To be an entrepreneur is to be your own boss, HR, marketer, and financial advisor. Starting, growing, and managing your own business takes a certain set of skills and a determined mindset. This blog will discuss the skills every entrepreneur needs to succeed as a business owner.
What Is Entrepreneurial Leadership?
Entrepreneurs are integral to our economy, creating new consumer jobs and services! Entrepreneurial leadership encompasses a variety of skill sets, from soft skills like communication and collaboration to hard skills such as bookkeeping, analyzing data, marketing, and other technical skills that keeps the company moving forward. To succeed and lead as an entrepreneur means developing new skills and improving existing skills.
Money Management for the Entrepreneur
If you struggle with money management in your personal life, you will have difficulty managing your business's finances. Entrepreneurs take on a lot of risks when starting their ventures. Business owners can enjoy a great deal of profit if the business isn’t doing well. To better understand your business's finances, work with a financial planner, read finance forums on Reddit and Quora, and use financial software to organize and manage your finances.
For great financial advice, check out our podcast episode, Cash Flow Drivers, on Breaking Through Biz, where Tabetha Sheaver sits down with Debi Corrie, CEO of Acumaxum to talk about growing small and medium-sized businesses and financial tips and tricks.
Communication & Listening Skills
Communication and active listening go hand in hand and are soft skills that every entrepreneur must have. Knowing how to communicate your thoughts, needs, and wants (effectively) eliminates miscommunication that may lead to bigger problems. Practice keeping an open line of communication between you and your team members.
Strong communication is not just about getting your point across. It’s also about active listening to what your team members and customers are saying.
Another aspect of communication is negotiation. As an entrepreneur, good negotiation skills will land you connections, more business, and increase sales.
Ability To Learn
This is a skill that’s important to have in both your personal and professional life. The ability to learn is crucial for succeeding as an entrepreneur. Entrepreneurs naturally have the drive to learn because learning is a major part of starting and maintaining a business. A good entrepreneur stays on top of consumer trends and has an innate drive to learn and improve existing skills.
Build Your Leadership and Development Skills
As an entrepreneur, you double as a business owner and leader! Everything you do in your business, your employees will also do. As a leader, you must be able to inspire, set processes, and work towards goals to motivate workers. That’s why team building is important; you get to know your team members, and they get to know each other. When everyone is on the same page, you can work towards the same goal. Teams need a leader to help them set and reach goals.
To be a successful team leader, you must know how to delegate tasks to workers. Delegating tasks to team members gives them purpose and focus, thus leading to growth!
“As a leader, you want to be kind, helpful, and gracious while setting clear boundaries and sticking to them. Yet you need to meet KPIs. Constantly making exceptions for even a high performer won’t work in the long run.”-- Tabetha Sheaver
Maintaining A Business Growth Mindset
This skill set ties back to the ability to learn. A business growth mindset is an integral part of being an entrepreneur. By having a growth mindset, you can view intelligence, abilities, and talents as learnable and capable skills, unlike a fixed mindset, which views those traits as inherently stable and unchangeable over time. When you operate with a fixed mindset, your venture will only plateau. To be a successful entrepreneur is to be a lifelong learner and have the drive to grow your business.
Setting boundaries, forming solid lines of communication, and getting all your employees on the same page is hard work, but it’s so rewarding! When you have a happy, healthy team and a bold leader–growth and success will follow.
That’s where Tabetha Sheaver comes in. Entrepreneurs, CEOs, and high-level executives work closely with a business management consultant like Tabetha to find ways to get on the same page as their team. When you work with Tabetha, your days at work will be smoother, meetings will be more productive, and team happiness will increase.
Tabetha Sheaver is a CEO, certified EOS Implementer®, project management professional (PMI), and an award-winning business success partner. She helps CEOs regain control of their companies with organizational change management strategies. Helping entrepreneurial leadership teams to be open, honest, and healthy. Tabetha’s experience and insight have made her an in-demand public speaker and presenter nationwide.