Key Skills for Entrepreneurs

What is it that makes a successful entrepreneur? What is it that drives sales and builds a business? Entrepreneurs do seem to have some common traits, including:

- physical and mental stamina
- a drive to take control of their own destiny
- a competitive instinct
- resilience in the face of defeat
- good judgment
- decisiveness
- the ability to inspire others
- an unfailing positive attitude
- great communication skills

This could be quite a daunting list, unless you recognize that some key entrepreneurial traits can be acquired or enhanced. They often need to be, as not all entrepreneurs are natural marketers when they start their business. Some work independently to expand their skills. Others work in partnerships, where the partners pool their skills and parcel out the work accordingly.

Successful entrepreneurs are constantly asking themselves questions. Is this product what the customers want? Is there a way to improve it? What are competitors doing in this area? Are they posing any new risks?

They want to keep an eye on all aspects of the business. Are there problems with operations or marketing? What are the profit projections for the next three months? Is everything adequately financed?

Basically, successful entrepreneurs have trouble sleeping unless they have a good sense of what is happening in all areas of their business. They need to be confident that all areas of their business are working well together.

If you are one of these driven entrepreneurs, you likely feel the need to understand your business at all levels. You can begin by setting up benchmarks and Key Performance Indicators for your business, monitoring them on a regular basis to make sure you are moving in the right direction. Another great place to start would be a Business Diagnostic and Performance Review, where you will get a holistic analysis of your strategic and operational position and an Action Plan to put you in control of your business…so that you can sleep easier at night.
For more information about setting up your Key Performance Indicators or conducting a FREE Business Diagnostic and Performance Review, please contact our office at (317)782-3070.