When it comes to entrepreneurship and learning, this is a forever game. In order to grow and level up, you must be able to adapt and execute in new ways. Once you stop learning, you start losing. Today I wanted to dive in and uncover the basic skills every entrepreneur must have in order to build real wealth and sustain long-term success. As an entrepreneur, you are increasingly exposed to more and more risk, to mitigate those risks you must have a solid foundation to build upon and leverage for not just your personal growth but also the growth of your business.
Don’t worry if you have not mastered each one of these skills. You can learn!
Skill #1: The Ability to Learn
I figured we’d go ahead and dive into this one first as it is the MOST important. Without this skill, your road to wealth will be very, very bumpy. The ability to learn is an important skill in life, not just entrepreneurship. The ups and downs of entrepreneurship are inevitable. The ability and desire to learn and learn effectively will help you climb out of seemingly incomprehensible scenarios.
Failure is the biggest teacher, you should be able to embrace it, weather the storm, learn, and come out on top. Whenever you are facing difficulty in growing your business, whether it is a traditional company or real estate, you can rest assured that the problem is not your lack of ability but your lack of specific and relative skills related to the problem at hand.
Take a step back and ask yourself “What do I need to know to overcome this problem?” answer that question and get to work either learning it or finding someone who is knowledgeable to help you uncover a solution.
It’s ok to not know something. It is not okay to pretend you know it all when you don’t. Learn.
Skill #2: The Ability to Communicate
Communication is the second most important skill you must possess to be an effective entrepreneur. When just starting out, you will need to know how to communicate with suppliers, customers, peers, mentors, and potential customers. When your business grows you will need to know how to communicate with investors, stakeholders, employees, and various individuals that contribute to the success of your growing enterprise.
Entrepreneurship is synonymous with leadership. You can lead if you can’t communicate. You will also need to know how to communicate in a variety of ways the inspires confidence in what you are building. If you are talking with an investor you have to be able to express what you do and what your vision is flawlessly and clearly.
Basic communication is just the tip of the iceberg, I also recommend every entrepreneur learns about the power of persuasion. You will one day be leading a team and you need to know how to make your vision feel like theirs.
Not everyone communicates the same way. How you talk to your employees will be different from how you talk with your partners and investors. You should aim to become proficient in all types of communication and keep expanding upon this knowledge as you grow.
Skill #3: The Ability to Focus
Being able to focus is important to achieving anything in life, it is especially important for entrepreneurs. Entrepreneurship is like walking down the middle of the street and having to dodge moving cars at various speeds. There will be challenges and unexpected problems that arise and you need to know how to focus on the task at hand to move to the next one. If you don’t you will feel overwhelmed all the time.
You should also be able to focus on the bigger picture while remaining cognizant of the immediate task/ objective that needs to be accomplished in order to bring it all together.
Building a business is a lot like putting together a 500 piece puzzle. You have to know what it’s supposed to look like (Vision) and you also need to know what piece to place next to help you create the entire picture ( Execution).
Always remain focused on the end goal and execute your next step one piece at a time. Trying to do everything at once will cause massive headaches. Trust me!
Skill #4: The Ability to Sell
Without this skill, your time as an entrepreneur will be short-lived. You must be able to sell yourself, your vision, and your product to your customers. To master sales you must also know how to communicate (Skill #2). In entrepreneurship, there WILL be a lot of selling!
Who will you be selling to?
You will need to sell your idea to investors.
You will need to sell your vision to your employees.
You will need to sell your strategy to other business partners.
You will need to be able to sell your product/service to your potential customers.
Without sales, there is no business. Literally.
There are a variety of books available that will help you become a better salesman. Sales are so important to your success we make sure it is a hot topic covered every year at “The Wealth Connect Event”.
There are many different types of sales methodologies. I would suggest making sales training something you do on the regular to keep you sharp and well adjusted to the different sales mediums. (Phone, Personal, Business to Business, Email, Social, Etc)
If you don’t sell, who will?
Skill #5: The Ability to Strategize
Your success as an entrepreneur will rely heavily on your ability to see your vision and create a plan on getting there. The ability to strategize will tie together all of the skills listed above. You will need to be able to learn, communicate effectively, focus, and sell yourself and your business.
Learning to strategize is something you can’t really learn from a book, however, you can get a general idea and learn from watching other entrepreneurs build and execute their business. Learning how to strategize ultimately comes down to taking action and learning from your failures. You will be able to see how different things come together and how to put the correct pieces in the right places to achieve massive success.
As you build your first business, you will add on to these skills which can then be scaled to build a larger business. When structuring and growing a business it is also important to focus on ethic and moral growth based on basic business sense. When it comes to strategy, what got you one place, will not necessarily get you to the next. You will forever be learning and trying out new strategies.
These are just a few of the basic skills every entrepreneur must have in order to be successful. Take an inventory of your strengths, weakness, and skills and start learning. You should always aim to be better than you were yesterday. Keep reading, keep attending seminars, and keep learning.
Your goals are always closer than you think!