Do You Have What It Takes To Be An Entrepreneur?

Q: I am interested in starting my own business. I have a business degree and lots of experience in my chosen field, but I don't know if I have the necessary skills to really make it on my own. Any advice? Marie C.

A: You've hit the nail on the head, Marie, because when you're an entrepreneur it's truly up to you to make it on your own. Sure, you may have investors and advisors and employees and friends and family helping you climb the ladder, but in the end you're the one who walks the high wire alone.

There are a variety of skills you'll need to succeed as an entrepreneur and chances are do not possess them all. One of the great things about being an entrepreneur is that if you lack certain skills you can always hire people with those skills to help round out your company skill set.

Here are a few of the skills you'll need starting out and others you can build upon later. Different stages of business require different skills.

People Skills
Every budding entrepreneur should have good people skills. The ability to walk into a room and befriend everyone there is often more important to your business than an investor with deep pockets. The more you can make people like you, the more they will want to do business with you.

Networking Skills
Networking is one of the best ways to build partnerships and find new clients. Networking simply means that you go to functions that attract the people you need to know. A successful entrepreneur is also a successful schmoozer. It's the entrepreneurial equivalent of "kissing babies and shaking hands." Whether it's the weekly Rotary luncheon or a Chamber function, show up with a pocketful of business cards and meet as many people as you can.

Leadership Skills
To be an entrepreneur is to be a leader. Even if you are a company of one, you must have the skills to take charge and to lead. It's much easier to learn leadership skills when you only have yourself to manage. These skills will come in very handy as you add employees and your business grows.

Management Skills
Management skills encompass a wide variety of tasks, including managing the daily operation, growth, employees, customer relations, investor relations, and so on. Poor managers make for poor entrepreneurs.

Employee Relation Skills
Your employees are one of the most important assets your business has and it is important that as the boss, you develop a professional relationship with your employees. It is important that your employees feel appreciated and you show it financially and professionally.

Team Building Skills
As your organization grows you must have the ability to build a team that can take your business to the next level. Your team not only includes employees, but also partners, your accountant, your attorney, and investors. Anyone who has the ability to impact your bottom line and growth should be part of your team.

Marketing and Sales Skills
Until you grow your business to the point that you can justify adding a marketing person, it will be up to you to think up ways to market your business. As I've said before, marketing is one of the most critical areas of business as getting the word out to customers is the first step in generating revenue.

Like marketing, selling is vital to the success of your business. Starting out you will probably be the one making sales calls and closing deals for your business. You must have the ability to sit in front of a prospective client and sell them on your service or product. Many entrepreneurs find this difficult to do as sales is more art than skill. This is also why one of your first hires when able should be a good sales person.

Time Management Skills
Unfortunately, there are only so many hours in the day and for entrepreneurs that means we must manage our time well or inevitably some things won't get done. I find that it helps to plan your day the night before. I know before I ever get to the office what I have to do that day. I know the order I will do things in. Of course, something always comes up to throw a monkey wrench in my plan. When the unexpected happens I try to add it to the next day's schedule. If that's not possible, I deal with it and then try to get back on track. That's not always possible, but having a plan certainly helps.

Do you currently have all these skills? Probably not. Very few people possess them all even after years in business. Does a lack of these skills mean that you shouldn't start your own business? Of course not. Entrepreneurial skills can be learned and improved over time.

Here's to your success!

Tim is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs. http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.dropshipwholesale.net

---

Starting Your Business: 3 Tips for Bootstrapping Your Way to the Top

Bootstrapping a business startup does not necessarily mean that you... Read More

The Magic of Thinking Small

Hey!Many of you might disagree and I'm prepared for that.Many... Read More

Motivation and Commitment

Why do people start small businesses? The most frequently cited... Read More

Secrets of My Favorite Government Auction

I love bargains. And there's no better place to find... Read More

Have You Been Thinking About Owning Your Own Business? Or Becoming An Entrepreneur? Part 1

Almost every day, I talk with people who want to... Read More

Franchises - Success and You

Many people believe owning a franchise will make them rich,... Read More

Double Down on Marketing

If you want to compete in the world of high... Read More

Will Your Business Survive Without You?

I had a health scare in December.As it turns out,... Read More

Entrepreneurial Ongoing Education Advice

I would like to give some advice to all the... Read More

How To Start a New Business

While it is tempting to just leap into a new... Read More

Rambling Confessions of a Recovering Entrepreneur

I told my family that I finally accepted that my... Read More

Can a Microbusiness Help You Enjoy a Better Retirement?

Not having enough money for a comfortable retirement tops the... Read More

The Entrepreneurs Prayer

As I awaken with the gift of yet another day... Read More

Is Running a Business for You?

Not everyone is cut out to run a business. Not... Read More

Entrepreneurs - Your Well Being Should Come Before Profits

I believe the spiritual aspect of life, especially to entrepreneurs,... Read More

10 Essential Tips for Starting Entrepreneurs - Ignore these at your Peril!

1. Do What You LOVE: If you've chosen your business... Read More

Goals and New Venture Creation

More and more corporate workers are leaving their jobs to... Read More

Veteran Entrepreneurs Are Growing In Ranks

When I'm not running my own business, writing articles about... Read More

Does It Really Take Money To Make Money (Online or Offline)? A Reality-Check of 2 Case Studies

The short and simple answer to this question is NO!Now,... Read More

The Power Of Personal Environments

I've got to admit, I'm a big fan of comfort.... Read More

Message to Prospective Franchisees for Franchisors

Many franchise companies fail to send the proper message to... Read More

Franchises - Emotional Fulfillment - Control Your Destiny

Does A Franchise Meet Your Needs?When you think of becoming... Read More

Business Is No Guarantee of Riches

Q: I'm thinking about starting a business since that seems... Read More

How to Become a Successful Entrepreneur on the Web

Becoming a successful entrepreneur in the online world is no... Read More

Something From Nothing, With Something To Share

Betrayal, it can hit you like a load of bricks... Read More

What It Takes To be An Entrepreneur Series: Action

Many people have the professed desire to be their own... Read More

Three Cs - What Startups Need to Get a Business Loan, Part 1

You want to get a good, solid overview of what... Read More

The Deal is in the Details

What Startups Need to Get a Business Loan, Part 2In... Read More

Could a Book About Your Company be Worth $1.7 Billion? Building Value Through Publishing

"Berkshire Hathaway (NYSE: BRK.A) to purchase Clayton Homes for $12.50... Read More

Strategies for Overcoming Obstacles to Discovering Your Gifts

What are the unique gifts that differentiate you from other... Read More

Online Women Entrepreneurs Need To Pace Themselves

Saving time means pacing yourself, being organized, and always prioritizing... Read More

The Fear Factor

I recently conducted a lil' survey asking my colleagues what... Read More

How to Be an Entrepreneur and Keep Your Sanity

Define for yourself what an Entrepreneur is:What makes you think... Read More