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Skill Set required for an Entrepreneur

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Introduction

Everyone cannot be a successful businessman just like everyone cannot be a good lawyer or an accountant. There are certain personality traits and attitudes that make some people more suited to be a successful small business owner than others.

Critical Self-Assessment

There are various types of quizzes and other Entrepreneurial Self-Assessment tools available online. When a person answers these questions and submits them in real time, he can view his answers as against the backdrop of answers given by successful entrepreneurs. One can also assess his entrepreneur characteristics with the ‘Are You Ready to Start a Small Business? Quiz’ on many websites.

Requirements for a successful entrepreneur

If an individual wants to run a successful business unit, he is required to have self-motivation, the knowledge of his industry, organizational and management skills and minimum working knowledge of marketing and vendor and customer relations.

Knowledge

One of the many reasons why majority of new businesses fail is the lack of knowledge on the part of business owner. If an individual does not possess the complete knowledge of his product or service and the industry in which he will be operating, no matter how much funding he can generate, he would never be able to have a successful business. 

Organizational Skills

When more than one person is involved in a business activity as employees, customers, vendors, retailers etc. then it becomes an absolute necessity for a business owner to have high rated organizational skills. He would not be able to run a successful business unless he does not possess sound organizational skills.

Managerial and Administrative Skills

An individual who wishes to start his own business need to develop the required skillset for managerial and administrative activities. These are absolutely necessary for a businessman and he can never succeed without them. He need to be a reasonably good business planner, money manager and people manager. At some stage in his business cycle, he will be required to direct a large team of different people involved in sales & marketing and business operations. 

Other Ability Requirements

To run a successful business enterprise, an entrepreneur need to respond positively to all challenges and to quickly learn from mistakes. He is required to take personal initiative in any business before asking others to join in. He also need to have great perseverance in the face of a failure.

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Author
Vipan Singh
Vipan is known for his passion for diversity and his work with corpseed. In his spare time, he is involved with numerous charitable activities and considers his greatest achievement to be the fact that he helps Startups and Entrepreneurs to scale up