Skills Entrepreneurs Need To Succeed

Studies have shown that many small business failures are the result of a lack of appropriate management skills. Entrepreneurs that find success are those that focus on their core competencies and outsource tasks that are outside that realm.

When you are a startup, it may be difficult to find the resources necessary to outsource tasks that, while necessary to the business, are not your core competency. If you are unsure of what those necessary entrepreneurial skills are and how to address those in which you are lacking, here are some areas to consider:

  • Sales and marketing: Understanding your niche market and being able to locate the clients and sell your goods or services is crucial to success. Business owners need to identify the market, determine who the ideal client is, understand the demographic, and target sales and marketing efforts toward that market. Understanding your customers and their particular needs also helps the business owner target social media efforts, newspaper or radio advertising, and even direct mail marketing.
  • Bookkeeping and accounting: Financial management procedures need to be in place from the day you make your first sale. Having bookkeeping and accounting systems, bank accounts, and correct IRS business filing status in place is crucial to financial success. An accountant can help develop a financial plan and disseminate figures to help you understand where efforts are bearing fruit and bringing in the income. Fiscal reporting can also let you see where expenses may need to be scaled back or reallocated. Financial reports can pinpoint when course corrections are needed.
  • Legal advice: A lawyer will help develop a business plan and determine which business ownership structure will best suit your endeavor. Having a business plan will help chart the course of your business and will also be necessary if you seek capital for expansion.
  • Self-management and personal organization skills: Being organized and managing a schedule is sometimes stressful for entrepreneurs. Networking, client relations, and in-office tasks as well a personal time need to be scheduled.
  • Regardless of the type of business endeavor, the need for technology cannot be discounted. From tracking inventory to income and expenses, time management, and customer orders, the type of hardware and software purchased will pave the way toward success. Understanding and managing technology provides the business owner an advantage and opens doors to multiple opportunities including, but not limited to, managing social media and networking and maybe even setting your business apart from the competition.

Learning on the job is not an option for the entrepreneur. Until the business’s budget allows, the business owner may need to rely on contract-hire help as a way to complete the tasks that are outside of the business owner’s core competencies.



Scroll to Top