Wisdom and Strategy

Do You Have The Skill Set To Become A Successful Entrepreneur?

Let’s face it; every person who has a vision, money, or time at hand, wants to become an entrepreneur these days. They read, hear, and see stories about college dropouts, teens, and moms becoming millionaires overnight. The allure of success drives them to launch a startup, but it’s only later that they realize things are not working for them, that they don’t have the skill set to become a successful entrepreneur.

Every entrepreneur is different. Their ideas, companies, business model, etc. are all unique – that’s how it should be. But, certain personality traits are common to all successful business owners. Here are 4 of them; do you see these qualities in you?

Multitasking – search for the octopus in you

In a fast paced business world, there are millions of things to work on, all at the same time. Contrary to what some believe, multitasking is not a trait of a person with focus deficit. Rather, it’s a much needed skill – a necessity in an entrepreneur. Not all can manage the different tasks of a business – managing a team, training them, accounting, marketing, dealing with the customers, and many more.

Can you be like an octopus, skillful and intelligent, with all eight arms working on different tasks at the same time? If you’re already a multitasker, well and good; otherwise, the skill can be developed. Multitasking is all about putting in place a system to prioritize tasks and handling them with focus and efficiency.

What’s your relationship with money?

When entrepreneurs start a new business they envision success and prosperity. But, it takes more than money and vision to guarantee success. Financial prudence or the skill of money management is very important as you deal with the demands of personal and business needs.

Fortunately, you can gain the skills needed to effectively manage money and you don’t have to be an accounting genius to do it. Making wise financial decisions is all about effectively dealing with your emotional and psychological hurdles. Out there you’ll find plenty of information on money management; read and prepare a list of Do’s and Don’ts that’ll guide your financial psyche in the right direction.

Entrepreneur’s dilemma – to risk or not to risk

In business, the road to success is never a smooth ride. It’s filled with ups and downs, uncertainties, and each decision you make has a huge risk of failure associated with it. Can you live with uncertainties? Are you good at taking calculated risks and owning up to the situation when things start going south?

The risk of failure goes together with the quest for success. Don’t forget, as a leader you hold the future of your entire team in your palm. So, learn to distinguish good risk from bad risk, and sharpen your risk calculation skills.

Are you focused, motivated, and committed to your goals?

In the initial stages, staying focused and motivated is usually not a problem for entrepreneurs. But after some time, when the rush subsides and you start facing few setbacks, that’s when disenchantment sets-in. If you have difficulty motivating yourself or staying focused till the goal you’ve set is achieved then entrepreneurship is not for you.

But, like any other skill, this too can be developed. There are different approaches, handed to us by some of the most eminent psychologists and business leaders that can be adopted to help focus, motivate, and commit to our goals.