So much has been said about what you need to become a successful entrepreneur. However, these change with each person and often on a subjective basis. As an entrepreneur, you wear many hats, and it’s important to have skills that help you become an all-rounded businessperson.
Jared Sanborn, an entrepreneur, who is the founder and Chairman of EyefuelPR.com, a digital marketing agency, and the founder and CEO of Pure Technology Inc., a big data and AI-based consumer electronics venture, has been in business long enough to pick up the fundamental skills that every entrepreneur should possess. They are:
- Financial Literacy
This skill might seem obvious, but not many people know how to manage their money. Budgeting is critical. You should always maintain a balance between your income and outflow otherwise your upkeep will be your downfall. Financial literacy, in this case, means that you should know about every cent you spend, track spending cycles, and work towards turning profit in your business.
- Tech Skills
We are living in a digital era where things like blockchain, crypto, AI, big data, machine learning, 5G and many more facets are changing how we live. Given this trend, Sanborn recommends that every entrepreneur have baseline tech skills—beyond sending and receiving emails. Specifically, project management tools, navigating digital workspaces, and social media are crucial to business success today.
- Marketing Knowledge
Having a product and not knowing how to sell it can sink your business. So, you need to find the right marketing approach for your product or service. Digital and traditional marketing strategies are helping organizations grow, even though traditional methods are slowly fading. Ultimately, you should know how to sell effectively, Sanborn says.
- Management Skills
To grow your business, you need to hire a reliable team. The people you invite into your business at the very beginning and in every stage of your business determine your chances for success.
Right off the bat, you will need communication skills as you start your business and throughout its lifespan. The very first step in this is to learn how to listen. When you’re networking, you need to be engaged in the conversations and hear what they say before you can respond.
An entrepreneur is a leader, and they need a lot more skills than the five listed by Sanborn. However, he stresses the importance of taking baby steps to allow time to learn.
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