What is one skill that you think is most important for entrepreneurs?
I think it is patience. Building a business takes a lot of patience and hard work. Sometimes, some ideas click instantly, but most of the times, businesses take ages to groom and grow. And in those hard times, patience is the skill entrepreneurs need the most.
What do you say?
This is an interesting question. There's no one right answer, but there are definitely a few skills/traits that many entrepreneurs seem to possess. For me, flexibility or adaptability is a key skill and one that can be developed over time.
I've been fortunate enough to profile several small businesses during my time working at Business.com, and I've found that almost every entrepreneur I've spoken to has had at least one major hiccup during the first few years of starting a business. This is in addition to the constant minor roadblocks along the way. As you mentioned, it takes hard work and patience to build a business. I'd say the ability to adapt to unexpected roadblocks and mistakes ties right in with patience. The best business owners are almost always able to innovate and change when things might not go the way they expected.
Another benefit of adaptability is the ability to switch careers/business ventures. Serial entrepreneurs are great examples of this. I've spoken to several entrepreneurs that have started multiple business ventures, many of these in completely different industries than previous ventures. Understanding basic business principles and adapting or adjusting to market conditions allows these entrepreneurs to find success in multiple industries.
I think a patient entrepreneur with the ability to adapt successfully is an entrepreneur on their way to a successful career.
I'm interested to hear the thoughts of other community members. This is a great question!
Be obsessed about your customers. When you put your customers first and focus on what they value, you come to understand how your products and services can help solve their business problems. This skill set allows you to turn on a dime to navigate through issues while keeping your company on track and growing alongside your customers’ needs. When your customers win, you win. Celebrate their wins.
This is a great question. I've worked with many entrepreneurs over the years and although they are very different people, their determination and sticktoitiveness have been the one constant. If an entrepreneur can learn one thing, it should be perseverance. This obviously would be most important when they are first starting out. But, it also pays dividends throughout an entrepreneurs journey; whether it is trying to get Series funding or when the business is going through a slump. Those that can persevere often are the best leaders in my experience.
To be an entrepreneur not only one skill is required. You need to possess so many qualities including sedulous, understanding of your niche, and good communication skills.
I would agree with your answer to your question - patience. Persistence is also an integral trait. I've been in business since 1981 and would say from my experience that without persistence you won't find success. When you think you've reached a dead-end, you need to find a solution rather than give up.
Distilling an entrepreneur down to one skill seems somewhat impossible as an entrepreneur in the aviation sector would have an entirely different skill set than that of an insurance broker.
I'm taking the liberty of rephrasing the question to what behaviors are most common for successful entrepreneurs.
Skills can be learned whereas behavior is hard-wired into your brain and doesn’t change much over the course of your life. This is important and could be the most important thing to consider when pondering becoming an entrepreneur or selecting any specific job.
Behaviors that are common amongst successful entrepreneurs.
Social & extroverted.
High sense of urgency.
Not overly detailed – more big picture/concept driven.
Subjective decision-making skills – as opposed to “objective.”
Some skills that are required and MUST be learned.
Organizational skills – think “David Allen.”
How to interview, hire and create an environment for winners.
The importance of true culture and a mission that means something.
Clarity and focus – such as a USP, onboarding process and the ability to communicate your vision.
Be brutally honest with yourself and get “clear” on the reality.
With the above said, I've met a few successful entrepreneurs who didn’t have a particular behavior or skill-set. Those people became successful because they found a partner or key hire with that particular skill-set. An example… Before I understood how to hire superstars myself, I figured out the importance of finding the right people, recognized my shortcomings and hired a former partner of an HR firm.
1. You must have the type of the market what you will enter, then doing the analyst for the market.
2. Establish a strategy to enter the market demand.