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These may differ depending on the stage of your project, the type of company you are forming, and the industry you are entering. However, we can divide said knowledge and skills into three broad categories:
All of the skills and knowledge that we normally associate with business success are framed within these three categories: leadership, knowing how to sell, efficiently managing financial resources, teamwork, decision making, resilience, emotional intelligence, knowing how to identify business opportunities, innovate, and so on. All of these abilities are critical; however, you should not become obsessed with the idea that you must know everything from the start. Let’s look at what skills are required at each stage of your project’s development.
When starting a business, the question is always, “Is it worth it?” The world economy is currently in recession, which encourages people who have an idea to put it into action but are frequently stymied by factors such as fear, anguish, stress, or a lack of motivation. Success is a combination of constant preparation and opportunity; no one in history has had prosperity simply by waiting for it to fall from the sky. Opportunity is knowing how to find or create solutions to people’s needs. It is not in vain that the sheikhs of industry, oil, and technology arose from knowing how to find what people did not need and create that need for them.
But entrepreneurship is about more than just making money and achieving the coveted financial independence; you can’t start a project if you don’t know where you’re going as a person, which is why here are the five things every entrepreneur should know before embarking on his or her venture:
Whether you’re selling a product, a service, or a magical recipe for eternal youth, you’ll have to listen to thousands of No’s. Do not wait to enter this competitive world through the front door and earn an honorary position; similarly, you will not be the only one who has that idea; someone else is doing the same thing as you; this is why you must manage your emotional intelligence well, and do not allow the initial rejections of your product or service to diminish your desire to move forward. There is a so-called law of number, which states that it is easier to sell ten people worse than a hundred, so not declining at the start is critical for your venture. As a result, take the time to understand how your emotions work in order to control them and have them work in your favour.
2. Know how to sell
This is vital on your path to success; if you don’t know how to sell, you’re doomed to fail. No one is going to come to your house and knock on the door and say, “I want you to sell me what you’re promoting,” you’ll have to knock on the door many times to offer your services; at the end of the day, whether you sell pants or consultancies, you’re offering your ability to sell.
You will have to be an administrator, an accountant, a salesperson, a winemaker, and even a lawyer at the start of your business because you do not have a budget for it, so you must have the discipline to work 18 hours a day if you want success and to take advantage of every minute that is passing. You cannot go to a bank and ask for a time loan, claiming that you need it because you did not have the discipline to finish your activities at the end of the day; it will cost you to get out of your comfort zone; it is easier to spend time watching television than planning a sales strategy. It gets better every day; they don’t have to be drastic; you just shouldn’t let yesterday be the same as today.
4. Create contact networks
You will initially sell your product or service to friends or family, but they are not capable of telling you the truth, and without continuous improvement of the product or service, you will fail. If you dislike making friends or are shy in meetings, or if you are anywhere that is risky for your business, you must learn to influence people in such a way that you generate empathy, which allows you to create a contact, which in turn generates more contacts, allowing you to open up to the world and not just stay in your closest circle.
Do not believe that your product or service is unique; there are hundreds of people who think and act in the same way as you, so develop creativity in everything you do, from getting out of bed to cooking. This is a contentious step that many coaches overlook; however, how can you impact the market if you are unable to innovate at home, work, school, and so on? It may be the most difficult skill to develop if you consider yourself to be artless, but as we saw in the third point, everything is discipline, surprise, adding value to all your activities, and being different will make a difference.
Some people have an innate entrepreneurial mentality, while others have been forced to develop it as a result of various circumstances they have faced throughout their lives; however, anyone can make the decision to stop thinking like an employee and start thinking like an entrepreneur at any time. This is a stage in which the entrepreneur must develop skills such as self-motivation and self-discipline, as well as work on improving his intuition and forging an unbreakable character that will allow him to face the challenges that he will face along the way with determination.