In the world of entrepreneurship, it is important that you possess some entrepreneurial skills. Without these, your business might not be able to survive, especially in a highly competitive niche.
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It is a well know fact that when you want to travel to a place you have never been before, its best you get direction from someone who has been there before. In a fast changing ever competitive world like ours, everyone aim to be an entrepreneur; mostly people who have worked for other people want to build something for themselves so they can live life on their terms and the up coming generation all aim to be the top entrepreneurs. Warren Buffet is a world renowned entrepreneur that is know to everyone and he has by far achieved almost everything if not everything any entrepreneur is looking to accomplish. Here are few skills he posses that have helped him get to where he is and we think can also help us all attain that entrepreneurship status we all aim for.
Being an entrepreneur means being on top of things and making sure that everything is running smoothly. But what specific skills do you really need? Whether you are running an online or offline business, it is wise to master all of these skills.
1. Financial Management
Warren has mentioned it in his countless interviews that going into business without any financial management know-how is a dangerous thing to do. So ask yourself do you have a record of where your money goes every month? Is there more money coming in than out? To be a good entrepreneur, you need to be able to answer these questions. Hence, having financial management skills is a must.
Aside from being able to manage money, you need to be capable of raising funds too. If you are planning to expand your business, you may need to approach several investors. This involves preparing a proposal, presenting it and convincing others on why they should invest in your business. One thing that all competent investors look at is how you manage money (or cash flow).
2. Time Management
Every real time entrepreneur knows how to manage his time well. Its an ultimate skill recommended by Warren Buffet, Bill gates and many more entrepreneurs. You need to know the periods of the day or week when you are most productive. You also need to know how to delegate, so try not to do everything by yourself. Learn to take advantage of productivity tools that can help you in the day-to-day operations of your business.
3. Networking
Warren mentioned this as one of his strongest kills till date that has helped him. He is known to give new entrepreneurs this advise of getting all the help they can get. This means seeking the help of like-minded friends or networking with business-minded people. This way, you can stay updated on the latest trends and be aware of the competition. All are possible if networking is part of your entrepreneurial skill set.
Pro tip: Use Twitter’s profile notification feature to get notified whenever someone you are interested in working with tweets.
4. Hiring and Managing People
One of the keys to a successful business is hiring the right people. To do this, you need to be very good at identifying the potential skills and weaknesses of a person. It also involves creating a positive business culture where everyone contributes as part of a team.
People management is another skill that you need to have. This means developing, encouraging, and motivating your staff. Most skills can be thought but you can’t teach someone how to listen, so listening ability should be a requirement.
5. Forecasting
Nothing is permanent in the business world; big changes can take place overnight. This is precisely why you will need to develop the ability to look into the future. This involves spotting new trends and seeing how you can apply them to your business. It also means being aware of the market situation in your area and knowing about the general economy.
6. Stress Management
If you are planning to stay in business for the long haul, then you’ll need to have good stress management skills. Stress cannot be avoided but what matters is how you deal with it. Will you allow stress to frustrate your efforts and dampen your spirit? Or will you face it square on, do what has to be done and keep going?
7. Mindset Conditioning
In business, you will go through ups and downs, and you might even reach a point where you would say that you failed. Don’t forget that failure is a reality that many entrepreneurs before you have experienced. But what’s important is what you do afterward. Will you give up altogether or will you learn from your failure and try again? Attitude is everything! Learn to condition your mind to always have a positive outlook, even when things don’t go your way.
So here you go, some of the major skills that have helped Warren Buffet get to the entrepreneurship status he has attained. This skills can go a long way in helping all of us but i want to make this point and i want you to keep it at the back of your mind. No One can give you the exact key to open your door of success, we are all on a different path and we have different locks, all we can do is give you some of the combination that can help you but not the very key. Finding the key is your quest and when you do find it, you will love every bit of the journey. Wish us all more success ahead. Please drop your comment and share. Thanks
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