8 Important Business Skills That Every Entrepreneur Should Have

There are almost 31 million small businesses operating in the United States right now. Those businesses generate roughly 2 million jobs for the American economy.

Given the importance of small business and the amount of freedom that being a business owner affords entrepreneurs, we’re seeing the number of new businesses grow every year.

Just because people are jumping on the small business bandwagon though doesn’t mean that you should too.

That’s because the vast majority of small businesses fail within the first 3 years of being open.

To give yourself the best odds of operating your business successfully, our team recommends making sure that you possess the following soft and hard business skills.

1. Marketing

There is a lot of competition out there. In order to cut through the clutter and stand out so that you can hit your goals, you’re going to need to know a thing or two about marketing.

When we talk about marketing, we’re not just talking about putting up signs. We’re talking about understanding concepts like search engine optimization, pay-per-click campaigns, email funnels and more.

If you’re not privy to how to go about marketing in the digital age, get educated before opening your doors.

2. Technology

Small businesses today are increasingly reliant on technology.

They store data in the cloud. They use Internet-based phone providers. They’re relying more and more on eCommerce to generate sales.

If you have a strong relationship with tech, you’ll find it much easier to adopt the best and most affordable workflows for your operation. If you’re completely lost when it comes to tech, you’re going to struggle.

Many community colleges offer basic technology courses to people that are looking to learn the basics. We recommend taking one of those classes or learning online.

3. Leadership

As a small business owner, you’re the one steering the ship.

There’s no manager that’s passing directives onto you. No board of directors putting up guardrails that you have to operate within.

There’s just you and your ability to lead.

Are you a natural born leader? If you answered no to that question, that doesn’t mean that you can’t run a company.

It just means that you have to push yourself to take initiative and be the director that your organization needs to succeed.

4. Communication

Much of running a business comes down to communicating effectively. Whether you’re passing directives down to employees, enticing customers or negotiating with vendors, how you present information is going to have a large bearing on your success.

Communication is one of the business skills that you can develop through practice and feedback.

If you make it a point to become better at getting your point across concisely, you’ll find that, eventually, doing so will come naturally.

5. Mathematics

Math isn’t everyone’s cup of tea. If you’re going to be in charge of keeping your company’s financial livelihood above water though, you’re going to want to make a point to get proficient at it.

Fortunately, there are programs that make working with numbers a lot easier.

QuickBooks streamlines your bookkeeping needs. Microsoft’s Excel can do a ton of heavy numerical lifting as well if you take the time to learn advanced excel data analysis.

Bottom line…  Start improving your relationship with numbers and find the right tools that can help you along the way. If you do, you’re going to run into fewer errors with your day-to-day operations.

6. Organization

Being a business owner often means wearing many different hats.

If a customer has a complaint, you need to field it. If your vendor is going to be late with a shipment, you need to improvise.

All of that role juggling makes it easy for things to fall through the cracks. To minimize things falling by the waist side, put together a system that enables you to stay as organized as possible.

If that system entails hiring a secretary, great! You could also just get into the habit of keeping a great digital planner that nudges you when things need to get done.

Build a process that works for you and then ride it to the finish line.

7. Networking

Have you ever heard the saying, “Your network is your net worth”? In business, that saying holds true.

The people that have the most relationships get the most customers, the best deals on services and ultimately, enjoy the most profit.

That’s why we always advocate that business owners be proactive in meeting people in and around their industry.

Get active on social media. Show up to trade shows. Host business mixers.

The more social you are, the more success you’re bound to find.

8. Will

Not everything goes right in business. As a matter of fact, some things go so wrong that they’ll make you question being a business owner time and again.

Weak-willed people will give in and start filling out job applications. People that possess a strong will can push themselves to weather the storm and potentially come through it stronger than ever.

Having a strong will is probably one of the most important business skills that you can hold in your back pocket. And what’s better is that all it takes to master this skill is to stay positive and be willing to push when adversity strikes.

Our Final Thoughts on Important Business Skills

People that jump into running a company without possessing the business skills necessary to be successful will run into failure more often than not.

We hope that the skills we’ve laid out above have added perspective to your goals of becoming an entrepreneur and will help you gauge your readiness to enter the business world.

As always, if you need more advice on how to become a successful entrepreneur, check out more of the expertly crafted content on our website.