Five Essential Entrepreneurial Skills for Success
I recently read an article by Kristina Byas that discussed the five essential entrepreneurial skills for success in today’s market. Over the years, I have worked for and met many small and large businesses in the glass industry that were started by entrepreneurs who came from the trades.
According to Byas, while starting a business is exciting, the “truth is that entrepreneurship demands more than just a passion for your product or service. As many entrepreneurs soon discover, certain skills are immediately obvious but necessary for long-term success.”
Emotional Intelligence and Resilience
“Emotional intelligence is the foundation for entrepreneurial success, but it’s usually the first thing that goes out the window when things get chaotic,” says Samantha Fackler, brand strategist and business coach. “Developing emotional intelligence helps entrepreneurs manage stress and remain resilient through difficult times, which is key to long-term success.”
I have noticed that calm, common-sense leaders run the larger and more successful businesses in our industry. In my old days, the three “C’s” were a part of the culture: Calm, Clean and Current. Customers want to work with businesses that are not chaotic, where the team looks like they are under control and confident in what they are doing.
Time Management
Byas writes that 27% of entrepreneurs report a poor work-life balance. She notes that “While it’s tempting to pour all your energy into your business, constantly working long hours can quickly lead to burnout, which is experienced by 34.4%. Simply working more is not the solution. Learning to distinguish between urgent tasks and those that can wait will keep both your business and health on track.”
Financial Literacy
It’s easy to get swept up in the excitement of launching a product or service, especially when it meets a clear need and starts attracting customers. However, keeping a firm grip on the financial side is a constant challenge. One issue I’ve seen with small glass shops is a lack of clarity around their true costs, and that’s fundamental to understanding how the business actually performs.
Adaptability
Change is the only constant. Entrepreneurs must pivot or rethink their business plans to stay relevant and draw in customers. In the business I have been involved in, this was the major driving force for our growth. We always said the only thing that is constant in the company is change.
Delegation
In the early stages of building a business, you wear every hat: founder, customer service rep, marketer and accountant. As the company grows, you have to trust others and hand off responsibilities. That shift frees you to focus on the core priorities and makes day-to-day operations more efficient. In my experience, this underpins all the other key skills. If you don’t keep replacing yourself in certain roles, growth will stall. You can’t run a business alone; your people are your most valuable asset.