Anyone who undertakes to start a Home Based Business needs to possess entrepreneurial skills. This article serves to highlight the key skills of an entrepreneur and outline why having them will help your home based business flourish.
An entrepreneur is an individual who accepts financial risks and undertakes new financial ventures. The word derives from the French “entre” (to enter) and “prendre” (to take), and in a general sense can be applied to any person starting a new project or trying a new opportunity.
The skills of an entrepreneur fall into 2 distinct categories, namely your personal skills and your interpersonal skills.
In the category of personal skills the first one that comes to mind is that of being a creative thinker. Creative thinkers look at problems as opportunities. They find new ways to solve problems and are not dejected when things don’t go well the first time they try something new.
Being capable of research and planning is also a great skill to have especially of you are starting a new business and want to see how others have done things or look at ways of doing perhaps new tasks or actions.
Entrepreneurs need to be goal setters. They need to be able to look to the future and see where they and their business need to be in a week, few months and years down the track. However it is not enough to just set goals. You need to write them down, make yourself accountable and re assess your goals over time. Goals also need to be read regularly, preferably morning and night so you can stay focused and keep working towards them. If you are moving from being in a traditional job to being a home based business owner, this skill will be vitally important because you will be your own boss!
Taking action is another key skill of an entrepreneur. No point having great goals and visions for your business without setting about to plan the action steps to get there. Breaking things down into small bite size, manageable parts is a great way to plan your action.
Entrepreneurs are invariably decision makers as well and this skill ties in to the last one of taking action. Entrepreneurs sum up the situation, look at all the variables and then make decisions quickly and deftly. This doesn’t mean they just “shoot from the hip” however they don’t get caught up in analysing things to death as we all know this can lead to inaction and stalemate for your business.
Being a systematic record keeper and financial manager also identifies an entrepreneur. These will help you stay on track and afloat. It also goes without saying that you need to have strategies in place to plan your day and follow up on any necessary details as well.
A calm and positive person also makes a great entrepreneur. No point “sweating the small stuff” as they say. If you get upset and focus on the negative you will never get anywhere and are more likely to only attract more of the same into your business. This ties in also to being a creative thinker and one who can make decisions as well. Allowing yourself to get upset easily when things go wrong will cloud your judgment and easily steer you in the wrong direction, making a decision you regret later on.
In the area of Interpersonal Skills, entrepreneurs need to be great communicators and this means more than being able to speak well and write well. Above all you need to be able to listen. If you are in a business where you are dealing with clients or selling to customers, being able to listen and really hear what their problems, concerns and needs are will enable you to serve them well and they will build the necessary rapport with you that will help to build your business.
Entrepreneurs are also great team builders. They can lead the people around them and inspire them to do their best. Empowering people to work well is much more effective than just giving orders and setting unrealistic goals. Acknowledging and working with people’s strengths and weaknesses is the best way to be a great team builder.
Starting a Home Based business is an exciting time. However it is vitally important to look at yourself objectively. Work out what skills you do have and what skills you need to work on. That way you too can become a successful entrepreneur.