Five Essential Skills Required for an Entrepreneur

Written by Marc on March 1st, 2007

In order to succeed in any business, whether online or offline, and entrepreneur needs a core set of skills. Most people will excel in some of these five areas, whereas there will be some struggle in other skill areas. It is important to develop all these skill areas if you would like to see success in business. If you are weak in any of these skill areas, you should make a point of improving the skill through training, books, courses, etc. The list of the five essential skills for an entrepreneur are as follows:

1. Basic money-management skills

Even though you do not necessarily require a lot of money to start a business, you need to know how to get the most of every dollar you have. You need to focus on the bottom line and pay attention to the numbers. This is an important factor regarding pricing, cash flow management and collection of payments for work you do. You should make a point of having at the minimum, some sort of bookkeeping system, whether it be on paper or on a computer to stay on top of your business operations. As your business grows consider hiring an accountant or a bookkeeper to help you stay on top of things.

2. Marketing

What is a business without sales or promotion? Nothing. No matter how much profit per unit you make or what you charge per hour, if no one knows what your business is or what it offers, you will not make money. You must be able to make your business visible and known to as many people in your target market as possible with the most reasonable cost – this is the basics of marketing.

3. Motivation

To make your business succeed, you have be motivated and goal oriented. You must start work at the beginning of the day, stick to business, and close shop at the end of the day. If you don’t, don’t expect success from your business.

4. Time management

An entrepreneur works in many roles unlike an employee. You’ll have to get the business, do the business, and run the business. Time management is critical. You need to be able to prioritize your time to ensure that the important work is done in a timely manner.

5. Office organization

Sometimes you will have to play the role as office administrator. You will need to ensure that your office is properly equipped and that your supplies are easy to find. Some computer knowledge is also beneficial as correspondence, invoices, and price quotes are often done on computers.

By no means is this a complete list, but rather a set of basics. It is merely a guideline of skills that are essential to succeed in business.

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