Want to be a successful entrepreneur, 10 Skills you should know

Want to be a successful entrepreneur, 10 Skills you should know The term Enterpreneurship is in vogue and there are many youngsters who dream to start their own businesses and make it big. It is requisite for the students to develop certain skills to become a successful entrepreneur which are as followed. From the analysis of the online article published by Sujan Patel as on 9 February 2015; different skills required by an entrepreneur is as follows.  Management of money It is essential for the students to learn the ability to manage the money they have.


It is requisite to make effective decisions related to how much money has to be spent in different activities and how much has to be saved for future activities. Raising of funds The other skill is to obtain funds from different sources by evaluating the advantages and disadvantages and the way through which it can be obtained. Identification of strengths and weaknesses It is also essential to identify the strengths and weaknesses of the oneself which facilitates in making effective business decisions. This skill also helps to identify the productive levels, and routine of high energy level which helps in increasing the productivity of the entrepreneur.


Hiring of people The other skill is to attract skilled candidates towards the organization by communicating in an effective manner related to the organization and the skill to hire skilled people which help in increasing the productivity and brand image among the customers of the company. There is a need to provide a corporate culture in which the employees are ready to work.


Provision of training It is also essential to provide proper induction training to the new employees by providing clear information related to the vision and mission of the company and the expectations from them to reach great heights. Usage of latest technology The student should also develop a skill to use latest technology in order to connect with more people in order to become a successful entrepreneur such as use of social networking sites and SEO to spread awareness about the company to different potential stakeholders of the company. Achieving high level of customer satisfaction It is required to track the changes taking place in the preferences and tastes of the customers and provide them the product that can fulfill their actual needs. This can be done by asking different questions relevant to the products and services offered and needs of the customers. It is essential for the entrepreneur to spot or identify the new trends and develop and offer products with new features that might fulfill the new demands of customers in an effective manner.


Closing of a deal It is also requisite to develop a skill that facilitates in closing the deal with the customers by offering them lucrative offers and understanding their need and convince them that the offered product or service will result in fulfilling their needs. Management of failure It is not necessary that the entrepreneur always succeed in their aims. This requires that the entrepreneur should have the ability to deal with the failure in an effective manner so that they achieve success in future. It is not necessary that all the actions taken by the entrepreneur leads to success.


Therefore, it is necessary for them to deal with failure in an effective manner. Building strong relationships with different people It is also essential for the students to have the ability to make strong relationships with other people by upgrading the communication skills which is essential to become a successful entrepreneur. Establishment of strong relationships with suppliers, customers and employees helps in improving the operational efficiency and productivity of the organization as a whole.