Top 8 Entrepreneurial skills to build a successful startup

Entrepreneurial skills: In this article, we talk about key entrepreneurial skills required to create and manage a startup. As you already know, entrepreneurship has its own set of challenges and risks as opposed to an established business. In this article, we explore the key skills required to deal with the challenges of being an entrepreneur.

Entrepreneurial Skills to build a startup

The best way to make full use of this article is in conjunction with the discussion on key characteristics of an entrepreneur to build a startup. Most job descriptions define the expected skillset and articulate the technical requirements. However, as an entrepreneur, apart from the technical skills required for your specific product/market – you’re expected to know specific entrepreneurial skills to drive a business.

Why are entrepreneurial skills required?

Earlier, we subtly hinted that the entrepreneurial skills required are different compared to an established business. In an established business – the market/product is already known. It provides you with a sense of certainty to develop your services further. However, as an entrepreneur, customer’s expectations are based on your best guess and is limited to your personal experiences. Even with the best will and intention, there is a good chance that it is wrong.

Hence, while running entrepreneurship, it is important to cast your eye over some of the peripheral skills for an entrepreneur discussed below. The key entrepreneurial skills explored in this article are:

• Articulating a vision
• Planning and strategising
• Fundraising and networking
• Financial skills
• Communication
• Team Building
• Marketing and Sales
• Learning and Unlearning

Articulating a vision

As an entrepreneur, the business idea is untested and yet to be refined. Although you might have already developed a brilliant business plan, it is unpredictable. The business plans can and are expected to change as you develop the product and service.

To build your business – you need resources – funds, a team and people who believe in you. The best way you can do this is by being able to articulate your vision. You will need to convince potential customers, investors and even teammates about the capability of your idea. Most importantly, you must be able to paint the picture for your entrepreneurship and the value it will create.

Planning and strategising

Your business plan and strategy are the most important assets. Having run a couple of startups, I do admit that these plans are only indicatory. The field experience as an entrepreneur presents many unexpected turns and you’ll need to revise your strategy.

However, this doesn’t mean you can start without a structured plan. If not for yourself, you’ll need to build a stable plan for the sake of your team and investors. This not only gives clarity but also confidence that you know what you are trying to do. Without this skill or ability, you’ll find it difficult to gather support to build your entrepreneurship.

Fundraising and networking

This used to be one of the most painful aspects of my entrepreneurship days. I found it difficult to network with people in the hope that it would open doors for investments and potential customers. Although it was very different from my personality style, this was a skill I had to force myself to learn.

I wouldn’t call myself an expert but can assure you that this skill came in handy and helped us out to build the business idea faster and get some key investor contacts. Some nice pieces of advice on networking skills can be found here at the entrepreneur site.

Financial skills

One of the most important entrepreneurial skills is your ability to deal with finance. During my early days of entrepreneurship, bootstrapping was our only hope till we raised funds. It is crucial to learn the ability to work with minimal resources and yet progress towards your goals.

In addition, the investors will expect you to perform some financial modelling. Thankfully there are various free resources available to help you with financial modelling for a startup.

Communication

I can’t say enough about this skill. Right from day 1 when you articulate a vision to product development and selling to customers – this skill is the most supportive ability you can find. You’ll constantly need to work on this entrepreneurial skill to achieve success as an entrepreneur.

I must however iterate that communication is not only about talking and showing your business idea. All aspects of communication including listening, understanding customer needs is also equally important.

Team Building

You can be a solopreneur but the entrepreneurial skills never fail you if you can build a good team. In the past, we talked about hiring for a startup that describes key skills to look for. You will need someone who can understand and build something spectacular with you.

While talking about reasons for being an entrepreneur, we talked about the ability to leave a legacy behind. This is one of the most powerful motivators while creating a startup. Capitalise on this and create a team of

Marketing and Sales

You might have the best product and market fit. It is pointless if you are unable to sell this product to customers. Your financial model falls flat without a strong sales team. At least in the initial days, your entrepreneurial skills depend on the ability to sell.

You might not have a background – but either partner with someone who does or find ways to create this skill.
Sometimes, the only way even to attract initial investors is by being able to make some early sales.

Learning and Unlearning

The final set of entrepreneurial skills I’d like to talk about is your ability to learn and unlearn. Entrepreneurship is a fast-paced world. You are expected to know most of the skills during bootstrapping days because you can’t hire these resources. Make sure that you are open to learning.

Things work differently for an entrepreneur than others. While learning, make sure that you let go of your prejudices from previous backgrounds. It is almost as if you are starting afresh. This skill is further explored in Unlearning and dealing with uncertainty in a startup.

Summary: Entrepreneurial skills to build a startup

These entrepreneurial skills have served me effectively during my early days of running a startup. The most important skill which I didn’t talk about is your personality as an entrepreneur. In the early days, people buy a product from you because of the trust they have in you.

While the above skills provide a great pointer to start your entrepreneurial journey, your biggest asset is still your personality and its strength. Make sure that you’ve created sufficient avenues for this to shine.

Please share your thoughts before you leave, I’d love to know what your skills and assets are to run your passionate business.