The number of entrepreneurs is growing continuously every year, but only a select few become successful while many others fail. In order to become a successful entrepreneur, one should possess some essential entrepreneurial skills in order to make efficient and effective business strategies. It is important for entrepreneurs to develop these skills through personal experience and practice, prior to starting their own business.

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what are the five entrepreneurial skills ?

There are five essential entrepreneurial skills that an entrepreneur requires to be successful:

  • planning skills
  • financial skills
  • marketing skills
  • communication skills
  • management skills.

Each skill has a huge impact on growth in a new business and can affect it positively or negatively. Before an entrepreneur starts his or her own business, they should self-evaluate which entrepreneurial skills are strong and which are weak. Any skills that are weak will need to be focused on and developed.

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why each entrepreneurial skill is important ?

  1. Planning Skill – Planning is the most important and first step entrepreneur takes. Based on detailed research including feasibility of the business, local competition, marketing of the product, and demographic changes, an entrepreneur should make good plan and backup plan which is ready to be applied if unexpected changes and problems occur.
  2. Financial Skill –Every business has limited capital, so distribution of capital and money has significant impact on running a business.  Knowledge of estimating, invoicing, book keeping, negotiating credit terms and controlling cash flow are required for better money management. If a business owner doesn’t know the amount of expenses and revenues in his or her business, the business could be in deficit which could result in cash flow problems such as irregular payment or non-payment to a bank or supplier; breaking the trust between the business and these entities, and leading the business towards bankruptcy.
  3. Marketing Skill – Business can’t be maintained without customers, so catching the customers’ interest is significant in order to sell more products or services. Sales, promotions, pricing and public relations are significant part of marketing. Good marketing plans should consider competitive prices, the customer’s preference, and the outstanding features of products or services. Marketing is a method to introduce and deliver the product or service to the customer; therefore an eye-catching marketing strategy is needed in order to increase recognition. 
  4. Communication Skill – Communication is a significant tool to connect with investors, employees, and suppliers. Speaking, writing, and listening are all essential parts of communication. A powerful communicator can persuade investors to invest a large amount of money in the business and can motivate the employees to think out better ideas. Communication is not just conversation; it builds bonds and trust between entrepreneur and investors, suppliers, or employees.
  5. Management Skill – When entrepreneurs first start their businesses, they usually can’t spend much on employment. However, to run a business all files, papers, invoices, and mail should be well organized. Entrepreneurs need to file receipts to pay taxes on time as well as to be aware of invoices, and when to collect payments and receivables. If an entrepreneur can afford to hire some employees, then he or she should have some skills in recruitment, team building, and knowledge of employment law and health and safety requirements. If entrepreneur can’t manage his own business then he is not business owner, he is just employee.
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Five ways to develop entrepreneurial skills

There are 5 helpful ways to develop entrepreneur skills.

  1. Read business magazines – Business magazines update you with new information about market changes, trends, and information about economy. Knowing the changes in the economy and market are essential to prepare for alternatives for unexpected negative circumstances. Technological magazines related to your business are helpful to know which technology is appropriate for your business. Reading business magazines can also be helpful developing planning skills; as you gain more knowledge you can think out better plan with alternatives.
  2. Read autobiographies and biographies of successful entrepreneurs – Successful entrepreneurs would have similar lifestyle but different strategies for growing a business successfully. From their autobiographies, you could understand the possible challenges, strategies for facing them and the sacrifices that sometimes need to be made for your business.
  3.  Attend seminars – Attending seminars is good way to develop entrepreneurial skills. Seminars are offered on a number of different topics and attending a seminar about a topic that you recognized as a skill weakness can help change that weakness to strength.
  4. Network with other entrepreneurs – Networking with other entrepreneurs helps you share ideas and strategies, and uncover new business opportunities. This is the perfect opportunity to compare your entrepreneurial skill with other like-minded individuals and exchange ideas for an upcoming business issue.
  5. Find a mentor – Finding a mentor is important because they can offer you advice to avoid common mistakes among startups. Mentors can also point out any strengths or weaknesses that you are uncertain about.
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HyunJo Hwang is currently attending Capilanou University. And she is erolled Bachelor of Business Administration.

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