5 Essential Skills for Budding Entrepreneurs-

In the age of Facebook, Airbnb, and Apple, everyone is inspired to be an entrepreneur. Thanks to the internet, so many barriers have been broken down for today’s entrepreneurs. Starting a business is now more accessible, affordable, and simpler. But as budding entrepreneurs, it’s not just enough to start a business and hope it succeeds. You need to equip yourself with certain skills to aid you along the way.

Budgeting

Most entrepreneurs despise budgeting. However, knowing how to manage your money is integral to helping your business grow, instead of turning to “get rich quick” money management techniques, which Entrepreneur warns are often ineffective and insubstantial. A budget allows entrepreneurs to not only plan for expenses, but analyze investments and expenditures. It will make planning for future financial needs, such as emergency repairs and upgrades, much easier without having to resort to loans. Keep a ledger and track all your receipts. Invest in budgeting software. Separate your personal and business finances.

Time management

As an entrepreneur, you are your own boss. There’s no one else to make sure you get the job done. And while this can be liberating, it can also be challenging when it’s a Monday morning and you know you have the option to hit the snooze button a few more times. Don’t worry; you don’t need your own secretary or an army of interns to keep you in check. The key is to find the productivity system that works best for you. Some prefer writing down lists in a planner or journal, which can help stimulate more creativity. But if you’re the type that keeps everything on your phone for convenience, consider productivity apps such as Todoist and Wunderlist, which allows you to jot down all your tasks for easy reference. Meanwhile, habit and task trackers like Sorted and Streaks also allow you to see exactly where your time is going, giving you more control of your day. In addition, work timers such as Pomodoro can be downloaded to help you not get lost in your workflow and maintain your routine.

Communication and marketing

Whether you like it or not, communicating is a vital part of an entrepreneur’s skill set. You’re always selling ideas, products, services, or even yourself to an investor as well as your potential customers. Even if you have the best brand, product, or service in the world, all of that is meaningless if you can’t translate or market your thoughts well. If you’re not a natural-born communicator, it might be good to start reading up on good practices or better yet, taking classes to improve your skills. To improve your brand presence, Maryville University highlights the need for you to be able to develop campaigns and reach audiences across various platforms. Consumers are attracted to things that resonate with them, so you should be able to speak to them in a way that hits their sweet spot—whether that is through visuals or your tone of voice online. The better you build your communication and marketing skills, the higher the chances are of you getting your message across to investors, customers, and company stakeholders.

Creativity

The basic definition of an “entrepreneur” is someone who can identify problems or needs and can find new ways to solve them using business. To do so, you must debunk the myth that only artists can be creative. Creativity is like any muscle that can be developed with some stretching and heavy lifting, even if you’re a dominant left-brainer. Go out and find inspiration instead of waiting for it to come and hit you, or find artists whose works speak to you. Read. Immerse yourself in films. Go outside. You’ll be surprised how differently you’ll see the world afterwards.

Work-Life Balance

 

 

When you’re just starting out, it’s easy to get lost in the sauce and get carried away with the excitement. Huffington Post points out that the culture of overworking is particularly toxic for entrepreneurs, who are known for their obsession with 80-hour working weeks. In reality, it is nothing but a set-up for burnout. But a good entrepreneur knows when to step back and take a breather. Instead of treating it like a privilege, see a work-life balance as something essential to maintaining balance in your business. In this light, here on Entrepreneur Girl we suggested tips for finding stillness. These can be as simple as allotting a set time for exercise and treating yourself to a quiet morning coffee.

 

Article specially written for tracyjosmith.com

By Sheila Miller