This article was originally written by Kevin MacCauley, Upper Hand CEO, and posted by Addicted2Success on August 12, 2019. You can read the article here.
There are countless components that go into building a successful company – things, like having a good business skill, knowing how to register your company by going on a site like yourcompanyformations.co.uk registered office address and being able to know what your customers want, are all key skills that can help you have a successful business. But soft skills act as the fundamental building blocks of a functioning business. Hard skills are considered to be job-specific, whereas soft skills are intrapersonal skills like listening and communication. Nearly 93% of employers said that soft skills are an “essential” or “very important” factor in hiring decisions. With the right blend of hard and soft skills, an entrepreneur is capable of great things.
Five Skills That Can Help Entrepreneurs Lead Successful Ventures
A successful company starts from individual confidence. In order to motivate and inspire others, an entrepreneur must find reassurance in themselves. Other businesses and consumers will believe in your company if you consistently believe in yourself. Being confident also means becoming comfortable with being uncomfortable— taking risks will expand your business and place you above competitors. As an entrepreneur and leader, it’s crucial that you possess confidence and exhibit it throughout every step of your business ventures. You need to be confident about your product/service too though. Ensure you have done plenty of market research by using tools like this market research brief template, as this will increase your confidence in the product. Confidence is key!
It is vital that an entrepreneur have a clear insight into their personality, especially their strengths, weaknesses, thoughts, and emotions. When an entrepreneur is self-aware, it can lead them to beneficial partnerships and agreements. Without self-awareness, leaders can begin to lose touch with their values. Self-awareness also includes control. Becoming overly emotional, for example, can lead to detrimental impulsive decision making.
The ability to work well with others is pivotal to any project. As an entrepreneur, it is important to recognize and understand your own responsibilities. But you should still always acknowledge the contributions of your teammates. To do this, you must identify your business culture and have tools on hand to manage mutually dependent relationships. Active listening inspires collaboration within teams and creates learning opportunities. Without open collaboration and the sharing and discussing of information and ideas, the success of your business is limited.
Time is the greatest equalizer. No matter who you are or what you do, we all have the exact same amount of time in the day. Successful management of that time separates the good from the great entrepreneurs. Entrepreneurs have many responsibilities; they are often jumping between tasks, hopping on calls, and attending events, while also tending to every big decision made within the business. It is crucial for business owners to find an operational system that works for their company and their goals. Creating a long term road map of company ambitions is an excellent way to distinguish between high and low priority initiatives. Entrepreneurs should create prioritization systems that employees can follow each month, ensuring business targets are met.
Throughout your entrepreneurial journey, unexpected hurdles and setbacks are inevitable. The process of starting a business will not be perfect. What matters most is how you progress when the outlook seems bleak. Your ability to stay tough and weather the storm speaks volumes to your leadership— and will lead to a huge payout at the end of the day. Maintaining entrepreneurial resilience throughout rocky times will empower your employees while simultaneously building your credibility. Resilience will also inform potential clients and customers that you are willing to fight through thick and thin.
Soft skills are the backbone of every successful entrepreneur. While hard skills — like financing and marketing — are crucial to conducting business, soft skills provide the essential groundwork. Developing these soft skills will come with time, mindfulness, and an eagerness to grow. Take the initiative to prioritize these skills in yourself. Once you’ve done that, you can then cultivate those same qualities in your business.