“The entrepreneurial life is one of challenge, work, dedication, perseverance, exhilaration, agony, accomplishment, failure, sacrifice, control, powerlessness…but ultimately, extraordinary satisfaction.”-David S. Rose
According to Ludwick Marishane, there are some entrepreneurial skills that can be learned. However, entrepreneurial attitude is not something that can be taught. In this regard, it would be best if entrepreneurs or would-be entrepreneurs would do their best to develop their attitude in approaching business ventures and endeavors. However, this does not mean that enhancing entrepreneurial skills should be disregarded in favor of honing solely your entrepreneurial attitude.
Indeed, if you wish to become your own boss (considering it is the much-coveted career in today’s modern society), there are merits to developing some entrepreneurial skills. However, this begs the question: What specific entrepreneurial skills would you need to improve? Which ones of these would propel you into making sound business decisions and aid you in your future corporate endeavors?
Well, from one of the most established business women in the Philippines (a construction magnate known and aptly named “Woman of Steel”), here are the skills you should develop and improve as according to Alice Eduardo herself:
1.) Take a different path
One of the cardinal signs of a successful entrepreneur is his or her ability to think outside the box. Creativity is an often overlooked skill when it comes to business ventures as newbie industrialists would be relying on old tactics and techniques which seasoned and established people in business staunchly depend on. By being creative, you can effectively see things differently and provide solutions to problems. Build or develop your creativity skills by intentionally trying something new.
2.) Start a business
Regardless of whether big or small, you get your first brush with entrepreneurship skills in opening a business. Managing a business is an excellent avenue for you to build your skills crucial to entrepreneurship. Such skills would include negotiation, sales, marketing and business planning. Do not be afraid to mistakes as with any business venture; your errors are paramount to teaching you to make better and sounder business decisions.
3.) Be tenacious in your dealings
No successful entrepreneur ever broke ground by playing too safe. In this regard, you should stick to your guns when it comes to challenges. Do not back down and persevere. However, this does not mean that you would throw critical thinking and thorough decision-making out the window. Calculate the risks, weigh your options and embrace the challenge.
4.) Delay gratification
Know that even the most established business ventures had had their own series of failures when it first began. When it comes to successful businesses, nothing happens overnight, and on top of that, there is no guarantee that such a business will take off. Indeed, more often than not, you will experience countless failures with almost zero rewards. However, your persistence will be rewarded when you finally hit the jackpot. Control your impulses and know how to delay gratification. Learn how to say no when needed and commit to doubling your efforts when it comes to working on your business ideas.
5.) Manage your own finances
The pecuniary aspect of a business venture is integral to the success or failure of the same. In this regard, as a smart entrepreneur, you must develop an excellent business acumen that includes the best way to manage your own finances. You must have at least a basic understanding of how finance works as this is crucial to running your very own company. There is no need to rely on an accountant, but it is essential for you to understand how the basics such as profit, loss, assets and cash flow of the company.