7 Basic Skills Entrepreneurs Needs to Master

2018 is predicted to be a fantastic year for entrepreneurs in a variety of sectors. Between the increase in investment opportunities and the rise of the gig economy, entrepreneurs will find more opportunities for growth and success. With that said, as the economy continues to grow and develop, it becomes more unpredictable. Businesses are undergoing fundamental changes in how they interact with themselves and with their customers, creating a need for new skills.

Entrepreneurs in 2018 have to possess a diverse skillset.

Read on for some basic skills every entrepreneur needs to succeed in 2018!

1. Social Media Marketing

According to a report by Nielsen, tech-savvy millennials and Gen-Zers comprise nearly 50% of the total media audience, and have a population of nearly 150 million. Both generations rely heavily on the internet to find companies and make purchases. This means that all entrepreneurs need to be familiar with establishing a strong online presence. From an appealing website to a well-run Instagram account, online marketing is absolutely critical to a successful business in 2018/19.

2. Brand Authenticity

Part of the changing business landscape is a renewed interest in the social impact businesses have on their communities. Consumers expect companies to have a strong mission statement and to engage in different social causes. Consumers can easily tell which brands are truly committed to helping and which companies are not, so entrepreneurs should focus on building a sense of authenticity. This helps to build trust between you and your customers.

3. Good Communication

As an entrepreneur, you will move between many different circles. Between business meetings and working with customers, clear communication is essential to any business. To improve this skill, it might be worth thinking about taking a public speaking class, or you could make a personal study of various great public speakers to find commonalities. Make sure all your communication is purposeful, clear and well-articulated.

4. Empathy

The upcoming generation of consumers is increasingly experience-oriented instead of just focusing on the product. For your business, this means that consumers want to be listened-to and valued. Although empathy is a soft-skill, being able to empathise with your customers will show them that you truly care about solving their problems. By providing that impression, you will build a positive brand image and encourage customers to come back.

Team management skills essential to entrepreneurship success

5. Business Management

Being a one-man or one-woman team works for a while, but eventually you should begin to scale up your company. For first-time entrepreneurs with no business experience, knowing how to effectively run a full-sized business is a daunting task. Studying business management, or even getting a degree in business management, will ensure you fully understand the range of factors to address to run a successful business – from the small day-to-day actions of team dynamics to global business regulations.

6. Productivity

Staying focused on one problem for long periods of time might be the biggest problem new generations face. As an entrepreneur, you will be bombarded from every angle with phone calls, emails, paperwork and more. With such a huge to-do list facing you, focusing and being productive is a struggle. Every entrepreneur needs to learn how to be productive every day. As an individual, what works for someone else might not work for you. Do some research on different time management strategies and find one that works for you. Another crucial aspect of this skill is the ability to set long-term goals and break them down into several short-term goals.

7. Learning From Mistakes

At the end of the day, every business and startup will face setbacks and mistakes. The most important skill is to have a growth mindset and the ability to learn from mistakes. Resilience in the face of failure is difficult, but incredibly valuable. Through mistakes, you have the opportunity to fix problems and increase your chances of success next time.

Being an entrepreneur in today’s world is difficult, but with the right skillset and mindset success will be on the horizon!