If you are a new entrepreneur venturing into business, it may be helpful for you to know that 66% of new businesses fail within the first 10 years according to the Small Business Administration. This grim statistic will remind you to be very prepared to avoid the usual fate new entrepreneurs experience. Your success will rely on your astuteness and other skills necessary to drive your business to long term stability.
In these tough times, you need adaptability, persistence, and hard work to have a reasonably good chance of sustaining your business on the way to profitability and growth, the desire of all entrepreneurs.
What are the most important skills you should develop as a new entrepreneur to succeed?
It takes more than nerve and patience to launch and run a new business. Here are the top skills seasoned businessmen advise entrepreneurs in a fledging business to develop.
Your ambition will drive you towards determination, hard work, and commitment. You will persevere not allowing anything to get in the way of your desire to succeed. You will work to gradually achieve small milestones without shortcuts as you move forward towards your long term goal.
Willingness to Learn
You should believe that education is a life-long process. Try to learn new developments in technology, the market, industry, and other aspects. Seek new knowledge. Ask highly successful people in your industry to learn from their struggles and how they cope with them.
You should have great communication skills including listening skills and sensitivity to the feelings other people express even in their body language. Share your goals and foster collaboration with your stakeholders and potential stakeholders such as employees, investors, creditors, peers, and mentors that touch business. Master all forms of communication including group, one-on-one, written, and online.
Assertiveness and Confidence
Assert your beliefs and opinion and take control of discussions as you listen to others and respect their rights. Know when to say no. Stand up for your conviction, and be open-minded to earn the respect and trust of others. Consider failures as learning moments. Implement calculated changes to future efforts when you fail. Be a great optimist.
Think out of the box. Try what works best and welcome new experiences and new opportunities. As they say, if you keep doing what you’ve always done, you’ll always end up getting the same results. So, learn to be creative and don’t be afraid of trying something new.
Courage and Risk-taking
Act on your great ideas and plans, move out of your comfort zone and take risks, which may come in different forms such as financial, career, emotional, and overall business risk.
Nurturing these critical skills is integral to your future success as an entrepreneur. If you wish to develop one or more of these skills, be sure to head over our Online Courses page and sign up to courses that will help you in your entrepreneurial journey.