Unit-1 Entrepreneural Competence

Entrepreneural Concept- Entrepreneurship as a career- Entrepreneural Personality- Characteristics of

successful, Entrepreneur – Knowledge and skills of Enterpreneur.

Entrepreneural Concept:
Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along
with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship
is the starting of new businesses.

Meaning of Entrepreneur
The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed
in a startup venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the
starting of a new business venture. The entrepreneurs are often known as a source of new ideas or
innovators, and bring new ideas in the market by replacing old with a new invention.
It can be classified into small or home business to multinational companies. In economics, the profits that an
entrepreneur makes is with a combination of land, natural resources, labour and capital.
In a nutshell, anyone who has the will and determination to start a new company and deals with all the risks
that go with it can become an Entrepreneur.

Types of Entrepreneurship
It is classified into the following 4 types:
Small Business Entrepreneurship-
These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber, electrician,
etc. These people run or own their own business and hire family members or local employee. For them, the
profit would be able to feed their family and not making 100 million business or taking over an industry.
They fund their business by taking small business loans or loans from friends and family.
Scalable Startup Entrepreneurship-
This start-up entrepreneur starts a business knowing that their vision can change the world. They attract
investors who think and encourage people who think out of the box. The research focuses on a scalable
business and experimental models, so, they hire the best and the brightest employees. They require more
venture capital to fuel and back their project or business.
Large Company Entrepreneurship-
These huge companies have defined life-cycle. Most of these companies grow and sustain by offering new
and innovative products that revolve around their main products. The change in technology, customer
preferences, new competition, etc., build pressure for large companies to create an innovative product and
sell it to the new set of customers in the new market. To cope with the rapid technological changes, the
existing organisations either buy innovation enterprises or attempt to construct the product internally.
Social Entrepreneurship-
This type of entrepreneurship focuses on producing product and services that resolve social needs and
problems. Their only motto and goal is to work for society and not make any profits.

Characteristics of Entrepreneurship:
Not all entrepreneurs are successful; there are definite characteristics that make entrepreneurship successful.
A few of them are mentioned below:
  Ability to take a risk- Starting any new venture involves a considerable amount of failure risk.
Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks, which is an
essential part of being an entrepreneur.
 Innovation- It should be highly innovative to generate new ideas, start a company and earn profits
out of it. Change can be the launching of a new product that is new to the market or a process that
does the same thing but in a more efficient and economical way.
 Visionary and Leadership quality- To be successful, the entrepreneur should have a clear vision of
his new venture. However, to turn the idea into reality, a lot of resources and employees are required.
Here, leadership quality is paramount because leaders impart and guide their employees towards the
right path of success.
 Open-Minded- In a business, every circumstance can be an opportunity and used for the benefit of a
company. For example, Paytm recognised the gravity of demonetization and acknowledged the need
for online transactions would be more, so it utilised the situation and expanded massively during this
time.
 Flexible- An entrepreneur should be flexible and open to change according to the situation. To be on
the top, a businessperson should be equipped to embrace change in a product and service, as and
when needed.
 Know your Product-A company owner should know the product offerings and also be aware of the
latest trend in the market. It is essential to know if the available product or service meets the demands
of the current market, or whether it is time to tweak it a little. Being able to be accountable and then
alter as needed is a vital part of entrepreneurship.

Importance of Entrepreneurship:

 Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job,

required for gaining experience and training for unskilled workers.
 Innovation- It is the hub of innovation that provides new product ventures, market, technology and
quality of goods, etc., and increase the standard of living of people.
 Impact on Society and Community Development- A society becomes greater if the employment
base is large and diversified. It brings about changes in society and promotes facilities like higher
expenditure on education, better sanitation, fewer slums, a higher level of homeownership.
Therefore, entrepreneurship assists the organisation towards a more stable and high quality of
community life.
 Increase Standard of Living- Entrepreneurship helps to improve the standard of living of a person
by increasing the income. The standard of living means, increase in the consumption of various
goods and services by a household for a particular period.
 Supports research and development- New products and services need to be researched and tested
before launching in the market. Therefore, an entrepreneur also dispenses finance for research and
development with research institutions and universities. This promotes research, general
construction, and development in the economy.

Key concepts of entrepreneurship

The 4 key concepts of entrepreneurship are as follows:

1. Innovation
2. Risk taking
3. Vision
4. Organisation

Entrepreneurship as a career:
Entrepreneurs work to develop ideas, create and refine products and services, and grow companies and
industries. They sometimes, but not always, work for a family-owned business or for themselves, but many
work within traditional companies and organizations.

The demand for new entrepreneurs is essential for the country’s economic growth. Small and
medium-sized enterprises (SMEs), firms with less than 500 employees, comprise the great majority
of private sector jobs in Northwest Minnesota. Entrepreneurship majors not only intelligently and
astutely prepare to launch and grow their own business, but also equip themselves with highly
transferable skills important to any organizational context. They also often have a special creativity
and persistence that help them keep moving ideas forward.

Entrepreneurship will be particularly well-suited to employment in local, regional, and state

economic development agencies. This is because they will have become well-acquainted with
programs available to assist entrepreneurs and small businesses at various stages of development, and
how to properly utilize them.

Entrepreneurial skills are valued in every industry, so opportunities are nearly endless.

Prospective jobs for Entrepreneurship graduates include:

 Small Business Owners and Franchise Managers

 New Venture Developers

 E-Commerce Entrepreneurs

 Sales Managers, Marketing Managers and Sales Representatives

 "Work at Home" Business Owners or “One-Person Firms”

 Business Consultants

 Commercial Bankers

 Business Reporters and Recruiters

 Fundraisers and Development Officers

 Positions in Research and Development

Skills for Entrepreneurship Career

It takes guts to enter the business world. A strong stomach is definitely required because managing a startup
is no joke. Therefore, we must equip ourselves with important and relevant skills that’ll allow us to seize
career opportunities in entrepreneurship.
The following are the essential competencies for aspiring entrepreneurs to take note of:

Sales

In an entrepreneurial context, it’s imperative to have the ability to make a sale or drive sales. As business
owners, we have to be able to sell anything to our prospective customers—even the business idea to
potential investors.

Business Management

Business management is yet another crucial skill. Making decisions about the well-being and profitability of
the company while juggling multiple tasks and assigning duties to staff members can be made easier as a
result of effective managerial skills.

Financial Intelligence

If you really want to pursue career opportunities in entrepreneurship, having financial intelligence will be
advantageous. Being proficient in financial concepts such as planning, budgeting, and financial statement
analysis will undoubtedly increase your company’s success.

Communication

Developing strong communication skills will aid you in working with your staff and investors, whether
written or spoken. Additionally, it’ll assist you in explaining what makes your business unique to potential
clients, investors, stakeholders, and customers.

Networking

As you need to connect with others to market and develop your brand, networking is another important skill.
Honing your networking abilities can help you locate talented workers, suppliers, and business associates.

Time Management

Benjamin Franklin once said, “Time is money.” Hence, time management skills are absolutely essential for
entrepreneurs who want to start a business, plan it, carry it out, partner with others, and grow it all at once.

Leadership

Finally yet importantly, on our list of skills for career opportunities in entrepreneurship is leadership. Keep
in mind that being an entrepreneur entails playing a leadership role, one that you must excel at if you want to
pave the way for the success of your business team.


Career Opportunities in Entrepreneurship

1. Business Manager

Annual salary range: ₱450,000 to ₱780,000

If you want to work in business management, you’ll be in charge of managing the legal, financial,
production, human resources, and administrative aspects of running a company.

2. Chief Executive Officer

Annual salary range: ₱148,000 to ₱2,367,182

If you want to run your own business and provide strategic planning, management, and oversight, then
becoming a CEO is for you.

3. Financial Manager

Annual salary range: ₱465,000 to ₱768,000

Financial managers are responsible for managing the company’s finances, analyzing financial data,
organizing corporate investment activities, and advising senior management on financial matters.

4. Public Relations Manager

Annual salary range: ₱480,000 to ₱780,000

By fostering connections with the media, creating advertising campaigns, and raising funds for particular
projects, public relations managers oversee the public image of their company.

5. Sales

Annual salary range: ₱307,386 to ₱644,400

As you cultivate your sales skills, assuming a sales manager or sales representative role will work out well
for you if you want to do market research, customer relations, delegation, and boost profit.

6. Managing Director

Annual salary range: ₱442,500 to ₱825,000

If you imagine yourself supervising a firm’s operations, mediating with investors, promoting strategic
corporate growth, and being responsible for overall business success, then managing director is the job for
you.

7. Business Consultant

Annual salary range: ₱360,000 to ₱780,000

You might want to consider working as a business consultant if you prefer to identify problems, offer
remedies, or guide the execution of new initiatives while also analyzing organizational procedures or various
business issues.

Entrepreneual Personality:

An entrepreneurial personality sees opportunities and exploits them by creating value for themselves
and others, sustainably.
The definition of an entrepreneurial attitude consists of three parts.

Seeing opportunities

The first part is seeing opportunities. Everyone sees opportunities. For example, you walk past an empty
building, and you fantasize about what you could start there. However, you can also observe an opportunity
within an entrepreneurial venture or public organization. For example, a CEO or receptionist envisions
another approach that saves the company a lot of money. However, if you don’t take action, it’s nothing
more than dreaming and fantasizing.
Seizing opportunities

The second part follows the first part, which is really starting to do something with the opportunity. Or at
least investigate whether it makes sense to implement the perceived probability. Is it financially feasible?
Are you the right person to take that opportunity? Do you have the entrepreneurial personality and personal
qualities to realize the opportunity?
Creating value

The third and last part is the creation of value. Even if you exploit the opportunity, meaning the approach
that you have devised for the organization where you work actually saves money, the question remains if it
is sufficient. Can you make enough money with the business you started in the vacant building? And value is
of course, much more than just money.

Value can also mean freedom, to be able to do what you really like and what makes your customers
happy. Or social entrepreneurship, where you help solve societies’ problems with a new business. You
generate not only value for yourself (income, freedom, proactivity) but also value for others (making
customers happy and working towards a better world).The 4 types of entrepreneurs

Entrepreneurs come in many forms, whether they yearn for independence or to disrupt the status quo.
Here are some common types of self-starters you might run into:

1. The inventor

This person wants to create the next big thing. They can imagine products or business ideas that don’t
exist yet — and work to bring them into reality. Think Steve Jobs or Bill Gates. These two people
understood what computers could do and helped invent the ubiquitous products of today.

2. The small business owner

Small business entrepreneurs employ less than 500 workers. These people operate everything from
small consultancies to popular local restaurants. They understand the value of hard work and leading a
talented team of employees.

3. The online entrepreneur

Whether it’s a side-hustle or a full-time job, these entrepreneurs make the Internet work for them. They
might sell products on Etsy, maintain a popular financial blog, or develop software to distribute online.
But no matter what, they have a direct relationship with clients through their online business.

4. The home business owner

These people use their home as their home base. A family plumbing business might use their home
garage to store equipment. On the other hand, an artisan soap maker could use the basement as their
production line. These people make their space work for them.
What are the qualities of a great entrepreneur?

Starting a new business comes with an inherent amount of risk. You can do everything right, but
external events could lead to a negative outcome. While there’s no formula for entrepreneurship, there
are good or bad entrepreneur characteristics.

For example, failing to own up to your mistake is a bad one. Staying disciplined is a good
one. BetterUp can help you develop the leadership skills to motivate others and the personal skills to
stay focused, healthy, and on track with your goals.

Here are some skills you need to set yourself up to have the characteristics of a successful
entrepreneur:

1. Discipline

The number one quality of an entrepreneur is self-discipline. You need to do the work — even when
you don’t feel like it.

If you have a day job, this could mean working long hours. You'll need the self-motivation to wake up
early or sleep late as you start your new venture.

2. Curiosity

The best entrepreneurs always want to learn more. They ask many questions and look for opportunities
to grow themselves and their business. These people don’t dwell on what they think they know. Rather,
they change their opinions when new information is presented. Curious to learn is just part of how they
approach the world.
3. Creativity

This is the spark that drives many successful startups. Creativity isn't just for creatives, it's a skill that
everyone can cultivate. Entrepreneurs always look for creative ways to solve problems or deliver a
service, often with limited resources. They look in many different places for inspiration.

Find what gives you ideas and use it as your fuel. To cultivate this skill, lean on habits that support
creativity. It could be music, meditation, or meeting new people.

4. Willingness to try things

Experimentation and risk-taking are crucial to the entrepreneurial mindset. Be ready to try new things,
and be ready to watch them fail. Every failure is an opportunity to learn and improve on your ideas.

However, plan your experiments carefully so that you can get useful learning fast. Try showing your
product to a trusted group of friends, read market research to see if there’s adequate demand, and stay
up-to-date on the latest news in your industry. These strategies will help you take calculated risks as
you try new things.

5. Honesty

In the business world, you’re only as good as your word. Honesty and integrity are important
characteristics for any leader. These personality traits will reap several benefits:

 You will develop a reputation as a strong and honest communicator.

 Your employees will value your leadership.
 Clients will know you can deliver on your promises.
 People will be more willing to lend you money for your next idea.
 Your community will support you during the tough times.
6. Always having a plan

Successful businesses leave little up to chance. They look far into the future, with backup plans to
adapt to unexpected events.

You should have a vision for your company 5-10 years from now. To bring that vision to life, you can
use the SMART method to set short and long-term business goals.

These are goals that are:

 Specific: What is the exact outcome you’re hoping for?

 Measurable: How will you know you achieved this outcome?
 Achievable: Is it reasonable for you to expect to achieve this goal?
 Realistic: Can you arrive at your goal with your current resources?
 Time-Bound: Do you have a clear deadline for your goal?

Each goal should build on the last, bringing you closer to your vision closer to reality.

Also, remember that a lot can change over the years. You’re allowed to adjust your plan if needed.

7. Understanding the value of self-care

Great leaders understand that exhaustion and overwork are a recipe for disaster. They may have all the
skills in the world. But, without proper wellness, they won’t be able to execute. Budgeting time for
self-care will pay you back tenfold.

The same philosophy applies to your employees. Make sure they understand the value of their
work and encourage them to rest when they need it. They will pay you back with a positive attitude and
stronger work ethic.
8. Taking risks

Risk takers often do well as business leaders. But you should be clear on your approach, and have a
backup plan ready to go should things go awry.

This is a characteristic of a good entrepreneur because business owners often need to go off the beaten
path. This can be scary but entrepreneurs must set aside their fears a nd take the leap needed to make
their vision come to life.

5 common mistakes to avoid as an entrepreneur

It’s easy to make mistakes if this is your first time launching a business, but maybe we can help you
avoid a few. Here are some things to look out for.

1. Stick to your budget

It’s easy to get carried away when you’re starting out. Be careful not to blow your budget too quickly.
Stick to the essentials for now, like hiring the right staff, investing in the right tools, and building out
your client list. The rest will come later.

2. Make smart hiring decisions

Your business will thrive or die based on who you hire. Choose your employees wisely. Look for
people who share your entrepreneurial mindset and have experience working at a new business.

It’s also useful to find people who have different expertise than you to cover any of your blindspots.

3. Set achievable goals

Don’t expect to make the NASDAQ in your first year. Set achievable goals when you’re starting out.
Stick theto SMART method we outlined above.

4. Don’t forget to delegate

You hired great people. Use them! Many entrepreneurs don't know how to delegate to others or they're
afraid to. Consider whether you need to own a task. You can't control everything so only keep the most
important ones.

Assign tasks based on others' strengths, set clear expectations, and check in with them regularly.
They’re your team and they will deliver.

Otherwise, you risk overworking yourself.

5. Avoid making decisions out of fear

Clear your head before making big decisions. Emotions like fear, anger, or frustration can cloud your
judgment.

When you encounter a stressful situation, take a step back, be mindful of your feelings, and approach
the problem later with a clear mind.
Improve your entrepreneurial skills

Modern leaders need an increasingly long list of managerial skills. Here’s what you should work on as
you develop your business:

 Persuasiveness
 Problem-solving
 Communication skills
 Flexibility

Characteristics of Successful Entrepreneur:

Out of 14 traits variables, five important factors were finally identified with the help of factor analysis
relating to successful entrepreneurs of Assam. These factors are innovation, futuristic mindset, risk taking
Ability, adaptability and commitment.

The following are entrepreneurial characteristics you can gain and improve to succeed as an entrepreneur:

1. Motivation

Motivation is the will and drive to succeed in your entrepreneurship venture. Entrepreneurs may need to
push themselves to overcome various challenges on their journey. To increase your motivation as an
entrepreneur, it's best to start with small goals or break down big goals into milestones. As you surpass the
small goals or milestones, you reach large ones in the process. You also feel encouraged to aim higher or set
larger goals.

It's also important to celebrate your goals and reward yourself to ensure you stay motivated. Entrepreneurs
face daily obstacles that make them prone to negativity. Adopt a positive mindset to overcome the
negativity.
2. Creativity

Entrepreneurship starts with an idea. Ideas present opportunities for entrepreneurship. Creativity helps to
turn your ideas into a real business. A creative entrepreneur creates innovative ways to carry out operations
and solve challenges. It would be best if you had habits that encourage a creative system, so find activities
and projects that make you feel creative. Examples include listening to music, reading, meeting people, and
exercising. It's important to have a specific time in your day to look for inspiration. During this time, do
what inspires you and let your mind wander. Make a list of ideas and choose the ones to pursue.

3. Passion

Passion motivates entrepreneurs to fulfil their goals. It's important to love what you do. Entrepreneurs with
passion will invest the appropriate resources, such as time, in their ventures. To gain and maintain a passion
for your venture, concentrate on the purpose of your work. Focus on the benefit you're offering to other
people. If you understand the impact of your business, you can focus on the objectives more clearly.

4. Networking skills

Networking is a crucial aspect of entrepreneurship. Connecting with people exposes you to partnership and
collaboration opportunities. It also facilitates access to useful business knowledge or resources. Networking
also lets you meet new and potential customers. You may need to network often to improve your skills.
Acknowledge the business goal in your mind and make it your mission to create a human connection.

5. Self-confidence

Self-confidence is the belief that you can succeed and that it's possible to achieve your dreams. As an
entrepreneur, you will face many challenges. Self-confidence helps you to persevere and be persistent.
Confidence makes you ready to invest the resources because you believe in your goals.

Visualization techniques help entrepreneurs improve their self-confidence. Visualize the person you want to
be and the success of your business. You can also use affirmations of uplifting statements related to your
goals and achievements. These techniques help you create a positive mindset.

6. Industry knowledge

Entrepreneurs need to know about the products or services they offer and the industry in which they operate.
However, it's crucial to know the model customer or client for your business. Entrepreneurs need to
understand their customers' needs and show them how the product or service provides value. They also need
to understand that customer preferences change over time and prepare to stay up-to-date with the latest
trends. Finally, entrepreneurs need to monitor and compare what their products or services offer to changing
customer needs.

7. Vision

A vision is the big picture of what you want to accomplish as an entrepreneur. It fuels your efforts and
motivates you to achieve more. A vision defines the purpose and culture of your business and gives it an
identity. Entrepreneurs rely on their vision to motivate their employees and other stakeholders to work
towards a shared goal.

8. Optimism

Optimism helps entrepreneurs stay positive and focus on progress. An entrepreneur's optimism supports their
dreams and plans. It also fuels creativity as an optimistic entrepreneur focuses on finding new ideas to
improve their products, services, and operations. If you want to develop optimism, view challenges as
growth opportunities rather than as problematic situations. It's always important to keep your goals at the
forefront of your mind. Learning from experience is a great way to maintain an optimistic outlook and
continue developing your skills.

9. Risk-taking

One common characteristic shared by all entrepreneurs is that they are risk-takers. They make calculated
decisions and plan for the unknown to launch and succeed in their business ventures. An entrepreneur with
sound risk-taking abilities considers the journey as a learning process. You also need to acknowledge the
possibility of failure and learn to use it as motivation to keep going. Therefore, it's important to persevere
through various challenges and focus on your goals. Some risks give your business a competitive advantage
and increase your chances of success.

Risk-taking is both a soft and technical skills. You need to develop risk-taking as a soft skill to feel
comfortable taking risks and following your intuition. On the other hand, learning to conduct effective risk
analyses is a more calculated element of risk-taking that requires training and experience.

10. Goal mindset

Entrepreneurs have a goal mindset. They understand what they want, set goals, and work to achieve them.
It's important to have determination because it inspires your colleagues' trust and helps you overcome
potential challenges. To achieve a goal-oriented mindset, you must identify what you want to achieve and
clarify your vision. Next, set goals with a timeline to help guide your operations. The goals help you monitor
your progress and stay committed to your goals.

11. Persuasiveness

Entrepreneurs have full knowledge about their businesses. Moreover, they know how to explain their
respective business to the audience. Therefore, they need persuasion skills to convince the audience to
believe in their business. Entrepreneurs improve their persuasion skills by learning about their customers and
adapting to their needs and personality. For example, showing and trying to interact with your audience on
an emotional level. People become loyal to your brand if they can connect or relate to it. Also, use facts to
outline your accomplishments, support your arguments and persuade people to engage with your business.

12. Decision-making

Entrepreneurs are responsible for making decisions and taking actions that help the business to achieve its
objectives. Sometimes you need to make quick decisions or decide under pressure. Entrepreneurs improve
their decision-making skills by relying on actionable and reliable information. You need to have a better
understanding of the problems you want to solve. Analyze the impact of potential decisions and ensure you
take enough time to decide. Also, you can narrow your options to make the decision-making process easier.

13. Money management

Especially when starting, entrepreneurs need an honest opinion of the financial situation of their business.
Established organizations typically have a financial specialist, like an accountant, who manages the
company's finances. Entrepreneurs and startups operate with a smaller team, so you likely need to manage
the books yourself first. One of the best ways to improve your money management skills is to prepare a
budget and respect it. Learn to invest any spare funds or profit back into your business to help it grow. You
can take classes or training programs to gain more financial knowledge.

14. Adaptability

Entrepreneurs need to multitask, especially as they start a business. It's important to have a flexible mindset
and schedule to prepare for any obstacles you face. Entrepreneurs increase adaptability if they have an open
mindset. Be ready to change your ways and try new ones to see what works best. It's also crucial to be aware
of and welcome new trends to keep your business thriving in the ever-changing market.
Knowledge and skills of entrepreneur :

5 Skills Every Entrepreneur Needs to Succeed

1. Finance Skills

Budgeting and knowing how to keep track of finances is essential for entrepreneurs. Small business owners
need to be able to understand financial statements which are records that hold the details of a business’s
activities and its overall financial performance. Entrepreneurs will need to know how to calculate return on
investment (ROI=Net Return on Investment/ Cost of Investment x 100%) This is important in order to
evaluate your organizations use of investments so you can ensure your using your resources effectively.

2. Communication skills

Being a strong communicator is very important for entrepreneurs. Negotiation, confidence,

and networking are three communication skills that are extremely useful for business owners.

Negotiation: When creating business deals with investors, clients, suppliers and whoever else you need to
work with negotiation is extremely important. While there are many different philosophies on negotiation,
one of the most sought after is the win-win scenario where both you and the other party benefit from the
deal.

Confidence: You must be your business’s biggest advocate. You should know your small business inside
and out so show confidence when talking to suppliers, clients, and the competition. Being able to confidently
persuade others about your business cannot be underestimated. Whether it is persuading a customer to
purchase the product you know is best for them or connecting with retailers to offer your product or service
you need to stand strong against any and every obstacle that is placed in your path.

Networking: Networking can be done with co-workers, alumni, professors, supervisors, clients, and other
business professionals in or outside of your industry. Keep the following networking tips in mind:


o Anyone who can guide you on your journey as a small business owner/ entrepreneur is an
asset for your business.
o LinkedIn is a great way to connect with others across the country who share similar
interests, and have similar business models as yourself.
o It is important to learn how to identify those who can not only assist you but who you can
assist as well. No one wants a one sided relationship where one party is giving and the
other is just taking. Make sure you are providing value to others in your network as well.

3. Leadership Skills

Strong leadership skills are essential for running a business. Your employees and co-workers will look to
you for guidance. Leading your team by example, over coming difficult challenges while staying calm and
collective is no easy task yet extremely important. Developing a leadership style geared towards your
employees and business will allow your organization to be the most effective.

4. Time Management

There are only 24 hours a day which is never enough time in the life of an entrepreneur. While running a
business you need to prioritize your work day to maximize your efficiency. Keeping organized with
calendars, creating a to do list for you and your team as well as hiring individuals with specific skill sets will
allow you to be more efficient.

5. Sales

Sales is the bread and butter of your business. If you are not able to reach out and sell your product or
service you are already out of business. Sales are important because it allows you to make money and
acquire a client.

Branding is a big part of sales. You need to ensure that every product or service your business provides is
tailored just right for your customer and customized for your business. This is especially important for more
expensive high-end small businesses. You need to remember that every product/service you provide a client
reflects on your business creating your brand. A positive experience with your brand will bring your
business repeat customers creating a consistent stream of income.

1. Resiliency. The ability to weather the ups and downs of any business since it never goes exactly the way
the business plan described it. This skill enables the entrepreneur to keep going when the outlook is bleak.
2. Focus. After setting a long term vision, knowing how to “laser focus” on the very next step to get closer
to the ultimate goal. There are so many distracting forces when trying to build a business that this skill is not
easy to master.
3. Invest for the long-term. Most entrepreneurs are not patient and focus only on what comes next, rather
than where the company needs to go. Entrepreneurs need to stop, pause and plan on a quarterly basis.
4. Find and manage people. Only by learning to leverage employees, vendors and other resources will an
entrepreneur build a scalable company. They need to learn to network to meet the right people.
Entrepreneurs strive to guarantee they will get honest and timely feedback from all these sources.
5. Sell. Every entrepreneur is a sales person whether they want to be or not. They are either selling their
ideas, products or services to customers, investors or employees. They work to be there when customers are
ready to buy. Alternately, they know how to let go and move on when they are not.
6. Learn. Successful entrepreneurs realize they don’t know everything and the market is constantly
changing. They stay up to date on new systems, technology, and industry trends.
7. Self-reflection. Allow downtime to reflect on the past and plan for the future. Always working only leads
to burnout physically and emotionally.
8. Self-reliance: While there is a lot of help for the entrepreneur, in the end, they need to be resourceful
enough to depend on themselves.