By: Dr Vikas Nand Kumar Batheja, Co-Founder & Director, Capital University College
From e-commerce to crowdfunding, from global supply chain to cryptocurrency, new opportunities are on the rise for entrepreneurs. However, with new industries to venture into, there comes a multitude of risks and challenges. With over 582 million entrepreneurs in the world and about 1/5th of them having the probability to fail in the first year, it has become necessary to understand the entrepreneurship game. Equipping new business enthusiasts with relevant skills that will allow their businesses to thrive in the digital era should be one of the primary objectives.
While successful entrepreneurs create new jobs and contribute significantly to the economy, hard work is no longer the only mantra. With perseverance and a solid business vision, entrepreneurs must focus on soft skills that will set their corporation apart and pave pathways for larger business successes. Due to this growing consensus of developing soft skills, this column will explore some commentaries entrepreneurs must bank on for running a successful business.
According to a survey collected by the National Association of Colleges and Employees, (NACE), participating employers were requested to name the skills they would seek in their potential candidates. The results revealed that written communication skills were one of the top skills projected by almost 82% of the employers followed by problem-solving skills. Consequently, technical skills and computer skills were mentioned in less than 60% of employers. This revelation holds true even for entrepreneurs as when they enter a new market; it is perhaps – word of mouth that supports them in retrieving new business.
Additionally, effective communication will allow entrepreneurs to pitch, educate, inspire and close deals. Even if corporations have the strongest or smartest strategies in place, it is only ace communication skills that will enable clients to be convinced. The ability to communicate will not welcome new clients onboard but also will become a valuable asset towards nurturing business relationships and keeping customers happy in the long run.
The skill to manage money is one of the essential skills in today’s highly competitive business market. For the mere existence of any business, entrepreneurs must know to manage their finances. According to GuidantFinancial, the major challenge faced by businesses in 2020 is related to finances. In fact, 23% of start-ups faced massive problems due to a lack of capital. Hence, entrepreneurs must be financially literate and understand cash flow – how much money comes into the business, how often, how much of it is accessible for investments, and how it can be effectively used. While making money is the main objective for entrepreneurs, saving money should be no less. As an entrepreneur, they should take time out to identify money leaks and cut costs wherever necessary to direct them in areas most required. Along with this, developing contingency financial plans will help in resolving challenges.
Entrepreneurs cannot just run their businesses and wait for opportunities to knock on their doors. They must be capable of thinking strategically and proactively looking for opportunities that will best work for their business. Taking the initiative, researching business trends, networking are some of the ways for entrepreneurs to put their businesses in the optimum position of growth. Such a skill is important to determine the best way to advance one’s business towards its goals. While strategic thinking is needed for the success of the company, this ability is also respected amongst their employees. A report suggests that entrepreneurs who strategize and develop new plans are more respected and valued considering their mindfulness of the future and working towards their corporate vision.
What is the one thing that keeps entrepreneurs going despite the setbacks or challenges faced? It is the unique outlook that is possessed by true business leaders. As successful entrepreneurs, they have a deep-rooted belief along with a sense of attainment. Most successful entrepreneurs have immense faith in their business plans and have the ability to implement visionary leadership skills. Companies are founded with a small idea. However, it is the idea that translates into relentless dedication with commendable leadership that eventually drives a successful business. Hence, it is extremely pivotal for entrepreneurs to nurture their inner-leadership skills, driven by a passion to transform their ideas into reality.
While the pandemic may have put a temporary halt on the movement of businesses, it is only a matter of time for entrepreneurs to re-launch, rebrand, and come strong as they understand the skills that will hone their business. All of this while new entrepreneurs thrive and compete in the market!