By Ebo Aneju, researcher and writer at Pearl lemon
Being an entrepreneur can be incredibly tough. However, many people are still drawn to owning a business, so it’s clear that being successful is a possibility.
However, with the number of start-ups being created every single day, how will you ensure your business isn’t shut up shop in the first year? Being a successful and influential entrepreneur will be the difference between running a healthy business and one that is constantly struggling.
If you speak to an entrepreneur, they are likely to tell you that it is not an easy task. Looking at super companies like Apple and Amazon, there will have been many bumps along the road where the owners weren’t sure they could survive.
But the success of these super companies is a significant factor in people being drawn to owning a business. Those record profits lead to pretty impressive salaries! But what are the characteristics that represent good entrepreneurship?
Read on to find out more about being an entrepreneur and how to improve your entrepreneurial skills.
What is Entrepreneurship?
Entrepreneurship describes the process of setting up and running your own business. This classifies all the skills that go with this process, such as creating new ideas and managing risk.
Entrepreneurship plays a massive role in everyone’s lives, even if you’re not looking to build your business. Nowadays, our society wouldn’t be able to function without the role of entrepreneurs setting up a business for everyday people to get necessities.
Entrepreneurs also play a role in progression. Many industries are heavily focused on innovation and bringing the future here. One of the most innovative industries is the tech industry, and I don’t think any of us can imagine life without innovations such as the internet.
But what does this mean to you as an entrepreneur?
Having a solid idea of what entrepreneurship is and what it aims to achieve means a better understanding of what is needed to achieve these goals. This means you can build a strong and stable business that will likely thrive for years to come.
Tips to Improve Entrepreneurial Skills
Improve your People Skills
When you own a business, your relationship with others in the business world is significant. You need to make sure you’re building good relationships with those around you to maximise your opportunities.
One thing you should work on early in your career is confidence. You’ll very quickly realise that you need to go up to people and talk to them to try and build links and boost sales. Any seasoned entrepreneur will tell you that networking is your best friend.
Building a network of professional contacts will boost your sales and ensure you’re reaching more customers. Furthermore, it even allows you to cut costs if you happen to meet a supplier who is impressed by you and your business and is willing to produce your goods at a lower price.
Work on your Leadership Skills
If you’re running a business, you’ll probably hope that it’s not going to be just you working for the firms. You’ll be looking to expand after a few months and, hopefully, build a strong team.
As the business owner, you will lead that team, and it’s your job to ensure everything is running as smoothly as possible. As a leader, you should ensure that your team produces practical work with results.
Andrew Tropeano, the EVP of NewsWatch says, “Good leadership is about vision” and making “sure the business is operating at an efficient level”.
Tropeano continues, “Having a long term plan for success allows your organization to achieve relevant longevity. And it’s not just about setting a goal a year from now and working towards it, it’s about leaders setting a goal but being willing to adapt, evolve, and push forward when obstacles come into focus. The more agile and forward thinking a leader is, the more success their organization will see.”
You can practice your leadership skills first by running small projects within the business. This will help you feel more comfortable when you undergo larger expansive tasks.
Attend Events
Events and workshops in the business world are incredibly important. Firstly, it allows you to learn firsthand. Events will be suitable for an entrepreneur of any experience as there is always something to learn.
Furthermore, it also gives you an opportunity to build your contacts. These events will be attended by many other individuals who may run their own businesses or work in your industry. This will allow you to build a relationship with them which will be helpful in the future.
Create a Long Term Plan
If you’re running a business, you should have a plan for the business and where you want it to go. Writing down a plan allows you to check the progress of your business and whether you think it’s successful or not.
Furthermore, a plan allows you to set realistic goals. These goals will encourage you to put the work into your business, which will likely increase your productivity.
Don’t be Scared of Failure
Failure is something normal in business. Many entrepreneurs make mistakes and even fail in specific industries. But you need to realise this is an expected bump in the road in your entrepreneurial journey. Serial entrepreneurs like Deepak Shukla believe in just starting and not letting the fear of failure limit you.
You must stay persistent and keep working hard even though things may seem bleak at the time.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.