When you are an entrepreneur, you want to build a company that makes great products, grows in terms of revenue, and drives appreciable change. You’re a workaholic and your day makes you adopt a multitude of roles for getting the best results. But, being an entrepreneur isn’t just about taking the decision to quit a regular job and starting off on your own. In fact, this misconception has led 80% of those professionals wearing the entrepreneur tag to just stick to being small business owners in reality.
Becoming an entrepreneur involves way more decision making than any normal manager needs to do in a large scale organization. They need to learn much more than what quintessential pay check-receiving contemporaries do. Here’s a list of those skills that a professional has to imbibe, embody and be a master of, in order to scale the path between being an employee and an entrepreneur.
- Risk Taking Abilities
In the regular job you’re doing now, you know there’s someone above you who may have to take the load or pressure. But when you become an entrepreneur, you are the one taking the pressure and the risks. Finding new business ideas should come naturally to you once you wear the ‘E’ hat and then persistently make efforts to make those ideas come alive. But the ability to absorb the loss of your business differentiates a poser from a true entrepreneur. This skill also distinguishes directionless small business owners from being passionate entrepreneurs. As an entrepreneur, you shouldn’t be taking risks for your business based on chance; instead, you should be focussed on assessing the risks and taking calculated ones only.
Just as employees are judged on the basis of their performance, entrepreneurs are judged based on their ability to bounce back after a low. Even the most industrious employees may change jobs when a company’s growth tides fall. But entrepreneurs don’t enjoy that luxury; they have the difficult job of redesigning their company, brand or product no matter what. This is a challenge that only people with a truly entrepreneurial spirit can conquer.
- People Management
You cannot be a successful entrepreneur if you don’t have a team. And to build a team, you surely have to be a motivating leader, which goes hand-in-hand with being a skilled manpower manager. Your abilities to develop long term relationships will get you ahead of your contemporaries, but making them sustainable is a different ball-game altogether. To be a successful entrepreneur, you should be able to leverage your associates, clients, partners, and subordinates to get the best results. Also, your team’s functioning depends largely on your skills to hire the right people. You may have to be dynamic in terms of the hiring process but you definitely have to find the right person to do the right job. If you don’t, you might have to consider being overburdened yourself!
- Sales Acumen
You are building a company that has to scale up, build new products or start new services. That means, whatever you do, you have to find a wide range of customers and build a great clientele. You should be a master storyteller to convey the right information that converts targets into revenue.
Most entrepreneurs are truly perfectionist planners; they set realizable goals and roadmaps to achieve them. They are more likely to generate new ideas and effectively realize them. They are fuelled by their out-of-the-box ideas which they channelize into developing outstanding products. They act on situations rather than reacting to them, forging new paths to solve the same problems.
Entrepreneurs don’t just build products, they build companies. They are the brave ones who never give up on their dreams and ideas. So they definitely have to be a cut above the rest. They focus on their long term vision for change while constantly striving to be a notch above what they were yesterday.