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  • Writer's pictureDaniela Vidal

Ten entrepreneur skills you must have or develop to run a startup

Updated: Dec 7, 2023


Entrepreneurship skills like resilience, creativity, leadership among others, can help us to navigate this world that is somewhat uncertain path.


I recently watched a master class with Sara Blakely, the multimillionaire creator of SPANX, in which she talked about how her father encouraged her to try new things, every night, he asked their children, what have you failed in today?



Sara says that this simple question gave her another perspective on failure, success and exploration without fear.


Sara has the philosophy that failure is depriving yourself of trying new things; failure has nothing to do with not reaching specific goals in life.


Sara's story shows how Resilient and persistent she is, two out of ten entrepreneur skills that we mention in this blog.


Something important I like to highlight is that you don't have to have all these skills developed, but you have to be able to measure them and work in the weaker ones.


As we mentioned, in this blog, we will discuss some of the key skills that every entrepreneur needs to possess.


1. Creativity


One of the most important skills for an entrepreneur is creativity.

You need to be able to think outside the box and come up with innovative solutions to problems.


This could mean creating a new product, developing a unique marketing strategy, or finding a new way to deliver your services.


Let’s have a look and try to understand the importance of creativity.


1.1 Competitive advantage

Discovering fresh markets and coming up with innovative ideas increase productivity and ultimately give business owners the competitive edge they need.

1.2 Product development


Creativity encourages new ways of developing an existing product or service, thereby optimizing business activities in the organization.


1.3 Changing the status quo

Creativity enables an entrepreneur to get new perspectives towards business processes or problems. Traditional solutions are shut and new, interesting, & versatile options are explored. It leads to ‘’Thinking the Unthinkable’’.

1.4 Developing new niches

Discovering fresh markets and coming up with innovative ideas increase productivity and ultimately give business owners the competitive edge they need.


2. Risk-taking


Starting a business is a risky venture, and as an entrepreneur, you need to be comfortable taking risks.


You need to be able to weigh the potential rewards against the potential risks and make decisions based on that analysis.





3. Resilience


According to the American Psicological Association, Resilience is the process and outcome of successfully adapting to difficult or challenging life experiences, especially through mental, emotional, and behavioral flexibility and adjustment to external and internal demands.


A number of factors contribute to how well people adapt to adversities, predominant among them:

  • the ways in which individuals view and engage with the world

  • the availability and quality of social resources

  • specific coping strategies

Entrepreneurship is not always a smooth ride. There will be challenges and setbacks along the way, and you need to be able to bounce back from them.

Resilience is one of the entrepreneur skills that keep you going even when things get tough.

The greater news is that Resilience is a skill that can be improved. Here you can find some tips that Mayo Clinic gives to become more resilient.



4. Adaptability


The business world is constantly changing, and as an entrepreneur, you need to be able to adapt to those changes. This means being open to new ideas, technologies, and ways of doing things.


5. Communication


Effective communication is essential for any business, and as an entrepreneur, you need to be able to communicate clearly and effectively with your team, customers, and stakeholders.

When you are good at communicating you can develop great alliances, sell your product or service in an excellent way, and is a great entrepreneur skill when you have to be leader.

This is also an entrepreneur skill that you can improve by reading some books or doing online courses like this one.


6. Leadership


As the founder of a business, you are also the leader.


You need to be able to inspire and motivate your team, make tough decisions, and set a clear vision for the future.


Integrity

Delegation

​Communication

​Self-Awareness

Gratitude

Influence

​Learning Agility

​Courage

​Empathy

Respect


7. Financial Management


You don't need to be an accountant to run a successful business, but you do need to have a good understanding of financial management.


This includes creating a budget, tracking expenses, and understanding cash flow.

Financial management is really important in any startup; without money, there is no business, it is important to have periodic targets of income and outflows to generate a profit.


8.Time Management



You'll probably have a lot on your schedule as an entrepreneur, so time management is crucial.


Prioritize your tasks, delegate when required, and successfully manage your time.




9. Networking


Business networking can give you access to new opportunities you might not be able to find on your own.


For example, your Network could provide you with insight into new sales techniques, information on a competitor's marketing strategies or advice on how you can improve professionally.


A list of businness contacts can also become a great resource for fulfilling company needs, such as an ideal candidate for an open position.


Effective business networking can save you time and alleviate stress, so knowing how to use it effectively can be a powerful tool for a company’s development.


10. Persistence


Finally, persistence is a key entrepreneur skill.


Starting a business is not easy, and there will be times when you feel like giving up. Building a company sometimes feel like being in a rollercoaster,

there are ups and downs and you need to be persistent and be aware that the bad times will pass.


If you can stay focused on your goals and persist through the challenges, you will eventually achieve success.






Conclusion


In conclusion the most important values for an entrepreneur are mental skills.


It would be more probably that you succeed in your startup if you have these ten skills or if you improve some of the weaker aspects.


Some of the most important entrepreneur skills are: creativity, Resilience, adaptability, among others.


You may be interested in reading our related blog post:

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