Top 20 Entrepreneurship Skills: Traditionally, the definition of entrepreneurship have be limit(ed) to starting a new business, scaling for-profit, and creating business capital. This new definition of entrepreneurship is about innovation; about seeing problems as opportunities, and about changing the world.
A person who undertakes the risk of starting a new business venture is call(ed) an entrepreneur. An entrepreneur creates a firm to realize their idea. Know as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.
Entrepreneurship is the creation or extraction of value. With this definition, entrepreneurship is view as change, generally entailing risk beyond what is normally encounter in starting a business, which may include other values than simply economic ones.
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
More narrow definitions have describe entrepreneurship as the process of designing, launching. And running a new business, which is often similar to a small business. Or as the “capacity and willingness to develop, organize. And manage a business venture along with any of its risks to make a profit”. The people who create these businesses are often refers to as entrepreneurs. While definitions of entrepreneurship typically focus on the launching and running of businesses. Due to the high risks involve in launching a start-up. A significant proportion of start-up businesses have to close due to “lack of funding. Bad business decisions, government policies, and economic crisis. Lack of market demand, or a combination of all of these.”
Who is an Entrepreneur?
To define an entrepreneur, it can be viewed from the different focal points and broad definitions but then it can be narrowed down and summarized to a single point and so an entrepreneur is known to be a person that is motivated to initiate a unique idea which is based on an exchange of value. It is primarily a creation for economic value but some may be creat(ed), just for more than the simple economic value receive. An entrepreneur is significantly different from the general manager, an entrepreneur is usually the creator, strategy, motivation, and force behind simple or complicated ideas.
An entrepreneur is an initiator. Entrepreneur is a starter, a challenger, and a good driver of new ideas. He or she is someone that creates something new and rewarding, either as a business idea, investment, initiative, or a company. He or she can also be said to be the beginning of a venture or project. In some cases, the entrepreneur might not be the primary source of the idea, but he is definitely the one that decides to carry out the idea and make it big or he makes that idea a reality.
Other definitions of an entrepreneur are listed below:
An entrepreneur is the driver of the idea. The entrepreneur is the person in charge, the leader, and the person to look to for leadership. He or she is the one that pushes forward and inspires a team to follow him. The entrepreneur is the main man or woman in charge and is responsible for putting the team members in a good direction. He also helps to accelerate the growth of the business to a good point.
An entrepreneur is always accountable and responsible. He or she is the ultimate person responsible for the continuous improvement of the business or venture. The entrepreneur is the one that has the highest investments in the business.
4 Types of Entrepreneurship
As entrepreneurship is perceive to be the creation of one’s mind it is also substantial to know there are various types of entrepreneurship.
1. Small business entrepreneurship
Small business entrepreneurship: there are thousands of small businesses that one can creatively join in; they are considerably not new initiatives but they vary from daily needs provision to a profession that helps one to cater for dependents or financial need from proceeds of such endeavor. Some examples of these small-scale businesses are; grocery stores, hairdressers, fashion designers, travel agents, internet commerce storefronts, carpenters, plumbers, electricians, and so on. They are easy to learn as they can be taught without necessarily any formal education. These small-scale businesses are create essentially for for-profit purposes and are not big companies or ventures. They are mostly fund by themselves or loans from family and friends.
2. Scalable startup entrepreneurship
Scalable startup entrepreneurship: the very word ‘scalable’ means growth, therefore one can confidently tell that a scalable startup enterprise is a little bit beyond ideas, it is the confidence of the creator to build a solution (value) from his ideas. According to Jacob M. Smith B. A Marketing and entrepreneurship, the University of Iowa, any start-up that has a high initial fixed cost for infrastructure, tech development, human capital, or anything else could be considered a scalable startup. Considerably growth on potentials as such is recognized as scalable.
3. Large business entrepreneurship or enterprise
Large business entrepreneurship or enterprise: these are established firms that are already in the position of a structure and market base offering products or services often from scalable startups ideas, which are full-blown. To keep steady and remain large firms they tend to become innovative by creating other channels or improving on products, mostly constant diversification alternatives are embarked on.
Large Company Entrepreneurship: Large Company Entrepreneurship can be define as organizations that have a solid set of life cycles. There is a solid involvement in sustaining innovation providing new sort of products. It includes customization in customer tastes as well as dealing with new competitors.
4. Social entrepreneurship
Social entrepreneurship: these are innovators who focus on creating products and services that solve the social needs and problems of people in their society. Although, unlike scalable startup entrepreneurship, the main goal of social entrepreneurship is to change the world and make it a better place for everyone to live in, and not to take the market share or to create and amass wealth for the initiators and founders of the business. They are mostly nonprofit, for-profit, or in some cases, hybrid profit.
Social entrepreneurship is an approach by individuals, groups, start-up companies, or entrepreneurs, in which they develop, fund, and implement solutions to social, cultural, or environmental issues. This concept may be apply to a wide range of organizations, which vary in size, aims, and beliefs. For-profit entrepreneurs typically measure performance using business metrics like profit, revenues, and increases in stock prices.
Social entrepreneurs, however, are either non-profits, or they blend for-profit goals with generating a positive “return to society”. Therefore, they use different metrics. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector in areas such as poverty alleviation, health care, and community development.
5 Characteristics of an Entrepreneur
All entrepreneurs are known with common traits and characteristics, if you want to be a ‘boss of your own and do not possess these traits then you will need to develop them, in the best interest to let your idea survive. Below are some of the characteristics of an entrepreneur;
1. Self Motivation
Self Motivation: this is one of the first and most important pushes to bring one’s idea to life. self-motivation is an intrinsic factor that keeps one idea going through odds because at some point the idea creator realizes he is the answer to no one and no external factor could motivate him more, hence self-motivational helps to challenge, survive and sustain the growth of an enterprise.
2. Risk Taker
Risk Taker: taking risks is a powerful characteristic of any successful entrepreneur, risk-taking is an ability that helps one make an alternative decision either to salvage or promote a business venture. There would not be any real progress if the owner is always rigid or bound by principles of any sought. It is nice to have principles but any that excludes risks is set for a fall, the risk-taking ability of any entrepreneur aids the scalable continuity of such enterprise.
Passion: this can be correctly said to be the fuel that fires self-motivation. Being passionate is a drive that brings on the challenge in the first place it replaces self-motivation when there is a lack, it always helps to rekindle and bring to mind the initial intention of the idea (product or service) which is to solve a problem.
Adaptation: successful businesses sometimes fall on the verge of extinction and irrelevance and this may just be that the owner has unfortunately been unable to adapt to certain changes or evolution. Being flexible to a certain degree is key to the longevity and survival of any enterprise, the ability to tweak and reinvent ideas comes from being flexible and willing to change according to the environment, climate, market, or any other factor that product or services involved with. Adapting to new market structure, environmental or climatic change as the case may be is a strong trait of any successful entrepreneur.
5. Knowledge of Basic Finance
Knowledge of Basic Finance: this is another trait an entrepreneur should have handy. It is truly a business that would have a department or a person designed for that office to take care of day-to-day financial books but at the same time, an entrepreneur should have some basic knowledge on money management.
Top 20 Entrepreneurship Skills You Should Have and Why They are Necessary
For any profession at all, the first part is the interest after which is the input of the necessary skills needed. Below are 20 top future entrepreneurship skills you should acquire and reasons why they are essential;
This is fast becoming one of the topmost skills needed as an entrepreneur. It is dependent on the readiness to grow faster and smarter. A wise saying goes ‘one man can walk faster alone, but two or more men would walk longer’ this is not to condemn a sole proprietorship but to also acknowledge and see a bigger picture in partnerships. Any entrepreneur willing to succeed should be able to learn this skill and consider friends, partners, mentors, or other business-oriented persons or organizations as possible network channels. This is actually a skill than a habit one can learn the ropes to. It helps to facilitate the growth of your business if done in an appropriate way.
2. Time management
In this computer age and advance technology world, there is a lot of management skill that is especially put in place for easy transition and administration of our daily tasks. Time is of the essence and very essential too, so thorough planning, formulating milestones, iteration cycles up till implementation are primarily important scheduling organized by a project management team. There are different work methodologies which means it is an important skill one should arm themselves with. It is a skill currently being possessed by those who have a keen interest or other intentions, but time management is a future skill to recognize.
Building a business relationship by means of communication is another skill. Set to be acquire by every business person or business-involve person. Clear and concise communication is a daily function that is use either with customers, colleagues, superiors, or partners and it is a very important tool. Transfer of information clearly and briefly. Especially with clients, is an important aspect of the business. Hence it is a basic prerequisite that should be acquire by every entrepreneur. Communication is use for our day-to-day interactions and also in relating to other people. Therefore it is one of the necessary future skills every entrepreneur should possess.
4. Sales Conversion
Since business is about creating an avenue for an exchange of value, that is services or goods, and getting money in return. Therefore getting financial value is an important aspect of the plan and idea then also making the conversion for your sales is a special skill to learn. Being open to finding different sales channels and creating new avenues and developing them by investing heavily are all part of a salesman prospect.
Branding is a digital way of creating awareness for the right target audience. It is a great method to move your business forward, getting to the appropriate and your intended customers. It is a large scope but investing in personal branding is the market orientation in existence because there are a lot of competitions out there.
This is another core of every business venture of which to initiate an idea requires financial power. Finance is a basic requirement for any start-up business to flourish and grow more. This is a skill that people acquire in order to collate account books straight, from fixed capital to investments, and also compare the return on investments (ROI) to initial investments and so on. Finance is a rudimentary skill required by an entrepreneur for the growth of his or her business.
This is simply the readiness to keep pushing and growing no matter the setbacks, frustrations, or hindrance you may experience in the course of growing your business. Resilience is an important skill that is need in building a startup and the determination need in making it a scalable enterprise in the long run.
Productivity is the efficiency to progressively multi-task at some level or switch spontaneously and still make the same effective impact on a daily basis. It is a special trait for some people but an entrepreneur should learn this skill, and endeavor to master it as well. it is a rewarding managerial ability that is need for the growth of your business or enterprise.
Usually, this is the epitome of large businesses, but it is solely dependent on the entrepreneur. It demands the creativity to look inwards or step outward beyond the original area of business and find problems that can be given solutions to, this may be a revelation of new outreach and potential opportunity to either expand or diversify in one’s business.
10. Strategic Thinking
The skill required in making the best decision possible for your business. It is the ability to be able to access your weaknesses and strength due to the limitation of imperfection. Hence you will be able to make the best hiring process to fill voids of a weak suit.
This is a skill that has its cost as well. Launching researches sometimes are quite expensive but takes an adequate skill set to acquire desirable results. Every business needs to research a lot like market scope, target audience, product study, etc. It actually helps to initiate businesses and even operate businesses.
As basic as it sounds, it is another rudimentary top skill set to acquire. Written communication is supposed to be persuasive in any form, be it a blog post or email marketing. It is a highly competitive skill and is require to complement the digitalize world.
13. People Management
Another managerial skill set that is required for a startup entrepreneur to have. This is a combination of emotional intelligence and direction expertly operated to achieve a strategic organizational goal.
14. Service Orientation
This is a leadership skill and mindset that have to be in place to make a hierarchical organization work better. It is a ‘servant leader’ mindset, the business owners are to care for their employees making them grow and flourish while they still deliver their tasks.
Powerful negotiation is a positive and strong skill set a leader can have. It is to either meet at an agreement or compromise but are fueled by mutual benefit, fairness, and good relationship.
16. Raising Funds or Capital
Raising capital is another basic setup. One would have to learn what kind of fundraiser will be compatible with business type, it may be an angel investor, crowd-sourcing platforms, or savings.
17. Balancing Priorities
In retrospect to high school or secondary school days, the economics lesson taught us how to scale of preference, since there are a lot of tasks that have priorities then balancing them according to high and low priorities is a skill to acquire.
18. Web Design
Recognizing the digital age makes websites come in handy. Learning a few things on web design to create web or manage an existing website is a useful skill it helps to cut costs depending on resources available. It is crucial to own a website because bot owning one is like a step to hindering one’s progress.
Relaxation is an important part of entrepreneurs’ life, all works, and no play we all know how it result, it is actually unhealthy. So taking a vacation or engaging in activities that don’t have to relate to work, will help the mind and body a great deal.
20. Open to Learning
It is a constantly evolving digital world, so it is more of a skill or trait to be eager and open to learning new things and trends, especially about competitors and ways of being on top of your game.
How Technology Has Enabled Entrepreneurs
With the emergency of new software and tools developed now have been a great help to entrepreneurs. Through the use of technology, the various barriers associate with the entry levels of an entrepreneur have be lower(ed) to a bearable minimum. There are more opportunities and chances made available now to start a business than ever before.
With the inventions of these technologies, entrepreneurs have been able to create businesses that no longer need physical buildings or offices and most of their business and ventures can be run from the comfort of their homes through the use of a mobile phone or the computer. They now can even go as far as hiring employees online without physical contact. Some of the ways in which technology has enable entrepreneurs the use the internet are outlined below:
Quickbooks: this is an online avenue creat(ed) for entrepreneurs and business owners to make their accounting more accessible. This QuickBooks is basically structure for small businesses and ventures. It enables them to keep track of their daily or monthly transactions without the need for a physical accounting book or accountant.
Shopify: is an online website or shop as it is known, where various business owners can put up their goods. And services and make connections and also make sales. It has made it easier to start and run a business selling whatever you have online without knowing meeting your buyers physically.
Jumai: is also an online marketplace just like the Alibaba website where sellers meet potential buyers who is interesting and want to purchase their goods. Delivery is another good thing here because the buyers do not have to meet with the sellers but after making the orders can relax and get their goods at the comfort of their homes.
Dropbox: was create to enable file sharing for better and more secure collaboration between entrepreneurs. It is a file hosting service operate by the American company Dropbox, Inc., headquarter in San Francisco, California, US that offers cloud storage, file synchronization, personal cloud, and client software. Dropbox was establish in 2007 by MIT students Drew Houston and Arash Ferdowsi as a startup company, with initial funding from seed accelerator Y Combinator.
Dropbox has rank as one of the most valuable startups in the US and the world, with a valuation of over US$10 billion, and it has describe as one of Y Combinator’s most successful investments to date. However, Dropbox has also experienced criticism and generate controversy for issues including security breaches and privacy concerns.
Kickstarter: is made for crowdfunding where your ideas are develope for a mainstream concept, reducing the financial barrier for execution.
It is an American public benefit corporation based in Brooklyn, New York, that maintains a global crowdfunding platform focused on creativity. The company’s stated mission is to “help bring creative projects to life”. As of July 2021, It has received nearly $6 billion in pledges from 20 million backers to fund 205,000 projects, such as films, music, stage shows, comics, journalism, video games, technology, publishing, and food-related projects.
Buffer: this is create to enable entrepreneurs to streamline the way they schedule social media content across multiple profiles online. It is a software application for the web and mobile, design to manage accounts in social networks. By providing the means for a user to schedule posts to Twitter, Facebook, Instagram, Instagram Stories, Pinterest. And LinkedIn, as well as analyze their results and engage with their community.
The application was design by a group of European experts in San Francisco, most notably Joel Gascoigne and Leo Widrich. Gascoigne is currently the CEO of the company. By August 2021, the team had reach 85 people working remotely from 15 countries in different parts of the world, more than 4.5 million register users and over $16 million in annual revenue.
Fiverr: This is an online website or marketplace where people from different works of life render their services ranging from content creation, graphics designer, social media manager, and so on for potential buyers who pay them per hour or article depending on the listing. It can be said to also be a marketplace for finding affordable talent and human resources.
Alibaba: is an online shopping mall or marketplace which was creat(ed) and made for buyers and sellers to meet and get what they want without the normal market hassles.
It is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. Establish on 28 June 1999 in Hangzhou, Zhejiang, the company provides consumer-to-consumer (C2C). Business-to-consumer (B2C), and business-to-business (B2B) sales services via web portals. As well as electronic payment services, shopping search engines, and cloud computing services. It owns and operates a diverse portfolio of companies around the world in numerous business sectors.
Zapier: was made where integrating technology is made possible without a developer in order to automate workflows. It is a product that allows end users to integrate the web applications they use. It is base in Sunnyvale, California and employs a workforce of 550+ workers locate around the United States and 38 other countries.
Canva: is an online website that has made it possible for anyone to design the visual assets they need themselves maybe in creating their blog or website without hiring help.
It is an Australian graphic design platform, used to create social media graphics, presentations, posters, documents and other visual content. The app includes templates for users to use. The platform is free to use and offers paid subscriptions such as Canva Pro and it Enterprise for additional functionality. In 2021, Canva launched a video editing tool. Users can also pay for physical products to be print(ed) and shipp(ed).
Kit: is an online virtual employee site that offers help to people who are in need of it to run their businesses effectively.
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