5 Essential Skills all Entrepreneurs Need to Build Success

Developing a small business into a successful enterprise demands more than passion. Unfortunately, over half of new businesses fail; mainly because the entrepreneur is unable to translate their passion into practical business skills. Here are five essential skills all entrepreneurs need to build success.

Studies show that 30 percent of new businesses fail during their first two years of being open, 50 percent during the first five years and 66 percent during the first 10 years.

However, as an entrepreneur having the tag name, chief executive officer, you have to wear all different types of hats. I like to think of these hats as masks. Whether it is your sales mask, marketing mask or being able to manage your financial status; for effective growth and brand exposure of your company you have to be able to pivot quickly to each role in a decisive manner.

As we all know that success demands more than hard work, resilience, and expertise in your field. To succeed, you need to understand and to become proficient in a set of fundamental business skills.

Here are 5 essential skills all entrepreneurs need to build a successful business career.

1. Cultivate Better Financial Management Abilities

The first step in a successful business career is the ability to maintain and multiply your business’s financial status. The basic reason for going into business is to have effective management of money to accomplish your company goals. Studies have shown that over 29% of startups failed because they ran out of money.

The following are tips to build your financial management skills.

 Understand your income: Where is your income coming from? And how often is your income coming in? Is it daily, weekly or monthly? If you understand how your income comes in, it will help you in planning the most important aspect of your business.

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