6 Key Skills and Abilities You Need to Be An Entrepreneur

KT 7: Do you have what it takes to be an entrepreneur?

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Photo by Humphrey Muleba on Unsplash

Although many factors come into play such as your personal circumstances and timing, research does show that business owners often share certain qualities that make up the entrepreneurial mindset.

Making money may be one reason but ultimately entrepreneurs want to make an impact on people through their businesses. They may also want to shape the course of events, for example, buying another company, etc.

Another reason at the root of entrepreneurship is the desire to be independent. On the other hand, one may want to be their own boss and feel in control of their destiny. Independence is a strong driver for people who want to set up their own businesses and pursue their dreams.

Some key aptitudes that shape entrepreneurs are:

1. Perseverance

Business owners are usually determined to get past obstacles and see a project through its completion despite setbacks. They will overcome their frustrations and problems and persevere. Given the challenges of today’s complex business environment, this aptitude is at the top of the list.

2. Self-assurance

Entrepreneurs show self-confidence and trust their instincts. This self-assurance helps them through difficult times and pushes them to achieve tough goals. Without that self-assurance, people hesitate and aren’t so willing to take calculated risks.

3. Creativity

Another aptitude that I’d emphasizes is creativity. This is particularly true when it comes to the ability of an entrepreneur to creatively identify business opportunities. Entrepreneurs instinctively see gaps in the market and can find unique products and services that meet a demand.

4. Tolerance for ambiguity

Successful entrepreneurs are comfortable with ambiguity and capable of making decisions even when they don’t have all the information they need. For example, you might be selling products or services in a relatively unknown market. This level of uncertainty can be very stressful for most people but entrepreneurs learn how to work around it.

5. Attitude toward failure

Many business owners have a long history of failures and accept these as part of the learning experience. Rather than view failure as disaster, an entrepreneur will learn from his or her mistakes and what to avoid the next time around. They’ll pick themselves up after a failure and start over.

6. Action-oriented

Entrepreneurs don’t rest on their laurels and are driven to accomplish their objectives through concrete action. They want to get down to work and won’t put off difficult tasks until later. That strong desire to tackle their objectives and see quick results often characterizes people who want to run their own companies.

Before you get started, you must first get a clear business plan (Road Map) in place. This roadmap will show you where you are going with your company. It should demonstrate that you’ve done your homework, understand your market and that you can actually generate business. Once you have that plan in place, you can move more confidently ahead.

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Kaloli Tsekoa
KALOLI TSEKOA is an ‘Ignitor.’ He lives with a simple mantra: ‘Absolute Power Lies in Sharing.’ He’s an astute Speaker, Entrepreneur and a Development Activist. KALOLI TSEKOA is a Civil Engineering Technologist, Programme Manager and Fund Manager, among other with experience in Consulting and DFIs. His flagship programmes include the Lesotho Highlands Water Project, the R9billion Jobs Fund, the R3.2billion Small Business& Innovation Fund, etc. His passion is in transforming people and small businesses for better results.