Being an entrepreneur takes more than a terrific business idea and visions of success. Concrete skills in areas like finance, marketing, communication and negotiation are common among successful entrepreneurs, many of whom consider themselves jacks-of-all-trades because they have to wear so many hats to successfully start and operate a business.
Financial
Entrepreneurs are responsible for constructing a business plan, which includes extensive work pertaining to financial data. They need to know how to calculate start-up costs, operating expenses, sales projections, depreciation and projected income and liability. Many of these are accounting and finance functions and require, at a minimum, knowledge of general accounting procedures. Even if the entrepreneur intends to delegate this job to an expert, such as a certified public accountant, he still needs to be capable of overseeing the accounting functions for his business.
Staffing
Skills related to workplace planning and staffing her organization are essential for an entrepreneur. Such skills as workforce planning, estimating production capabilities and how to match employees' qualifications to job duties are minimum requirements for an entrepreneur. Entrepreneurs generally start their businesses from the smallest number of employees and increase staffing as business needs change; therefore, they need to understand how much to increase staffing numbers by the amount of work they need their employees to produce.
Research
Research skills are a must for a variety of reasons, including learning general business practices, and employment laws and practices the entrepreneur doesn't already know. It's important for an entrepreneur to have a firm grasp of business law and labor and employment law, as well as the resourcefulness to find materials related to federal and state laws that govern the workplace.
Marketing
New businesses --- particularly those on a shoestring budget --- need an entrepreneur who's comfortable with marketing concepts, theories and practice. The ability to market products and services is critical to new and established businesses and entrepreneurs who don't have basic marketing skills may find they're overly dependent on outside professionals, which can be costly.
Communication
Entrepreneurs also need to have good written and verbal communication skills. From the point at which they write a business plan, their communication skills are put to the test. Pitching a business plan to potential investors is common among entrepreneurs seeking funding, and the ability to communicate a business plan and strategy in a convincing and engaging manner is necessary for entrepreneurs looking to persuade investors to give them the money they need to start a business.
Negotiation
Negotiation skills come in handy in virtually every role an entrepreneur plays. Delivering a business plan strategy to potential investors may involve negotiation when investors are on the fence with the amount of money they can invest versus the amount of money the company needs. Negotiation skills are imperative when dealing with suppliers and vendors for the first time; building a productive relationship with them can pay off in the long run. The ability to negotiate everyday business needs --- from office space to office supplies --- is a skill that entrepreneurs must have or develop early on in their businesses.
Financial
Entrepreneurs are responsible for constructing a business plan, which includes extensive work pertaining to financial data. They need to know how to calculate start-up costs, operating expenses, sales projections, depreciation and projected income and liability. Many of these are accounting and finance functions and require, at a minimum, knowledge of general accounting procedures. Even if the entrepreneur intends to delegate this job to an expert, such as a certified public accountant, he still needs to be capable of overseeing the accounting functions for his business.
Staffing
Skills related to workplace planning and staffing her organization are essential for an entrepreneur. Such skills as workforce planning, estimating production capabilities and how to match employees' qualifications to job duties are minimum requirements for an entrepreneur. Entrepreneurs generally start their businesses from the smallest number of employees and increase staffing as business needs change; therefore, they need to understand how much to increase staffing numbers by the amount of work they need their employees to produce.
Research
Research skills are a must for a variety of reasons, including learning general business practices, and employment laws and practices the entrepreneur doesn't already know. It's important for an entrepreneur to have a firm grasp of business law and labor and employment law, as well as the resourcefulness to find materials related to federal and state laws that govern the workplace.
Marketing
New businesses --- particularly those on a shoestring budget --- need an entrepreneur who's comfortable with marketing concepts, theories and practice. The ability to market products and services is critical to new and established businesses and entrepreneurs who don't have basic marketing skills may find they're overly dependent on outside professionals, which can be costly.
Communication
Entrepreneurs also need to have good written and verbal communication skills. From the point at which they write a business plan, their communication skills are put to the test. Pitching a business plan to potential investors is common among entrepreneurs seeking funding, and the ability to communicate a business plan and strategy in a convincing and engaging manner is necessary for entrepreneurs looking to persuade investors to give them the money they need to start a business.
Negotiation
Negotiation skills come in handy in virtually every role an entrepreneur plays. Delivering a business plan strategy to potential investors may involve negotiation when investors are on the fence with the amount of money they can invest versus the amount of money the company needs. Negotiation skills are imperative when dealing with suppliers and vendors for the first time; building a productive relationship with them can pay off in the long run. The ability to negotiate everyday business needs --- from office space to office supplies --- is a skill that entrepreneurs must have or develop early on in their businesses.