5 skills every entrepreneur needs to succeed

Whether you're managing a family business, starting your own business, or running multiple organizations, PickJobs brings you the 5 skills you need to be a successful entrepreneur, and also look for in job candidates' resumes.

Financial skills

Budgeting and knowing how to keep track of finances is key for entrepreneurs. Small business owners must be able to understand financial statements, which are records that detail the business's activities and its overall financial performance. Entrepreneurs will need to know how to calculate return on investment. This is important in order to evaluate the use of investments in your organization to ensure that your resources are being used effectively.

Communication skills

For an entrepreneur, communication skills are crucial. Negotiation, confidence and networking are three communication skills that are extremely useful for business owners.

Negotiation: When making business deals with investors, clients, suppliers and anyone else you need to work with, negotiation is extremely important. While there are many different negotiation philosophies, one of the most sought-after is a win-win scenario where both you and the other party benefit from the deal.

Trust: You must be your company's biggest advocate. You should know your small business inside and out so show confidence when talking to suppliers, clients and competitors. The ability to confidently convince others about your business cannot be underestimated. Whether it's persuading a customer to buy a product you know is best for them or connecting with vendors to offer your product or service, you need to stand firm against every obstacle that comes your way.

Networking: Networking can be done with coworkers, alumni, professors, supervisors, clients, and other business professionals in your industry or outside of it.

Leadership skills

Strong leadership skills are essential to running a business. Your employees and co-workers will look to you for guidance. Leading your team by example, overcoming upcoming difficult challenges, while remaining calm and collective, is not an easy task, but it is extremely important. Developing a leadership style focused on your employees and your business will allow your organization to be most effective.

Time organization

There are only 24 hours in a day, which is never enough time in the life of an entrepreneur. While running a business, you need to prioritize your work day to maximize your efficiency. Organizing with a calendar, creating to-do lists for you and your team, and hiring individuals with specific skill sets will allow you to be more efficient.

Sale

Sales are the bread and butter of your business. If you are unable to reach out and sell your product or service, you are already out of business. Selling is important because it allows you to make money and acquire a client. Branding is a big part of selling. You need to ensure that every product or service your company offers is tailored just for your customer and tailored to your business. This is especially important for more expensive and high-end small businesses. You must remember that every product/service you provide to a client reflects on your business by creating your brand. A positive experience with your brand will bring your business repeat customers, creating a consistent revenue stream.