What does it take to be successful in starting your own small business? Here is my list of top skills entrepreneurs need to succeed.
Entrepreneurs know that there will be highs and there will be lows. That’s just a fact of startup life. When the lows hit, which they will, you have to be resilient and bounce back. Our natural reaction to things that cause pain and disappointment is to avoid them but entrepreneurs have to be able to get back in even though the outcome might be painful.
An easy way to think about this is with your market share. Will you be able to control 100% of the market? No, you won’t. How about 50%? Probably not. Let’s say a healthy market share is around 10% for your company. That means 90% of the time your product/service is going to be turned down.
That’s a lot of failure and disappointment.
A resilient entrepreneur knows that and is able to keep moving forward. When something doesn’t go according to plan they accept it and adapt to the situation. It’s easy to crawl into a hole and run away from disappointment but an entrepreneur will keep coming back until they find what works.
Want to know the best way to stay ahead of your competition?
It’s arming yourself with knowledge and using that knowledge as a competitive advantage. The talented entrepreneur is always learning and not always in direct relation to their business. They stay informed on new technologies and competitors in the marketplace. They also work on personal development and learn new ways to be effective leaders.
So keep learning. Pick up a book, register for a course, ask others to bestow their wisdom upon you.
Take time out to stop and smell the roses. Seriously, if you don’t take time to sit down, relax, and look back on what has and has not happened you’re going to burn out. Look back on what has worked and what hasn’t worked. Then analyze it and repeat what works and stop wasting resources on what does not work.
Think “Long Term”
It’s very easy to focus on what is right in front of you or chase down the next shiny object. Success might take 5-10 years. So while your working on the short term gains make sure they align with the long-term goals.
Find The Right Team
You can’t do everything yourself and you don’t know everything. You should always be looking for people that compliment your skillset AND your personality. I can’t stress that enough. Just because someone has the skill set you need doesnt mean you will work well together. A dysfunctional team will bring disaster and ruin your business.
You’re always going to be selling. Maybe it’s a product or service. Maybe its the idea and business model. The fact is that every entrepreneur has to be able to sell. An easy way for you to learn this is to simply change the word “sell” to “help”. Help people and businesses with your business. Learn how you bring value to others and you won’t be selling anymore. You will be helping them and that is really what they want.
At the end of the day, it’s up to you. You need to be able to rely on yourself to get the job done. If you’re sitting around “waiting” you won’t be growing. Your competition will be. All that downtime waiting is giving the competition opportunity to pass you up.
Remember, keep moving forward.
Don’t give up.
You will get there but the road isn’t paved and the destination may be unclear.
One day, you will be there.
If you need help, reach out.
I am here for you.