Many new businesses are launched every day and you’ve probably heard the stats: 90-something percent of businesses fail in the first 5 years, etc, etc. It’s true, starting a new business can be a high-risk move and many fail for lack of planning, skills, capital, or other unforeseen hurdles. There are fortunately a number of common skills of successful entrepreneurs, regardless of the industry or business you choose. Let’s take a look at them.
Common Skills of Successful Entrepreneurs:
5% inspiration, 95% perspiration? There may be something to that saying, as it is certainly in the execution that businesses turn from being a good idea into a successful and proven entity. You’ll need the drive and determination to see projects through, and to finish what you start even when it gets tough.
Running a business is all about making decisions and dealing with the consequences. You must be able to gather the necessary information, review the options and make quick decisions, otherwise nothing in the business will get done. As the business owner the buck stops with you.
Great entrepreneurs don’t know everything; they’re constantly learning, adjusting, and surrounding themselves with people who know more than they do. Why? Because becoming arrogant will make you lazy, you may miss important threats/opportunities, and ultimately your business will suffer. Make sure you’re open to learning and trying new things!
Online commerce is all about data. It’s now possible to know our customers and their habits in granular detail, and this can be the make-or-break of an online business. The ability to filter and analyse the business’s key information will help the business owner to know what’s working and what isn’t, and will drive strategies that will both avoid pitfalls and capitalize on opportunities along the way.
And remember as Mark Twain famously said: “Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones you did do, so throw off the bowlines, sail away from safe harbor, catch the trade winds in your sails. Explore, Dream, Discover.”