Starting a business isn’t easy. Having certain personal skills will help to ensure that your business is a success. Below are 7 of the skills every entrepreneur needs and how you can develop these skills. 

Budgeting

Keeping track of your income and expenses is very important when running a business – if you’re not making enough money to cover your expenses, you’ll run into financial trouble. Good entrepreneurs know exactly how to budget ahead in order to minimize unwanted debts. This includes knowing exactly how much to pour into your business upfront and how much to spend month to month in order to make a healthy profit. Seeking out financial advice and taking business finance courses could help you to develop budgeting skills

Time management

On top of managing your money, you need to know how to manage your time when running a business. There are many different duties to juggle – a good entrepreneur plans out every day and every week in order to dedicate as much time to each task as is needed. Time management is a skill that you can develop by getting into the habit of planning out each day.

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Problem solving

Not everything goes to plan in business. Good entrepreneurs are not put off by this, nor do they dwell on mistakes – they focus on solutions, not problems. This is what helps businesses to overcome disasters. On top of this, entrepreneurs should be able to plan ahead and solve future problems. Problem solving involves taking the time to explore all your options so that you can find the solution with the most benefits and the least drawbacks. Don’t feel that you have to solve every problem alone – a good entrepreneur also knows when to ask others for advice. 

Negotiating

It’s very easy to be taken advantage of in business if you don’t know how to negotiate. Entrepreneurs must be able to haggle deals and diffuse conflict. If you don’t have much experience with negotiating, consider reading up on negotiation strategies. You may even be able to take a course or a workshop to develop your skills. 

Marketing

If you don’t market yourself and your business, you won’t build trust or attract customers. Entrepreneurs need to have some level of marketing know-how to succeed. While you can hire a marketing company to do a lot of your marketing, a basic grasp of things like social media marketing and SEO will help you choose the right services. 

Communication skills

Communicating information well to people can help to build trust, inspire people and prevent mistakes. Consider how good you are at communicating with others. It’s possible to build communication skills simply by being social. Of course, when it comes to professional communication skills, you may want to get experience in your industry first or look into courses to help you communicate better. 

Tech-savviness

A successful business needs to constantly be embracing the latest tech. This requires a certain level of tech-savviness and a willingness to learn about new tech technologies so that you’re able to keep up with competitors. If you don’t consider yourself to be very proficient with technology, consider taking a couple of courses or workshops. You can learn about everything from cybersecurity to using CRMs by doing research and learning from others.

By Erica Buteau

Change Agent. Daydream Believer. Maker. Creative. Likes love, peace and Jeeping. Dislikes winter, paper cuts and war. She/Her/Hers.

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