According to the Bureau of Labor Statistics (2021), approximately 20% of businesses fail in their first year while 50% only keep it afloat within the first five years. One of the many reasons why they fall short of success is simply because there is no market for the products and services that they offer (42%).
Another reason would be the difficulty in returning the capital or maintaining the cash flow (29%) as well as establishing teamwork and communication (23%). Certainly, if you wish to leverage and sustain a business venture, you must ensure that the products or services you offer are not only high in terms of quality but they are also what people need.
It also pays to understand where your money goes and to create an environment of camaraderie and teamwork. While these may sound like a piece of cake, entrepreneurs still struggle in keeping up with all the demanding roles they are required to portray.
To be a successful entrepreneur, you must play a lot of hats. He must be able to effectively communicate, focus, sell, strategize and learn — simultaneously. There may be extensive training offered in business schools but it will take a lot of years and experience to learn the knack of selling. A business’s growth largely depends on its entrepreneur’s business sense and a bunch of soft skills.
Soft skills are personal attributes and personality traits that help entrepreneurs interact with other people. These skills make it easy for them to create solid relationships with their employees and clients through trust and dependability.
With the market competition getting stiffer each day, all the more that entrepreneurs need to capitalize on soft skills and eventually make the persuasive power prevail in all their business dealings. Here is a list of soft skills that should be included in your bag of tricks:
7 Soft Skills That Every Entrepreneur Should Have
A great entrepreneur is a smooth talker and a good conversationalist. He finds it crucial to communicate effectively in negotiations be it with a team member, a supplier, or a prospective client. They encourage feedback and are open to suggestions.
They believe that being an effective communicator can help in fostering a good working relationship with everyone in the organization which can, in turn, boost more, productivity and efficiency. They overcome the struggles of online meetings but would look at its importance than the burden it might bring. An entrepreneur ensures that everyone follows and that no one gets left behind.
This sub-element of soft skills is important for an entrepreneur, especially when setting a clear vision to give their stakeholders a better understanding of the organizational direction.
As a leader, they see to it that everyone is enlightened about their roles and responsibilities, and ensures that all their actions are directed towards achieving the desired business outcomes.
Businesses thrive because of their people. An entrepreneur who welcomes an open discourse to pitch ideas and share experiences will always be able to create solutions and solve complex problems. They encourage working together as a team for a diverse availability of insights and perspectives.
Being private is helpful for entrepreneurs as well. They maintain privacy and protect the personal information of both their clients and employees. They believe that any breach of privacy may have an impact on the business’s reputation. They know how to protect data and are familiar with the DLP Security checklist to ensure no essential data gets leaked.
5. Problem-solving and critical thinking
An entrepreneur needs to have reliable problem-solving and critical thinking skills. Often they will experience difficult people, unexpected situations, and complex business challenges that will test their patience, knowledge, and skills.
Having this sub-element of soft skills will help them assess any situation kindly, calmly, and intelligently. These skills will also ensure that they can do corrective measures then implement preventive measures moving forward. They should also know when something is failing, lacking, or working incompetently.
This is a sub-set that has gained more importance now than ever especially after the emergence of the COVID-19 pandemic. An entrepreneur must be flexible and is open to flexibility. They respond to the changes in the environment and blend with the trend well.
To be flexible also means to accept. They work within a customer’s budget and still value it as a sale even if it does not compare to their other accounts. For their team members, they believe that workplace flexibility can make their employees stress-free and more likely to be more productive, satisfied with their jobs, and achieve a greater work-life balance.
7. Time management
Even if they are a busy entrepreneur, they can manage their time and prioritize work tasks efficiently. They are on top of everything while keeping themselves on schedule. They believe that staying true to their schedule, not loitering around, and staying focused on the goal can allow them to take even more opportunities to grow their business in a sustainable way.
Author: Bash Sarmiento
Bash Sarmiento is a writer and an educator from Manila. He writes in the education, lifestyle, and health realms. His academic background and extensive experience in teaching, textbook evaluation, business management, and travelling are translated into his works