreneur to effectively market their product/service or business online - directly to the customers that are more likely to convert. One of the best skills in digital marketing that any entrepreneur should know is search engine optimisation (SEO).
2. Branding
An entrepreneur needs to build a brand consumers recognise and trust. Branding is extremely important and is a way for the business to communicate its values and separate itself from competitors. The identity of a great brand inspires trust and confidence in its customers.
3. Designing
While any design skills can be useful, user experience design (UX) could be a vital tool in any entrepreneur's skill set. Understanding UX design means the entrepreneur can create a product/service/website that captures the essence of the customer while also providing a great experience and is easy to use.
4. Accounting
As an entrepreneur, you will need to know how to work with money and how to make your money work for you. Having great accounting abilities means you can make smart financial decisions that take your business to new heights.
5. Strategising
Coming up with effective strategies is a crucial part of being an entrepreneur. You will need to possess the ability to come up with ideas and strategies that help your business become successful. Setting the required strategies in place will allow you to adequately manage your business.
Five soft skills an entrepreneur needs
In addition to their mindset and the ability to sell, here are five soft skills most entrepreneurs share.
1. Time management
Efficiently managing time is an important skill that any entrepreneur needs to master. Running a business means that there will be many things calling for your time and attention each day. This skill will allow entrepreneurs to plan their day and give their time to the tasks that need it most.
2. Leadership
If you have employees that work for you, you will need to know how to effectively lead them. A great leader does not tell others what to do but shows them how to do it. They bring the best out in their employees - providing them with support and motivation - and find roles best suited to their skill set.
3. Problem-solving
The ability to think on your feet and solve problems is an important skill every entrepreneur needs. In a business environment, challenges are sure to arise. Being able to carefully examine the situation and coming up with unique ideas to remedy the problem is a skill that will be frequently called upon.
4. Critical thinking
This skill goes hand in hand with problem-solving. Being able to look at a situation from all angles and staying objective is a crucial part of being an entrepreneur. As with any skill on this list, mastering it will require constant practice and an open mind.
5. Communication
As mentioned before, selling is an incredibly vital skill an entrepreneur should learn. While there are many parts to the art of selling, clear and effective communication is crucial. An entrepreneur needs to possess the ability to clearly communicate with employees and customers.
The entrepreneurial journey
Anyone, if they are determined enough, can become an entrepreneur. While there are many skills a successful entrepreneur utilises, they can all be learned. Remember, treat failures as learning opportunities and develop your mindset where any shortcomings are a chance to grow.
Copyright 2023. Featured post made possible by Eleanor Hecks, founder and managing editor of Designerly Magazine. She's also a web design consultant with a focus on customer experience and user interface.