What are the most important skills you need to have as an entrepreneur? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Ten skills you need to have as an entrepreneur:
1. Curiosity. Great entrepreneurs are tasked to discover new problems, reveal potential niche opportunities, refactor their original business process, and innovate. This is contingent on being passionate about different fields of study and business cases outside of one’s comfort zone.
2. Time management. Careful priority planning, defining milestones, execution, and iteration are all important. None of that would lead toward progress without the right project management and time allocation methodology that gets the work done.
3. Strategic thinking. Learning to decompose a problem to its core and reveal opportunities for growth. Figuring out creative solutions and identifying the low-hanging fruits. Defining the scope for an MVP and testing concepts within limited time and with a low budget.
4. Efficiency. You need high performance when it comes to solving a problem. Applying the 80/20 rule and other techniques for yielding higher results in less time. Switching between different chores and progressing effectively day-to-day.
5. Resilience. Handling rejections, stress, burnouts, lack of focus, slow progress. Determination and eagerness to fight the same dragon every morning are instrumental when it comes to building a business from scratch.
6. Communication. Crisp and concise communication is paramount for each and every interaction with clients, partners, peers, clients, prospects.
7. Networking. Growing a network facilitates business opportunities, partnership deals, finding subcontractors or future employees. It expands the horizons of PR and conveying the right message on all fronts.
8. Finance. Finance management will make or break a business. Handling resources properly and carefully assessing investments compared to ROI is a solid requirement for entrepreneurs.
9. Branding. Building a consistent personal and business brand tailored to the right audience. Igniting brand awareness in new verticals.
10. Sales. Being comfortable doing outreach and creating new business opportunities. Finding the right sales channels that convert better and investing heavily in developing them. Building sales funnels and predictable revenue opportunities for growth.