If you are thinking of becoming an entrepreneur, there are important skills that you can add to yourself to boost your entrepreneurial success. Hard skills like technical and financial skills can be extremely important to managing a business and also soft skills like communication and leadership skills can also help you to develop as an entrepreneur.
Entrepreneurship is considered as one of the major resources an economist see as integral part of production while the other resources may include land, labor and capital, these are what an entrepreneur combines to manufacture goods or provide services.
First and foremost, let us understand who an entrepreneur is and what entrepreneurship is all about.
Who is an entrepreneur?
An entrepreneur is the business creator or innovator, manages all the business risk involved and enjoys the reward from the business.
In other words an entrepreneur is one who starts a business and he/she is willing to risk loss in order to make profit. He or she creates a firm to achieve their idea which is known as entrepreneurship, which involves capital, labor in order to produce goods or services for profit.
Entrepreneurship can be defined as the ability and readiness to develop, organize and manage (run) a business enterprise along with any of its uncertainties in-order to make profit.
Entrepreneurs plays an important role in any country’s economy, with their skills and dreams they anticipate what might be needed and bring good new ideas or innovations to the market.
Entrepreneurs are faced with different kinds of challenges when setting up their companies and they are as follows:
- Finance management
- Time management
- Hiring of employees/labor
- Product selection
- Task delegation
For one to be a successful the above mentioned challenges must be faced with great strategic solution, if not might cause losses in business or business failure.
Unlike data and personal traits, this skills can be learned and practiced. Below are different entrepreneurial skills one could learn and practice through studying and practicing them. These skills covers a large range of both soft and hard skills
- Business management
- Teamwork and leadership
- Communication and listening
- Basic financial
- Analytical and problem solving
- Critical thinking and planning
- Time management and organizational
- Branding marketing and networking
Types of entrepreneurial businesses include, networking business (blogging, online marketing etc), fashion designing, agro-farming, hair dressing, importation, buying and selling of different kinds of goods and offering of services for profit purposes.
The above can be classified into four types of entrepreneurship which are:
Small Business: this can be said to be company, restaurant or retail store that’s started by the owner without considering about expansion into franchise.
Scalable Startup: This kind of business are less common than small business but has lots of publicity from the media. It is started on a small scale and then nurtured till it attracts the involvement of outside investors till it becomes something much larger.
Large Company: Entrepreneurs sometimes work inside the factors of a larger already existing companies through careful research to find out if there product is actually on high demand.
Social Entrepreneurship: The difference about social entrepreneurs is the mission which is focused on solving community problems. It has been stated as the business people consider the effect their establishment has on the world beyond profit and losses.
Leave a Reply