by Melanie R. Negrin
Entrepreneurial Skill #1: Expertise and a
Passionate Belief in Something
Most entrepreneurs begin business based on this trait
alone. At least five to ten years of professional experience or more than
1,000 personal contacts are recommended. Your personal network will be a
critical component to your earliest marketing efforts.
Running a full-time entrepreneurial business means
accepting change and making sacrifices in pursuit of something you
wholeheartedly believe in. Know what impact you want to make, what legacy
you want your company to leave, and let that guide you in establishing
your marketing message and building your business.
Entrepreneurial Skill #2: Expertise in Business
Regardless of the type of business you are starting,
it is critical to understand the basics of business thinking. You may
need help getting your records organized, learning elements of small
business taxation, creating and interpreting your financial statements, or
developing a strategic business plan, marketing plan, and financial plan.
Take some small business courses, consult with an accountant and attorney
who specialize in your field, or call the
Small Business Administration for assistance.
Entrepreneurial Skill #3: A Customer
Orientation
The most successful businesses in the world listen to
their customers and make adjustments to meet their needs. Many companies
uncover deep emotional needs and create new products and services to
address them. Be sure to talk with your customers, as often as possible,
and build long-term relationships with them over time.
Entrepreneurial Skill #4: Openness to Lifelong
Learning
The business environment is constantly evolving, and
to stay on top of your game, it is important to remain open to learning
about new ideas and new technologies that can enhance your professional
development and business growth. This may require you to participate in
professional organizations, attend classes, read, or do research on the
Internet or at your local library. Make sure you have the skills to learn
and grow.
Entrepreneurial Skill #5: Be Willing to Sell
Yourself
Every small business is intimately linked with its
founder and top leadership. As you seek out ways to market your products
and services, do not forget that you are also selling yourself: your
expertise, your passion, your talents.
Entrepreneurial Skill #6: Positive Orientation
toward Risk
Many large corporations watch the ranks of
entrepreneurs to help them enter a new market. By buying up smaller
companies that have already proven themselves, larger companies reduce
their risk. Having a positive attitude about risk-taking is crucial to
small business development. Remaining independent means you have given up
the relative stability of corporate benefits programs and accepted a new
lifestyle. Investing in your business wisely requires an understanding of
market risk.
Entrepreneurial Skill #7: Perseverance
Starting a business can be overwhelming. Getting the
appropriate paperwork filed, developing your logo and other elements of
your company identity, establishing a customer base, reinvesting in your
business, and managing the demands of life outside of the business all
take time and compete for your attention. It is important to determine
the work-life balance you are seeking, flex as needed, and persevere
despite challenges.
Four Routes to Entrepreneurial Success
In his book,
4 Routes to Entrepreneurial Success, John B. Miner identifies four paths to entrepreneurial
success based on what drives the company’s founder: the personal achiever
entrepreneur, the supersalesperson entrepreneur, the real manager
entrepreneur, and the expert idea generator entrepreneur.
The personal achiever is devoted to building the
business, working long hours, seeking out feedback, planning for the
future, and working toward goals while also managing crises. The achiever
tends to have a broad base of skills and be good at everything.
Supersalespeople are particularly adept at the
soft-sell, tapping into the emotional element of a product or service. If
this is you, seeking out management assistance and focusing on customer
relationship development may be your best bet.
The real manager feels at home in a hierarchical,
competitive business where logic and decisiveness are valued and has a
knack for managing ventures to achieve major growth.
Supersalespeople and real managers may do well as
business partners, particularly for service-oriented businesses.
Idea generators are the kings and queens of
innovation. They make new connections and invent new solutions, develop
new processes, find new market niches, and otherwise out-think the
competition. Idea generators are visionaries; they need to exercise
caution in the pursuit of new inventions, planning a little before
proceeding.
Whether you see yourself in these four profiles or
consider yourself a different type of entrepreneur, it is crucial to
maintain awareness of your strengths and weaknesses throughout the
development of your enterprise. The seven entrepreneurial traits
identified above are a good starting point in knowing yourself.
RESOURCES:
Miner, John B.,
4 Routes to Entrepreneurial Success, Berrett-Kohler Publishers, Inc., 1996.
ABOUT THE AUTHOR:
Melanie R. Negrin is Managing Director and Lead
Copywriter for
Merocuné Marketing & Public Relations, a marketing communications firm
specializing in entrepreneurial businesses and non profit organizations
that make an impact in their communities through professional and
community services. For more information, call 973.252.2409.
