Old minds always say, “You learn from your own experiences.” but wise minds say that you should always learn from others’ experiences otherwise life would turn out to be little to learn everything. 

— Gautam Buddha

You must have heard about the world-famous book “Atomic Habits” by James Clear which talks about building good habits. Entrepreneurial skills include a set of habits that you can implement in your lifestyle every day as these skills may determine your success in the future.

For some people leading is natural but rest others try to acquire certain skills to lead a business.

If you are an aspiring entrepreneur who keeps a strong will to achieve his or her goals and be successful in life, read this blog till the end. 

What are ‘Entrepreneurial Skills?

Entrepreneurs are generally all-rounders. They know almost everything as they have to take care of many things. Certain skill sets are needed to meet these requirements. Those skills are strong leadership, creative thinking, problem-solving, effective communication, time-management, business management, and being a visionary. 

Entrepreneurs are risk-takers and sometimes work purely on their intuitions due to their confidence. They are capable of building networks through their patience and activeness.

Also read: From job to startup

Here are a few ways to help you in developing these traits along with some book recommendations for more clarity.

Let’s dig into it.

5 Methods to Develop Entrepreneurial Skills:

1. Know how to lead!

Being a good leader is a skill that a growing entrepreneur must have. Your team should believe in you and should be comfortable in your workspace because obviously, nobody likes working in a toxic workspace. 

A thin line differentiates a boss and a leader.

How to lead a team?

• Excite your team to work by rewarding them for overworking.
• Help them when they aren’t able to work properly. Motivate them.
• Show them a growth path in their job role while guiding them to be there. 
• Stay humble with them and solve their problems.

A book recommendation on this skill is “Good to Great: Why Some Companies Make The Leap…and Others Don’t.

Learn: SWOT Analysis

2. Sell it easily!

Building a team is easier, and creating a product is also easier but closing a lead and selling the product is the real game. If you know how to read your potential customers’ minds and sell to their needs, you are a great marketer.

Digital marketing has been emerging and running Ads on social media has also been possible. Maybe not. Running Ads is a piece of cake but closing a lead isn’t. Here is what you can do to drive leads to your product.

How to generate a lead?

• Showcasing your product through Instagram reels and posts can get you leads if they find your product attractive. A huge number of small businesses sell their products through Instagram this way. 
• Creating a website, and posting good copies written by a good copywriter can drive you leads if you drive traffic to your website.

How to close a sale? 

• While you generate leads, you should catch their needs, twist your words while letting them know that their product is what can fulfill them, and finally make them think about your “twisted words”. 
• Practicing and interacting with good salespersons and understanding their way of convincing someone is the way to develop this skill. 

A book recommendation on this is “Marketing Rebellion: The Most Human Company Wins” by Mark Schaefer.

3. Stay consistent

Consistency can make miracles happen. 

Nothing makes for a long run without being consistent. Your business CAN NOT grow without your consistent efforts. So, is there any way to be consistent? 

Yes, being consistent is a habit that you build every millisecond you don’t break. You can build this habit if you trick your mind. 

How to trick your mind?

Before we begin with the actual answer, let’s understand how we briefly form habits. 

The subconscious mind is the one responsible for our habits. When we do something repeatedly, our subconscious mind takes it as a command and makes us do it over and over again. 

For instance, an average student keeps scoring average marks because his subconscious mind has made it a strong belief for him. 

To break your bad habits, you need to constantly work on breaking your bad habits by doing the opposite of them.

How to build consistency?

• Whenever your mind starts telling you to not work, push yourself to work.
• Breaking a habit takes every moment of you reminding yourself what to do. 

A book recommendation is building good habits is the same..” Atomic Habits” by James Clear.

4. Investing is a wise game

“ Money in the bank is just cash but invested money is an asset.”

Trading, investing in stocks, and many more terms like these come up with monetary risks which may lead to your money going away instead of acting as an asset. 

Investment in such places should never be done without proper knowledge and mentorship. Meanwhile, NIFTY is considered safe by investors as it usually gives good returns. 

But again, investing shouldn’t be done without any knowledge. So, how to learn about investment? Through a YouTube video? An Instagram or Facebook page? Or a platform like a skillshare? 

The answer is a perfect no! 

If talking about investing, it should always be done under the mentorship of an experienced investor. 

Why choose an experienced investor? 

• He has vast knowledge about how market rates go, up and down, and what is the best time to invest. 

• He is well aware of the charts.

A book recommendation on investing is “The Only Investment Guide You’ll Ever Need” by Andrew Tobias.

5. Analyze everything 

A wise business decision is always taken by great brains who analyze the pros and the cons of a particular idea. 

Just one wrong step and your business is gone! So, how do you develop problem-solving and high thinking skills? We got the solution for you.

Start reading or listening to the stories of the founders and the CEOs of successful startups in this world. Their stories would give you a good idea of how things are done. 

Learn: How to Find a Co-founder?

How to make decisions? 

• Analyze the best and the worst case after you take the decision. 
• Find your answer. Are you comfortable with the worst-case scenario?
• If you are comfortable, go with the idea. If you aren’t, drop it now. 

A book recommendation for critical thinking is “Thinking, Fast And Slow” by Daniel Kahneman.

End-note 

The entrepreneurial journey needs a pile of skills that cannot be fit in just one blog but we covered the crucial ones that would help you in the first stage of your journey. 

In the first stage, while you are still trying to earn by working yourself and managing finances, you can’t delegate your work. You need to do everything on your own, therefore you need to learn these entrepreneurial skills to become a successful one and nail it.

Read More: Top FAQs of Startup