Updated: Aug 14, 2019
Every year, thousands of people invest their efforts and money in startups. However, only a handful of those who venture to become entrepreneurs make it big in the industry.
While it is very easy to blame fate’s intervention in the picture, it is not true. When observed, all the renowned business owners were found to have some common characteristics, with which they used to dominate in their industry.
Here are three skill set every successful entrepreneur have in common to help them thrive in business:
The highest paying profession in the world is selling. You are either good at it, or you are not. But if you want to set yourself apart and stand out in your industry, then you must make it a priority to become an excellent sales person. This does not infer that you have to talk to everyone you come in contact with about what you are offering. It is about understanding who your customers are, and giving them what they want without being pushy, and that takes skills.
No one likes to be sold to or feel like they have been taken advantage of. On the contrary, everyone likes to buy when they believe you care about their needs and you genuinely want to help them.
If your business is slow or not making progress, then you should ask yourself this question, am I catering to the right people? If you are, then the next question is, are you "selling" to them or are you "helping" them to meet their needs with your product or service?
2. People Skills
This is yet another important skill set. An entrepreneur needs to know how to communicate with different audiences. We are fortunate to live in a world with seven billion people. The great news is that out of the seven billion, there is a huge market for your product or service.
However, being able to relate and build a strong bond with your audience is the key to having loyal customers to your brand. You have to "speak their language", think like them, and even put yourself in their position to see things from their point of view.
People are generally attracted to people who think like them and understands them. When you understand your customers needs, you can provide a better solution to meet that need, and market it in a way that they cannot resist your offer.
3. Money Management
It's one thing to be good at selling and the money starts flowing in, but its a different ball game to be a good steward of the money as it comes in. The lifeline of any business is the cash flow. When the cash stops flowing it's only a matter of time before the business crumbles. There are countless stories of companies that have made it to the top only to end up going out of business because of their inability to manage their resources. To ensure that your business sticks around for a while, make sure you are managing your resources wisely, re-invest back into your business, and save a portion of your money in case of an unforeseen event.
Of course there are many skill sets that makes a successful entrepreneur, however, without these three it is difficult to assume that one can make it in any line of business.