Qualities and Skills that transfer to Entrepreneurial Success

Every parent wants their child to succeed. To find their "niche" where their personality and skills will pay off in the long run. Fortunately, there is a professional space that is full of possibility and innovation for all, entrepreneurship.

The rising popularity of starting a business has elevated the dreams of millions. In fact, as of May 2021, there were over 580 million entrepreneurs in the world. But, with every opportunity, it is vital to explore if you are a good fit. Below is a list of traits to see if you or your child might succeed in a challenging but rewarding entrepreneurial space.

Top Entrepreneurial Qualities 

The qualities listed below are traits that an individual is born having. These are traits that are innately activated without an individual being fully aware all the time.

Curiosity- Leading to a growth mindset.

Creativity- to differentiate your business from others in the market, it's imperative to think creatively. Being able to think broadly about new ideas helps business owners approach their business in a fresh creative way.

Adaptability- chances are, every entrepreneur will need to shift their sails a bit when starting their business. Financial roadblocks and production pitfalls are just two examples of the hundreds that an entrepreneur could run into. Being adaptable to changing course is necessary.

Risk-taking- while not all risk-takers are great entrepreneurs, the ability to plan and take a chance on an idea you believe in is necessary to become an entrepreneur.

Persistence- from ideas crumbling to financial backing falling through, a business can fail overnight. The ability to pick yourself back up after experiencing failure is critical to be an entrepreneur.

Top Entrepreneurial Skills

The skills listed below are traits that are acquired through learning. These take time and practice to perfect.

Time Management- one of the most critical parts of a business is managing everything promptly. From the finance side to the marketing side of the company, each aspect needs to have allotted time. To better grow and develop this skill, try a digital or paper planner, set timers, and check-ins with your to-do lists.

Communication- to get customers' and investors' attention and engage with your employees, communication is necessary. Through active listening, business owners can hear, process, and understand problems better. With direct and clear communication, business owners can ensure they provide the guidance and information necessary to keep their business up and running. This skill is not just limited to verbal communication and listening; it is also an essential skill in emails and marketing efforts.

Teamwork- while some are more outgoing and others are introverted, being able to get outside your comfort zone for your team will pay off. The dual role of supervisor and teammate can be a struggle for some. Luckily, a positive leadership style can improve this dynamic pitfall.

Networking- knowing who to contact for business advice, investor relations, and more is a necessary skill for any business owner. Successful entrepreneurs know their business lifeline lies within their ability to meet others within your industry to promote and grow a brand. To expand on this skill, check out LinkedIn and professional gatherings in your city that relate to your business.

Critical Thinking- this skill requires an individual to examine all elements of a problem and solution in different perspectives to establish a game plan. This can also be referred to as "strategic thinking," as planning and execution are critical elements.

Financial Skills- just as budgeting is necessary to personal finance, financial skills are critical to manage and track revenue from the startup business. To further grow this skill, do your research, ask the pros, and check out taking an online business finance class.  

Business Management Skills- being able to multitask, delegate work, all while making critical business decisions. The ability to focus on the big picture while taking care of the day-to-day.

While this list doesn't include every skill and quality vital to business, these are the critical traits that increase the chances of business success.

Original article posted at https://jausa.ja.org/news/blog/qualities-and-skills-that-transfer-to-entrepreneurial-success by Hannah Henry on July 22, 2021.